Bryan Oulton, founder of the Players Poker Championship (PPC) submitted a request for Chapter 7 bankruptcy protection in Florida after the series could not pay the final table for their flagship tournament last year. Several players launched a lawsuit against PPC due to that reason.
According to the court documents, Oulton owed about $900,000 to around 200 creditors while at the same time having only $415,000 in assets.
Oulton’s financial challenge occurred after PPC’s tournament in Aruba last November. It had a guaranteed prize pool of $500,000 which was hardly collected by the tournament entries. Ultimately, when the champion Stephen Deutsch was about to collect his first prize ($133,687), he was offered less money, which prompted his legal action against the organizers. Subsequently, he was joined by several other disappointed players.
The lawsuits against PPC put an end to the series at the beginning of 2017.
Oulton’s request for court protection with his bankruptcy filing may not help him avoid his financial liabilities. Ultimately, it depends on how hiscreditors will react to the situation.