News Article: Eugene Melnyk lawsuits:too many to count...

[The Lewler]

I enjoy the misdirection and spin attempts now. They are like the rising and setting of the sun.

For a bank to dishonor a draft.. lol it just opens even so many more sketchy questions.

To me it means the casinos bank rejected the drafts. Hence the “Melnyk tried to pay with” wording. Why ??? Lolllolol

 

[Do Make Say Think]

Good post ...very true ....the phrase of using bank drafts confuses me as well...it clouds the story.

A bank draft is an actual thing though.

 

[Maple Leaf Forever]

A bank draft is an actual thing though.

Your right ......but to me I know funds are guaranteed because your account is debited when u buy the draft .....don’t understand why bank would dishonour them .....stolen? altered in some way ? Don’t see that as part of the story ... just wondering if that phrase was used incorrectly.

 

[bert]

Your right ......but to me I know funds are guaranteed because your account is debited when u buy the draft .....don’t understand why bank would dishonour them .....stolen? altered in some way ? Don’t see that as part of the story ... just wondering if that phrase was used incorrectly.

Agreed, I dont know how it can be a faulty bank draft.

 

[Do Make Say Think]

Your right ......but to me I know funds are guaranteed because your account is debited when u buy the draft .....don’t understand why bank would dishonour them .....stolen? altered in some way ? Don’t see that as part of the story ... just wondering if that phrase was used incorrectly.

We are all mystified as to how exactly something like this would go down and take two years for the lawyers to get involved.

One thing is for certain, this will be fun to follow.

 

[Neil Patrick Harris]

I for one think we should be commending Melnyk for his new and creative attempts to raise the team's payroll.

 

[YouGotAStuGoing]

Agreed, I dont know how it can be a faulty bank draft.

As far as I'm aware, bank drafts can be refused for one of three reasons:
1) There's suspicion of fraudulent activity or modification of the source document,
2) The bank that issued it closed shop, or
3) There's been a disproportionate amount of time that passed between the draft being issued and redeemed. I don't know how prevalent this is, but I've heard of it happening a few times with drafts in the area of 5+ years old.

That said, I'm pretty far from a financial expert so if I got anything wrong I'd like to know!

 

[Mark Stones Spleen]

Melnyk: hey Dorion, find out if anyone is willing to postpone their paycheques, we'll make them captain.

 

[Maple Leaf Forever]

As far as I'm aware, bank drafts can be refused for one of three reasons:
1) There's suspicion of fraudulent activity or modification of the source document,
2) The bank that issued it closed shop, or
3) There's been a disproportionate amount of time that passed between the draft being issued and redeemed. I don't know how prevalent this is, but I've heard of it happening a few times with drafts in the area of 5+ years old.

That said, I'm pretty far from a financial expert so if I got anything wrong I'd like to know!

I know there is no expiry or maturity date on a bank draft .
Stolen or altered is the only thing I can find for disallowing them and I said can’t see this being applicable in this case ...still wonder if author of story meant to say cheque .....which would make a lot more sense to the story .

 

[Do Make Say Think]

I know there is no expiry or maturity date on a bank draft .
Stolen or altered is the only thing I can find for disallowing them and I said can’t see this being applicable in this case ...still wonder if author of story meant to say cheque .....which would make a lot more sense to the story .

No way does a casino accept cheques for this kind of stuff I'd think.

 

[Cosmix]

Pure speculation but perhaps he deposited funds into an account, perhaps by cheque, drafts were issued, and the deposit was phoney rendering the drafts null and void.

Perhaps the Bank that issued the bank drafts is having financial difficulties.

 

[Senscore]

Melynk was just trying to save Empire Records.

 

[GrantLemons]

Imagine having 900k of gambling debt? Like forget about all of the other angles of this, wtf is this guy doing? I'm sure Gary is loving the optics of this, though.

 

[YouGotAStuGoing]

I know there is no expiry or maturity date on a bank draft .
Stolen or altered is the only thing I can find for disallowing them and I said can’t see this being applicable in this case ...still wonder if author of story meant to say cheque .....which would make a lot more sense to the story .

You're right that there's no date or formal expiry date. I'm only commenting from secondhand experience when I say I've heard of banks refusing to cash them due to the time difference between the draft being issued and cashed.

 

[dumbdick]

It's like Marge lost the car all over again.

 

[swiftwin]

I don't think anyone is pro Melnyk but there are a few people who think this board is being ruined by comments like Melnyk is poor. So this thread is probably ruining their HF experience today.

I think this board is being ruined by people making these comments in threads that have nothing to do with Melnyk. This news changes nothing.

Melnyk is a cheap, broke, narcissistic piece of shit. I have no problems saying that, because this is a appropriate place to say that.

 

[Tnuoc Alucard]

If liquidity isn’t a factor then, why has it taken 2 years and a lawsuit to try and get their money? Any “billionaire” could have an issue like this, but since they’re billionaires gambling a $1M over a few nights, they’d be able to fix the mistake ASAP. But not with broke Melnyk... there’s always a screw up with him.

have you ever gone to the Bank and made out a Bank Draft to buy a Car (for example)?

The money is removed from your account, and the Bank holds it until they transfer the funds to the payee's bank.

When the Casino went to cash in the Drafts, the drafts were then "dishonoured" by a bank.

This is according to the news article now out there. EM had the money to "buy" the drafts, and then it's out of his hands. He had the liquidity to "buy" them at the time in 2017 .... and now one Bank, either the bank that the payee is trying to cash them at, or the issuing bank is dishonouring the Drafts.

 

[Stylizer1]

The us went after bodog they even shutdown pokerstars at one point but that was because they were committing wire fraud. Processing us transactions using credit cards but on your bill it would say golf balls and not the poker site.

I loved poker stars. Even won a tourney wit 5500 once.

 

[Do Make Say Think]

I think this board is being ruined by people making these comments in threads that have nothing to do with Melnyk.

That and not knowing to just let it go. Someone brings up Melnyk in a 100% on-ice discussion, just understand that they are most likely venting. You don't need to reply.

 

[Stylizer1]

This is the part that confused me. Whenever I've had to pay a draft to someone I needed to actually go into a branch and request it in person. Drafts aren't like chequebooks you can just carry around and write up whenever you want. Also, when I worked at Scotiabank as a teller I was never allowed to create a draft for any amount over $1000 for a customer without my manager reviewing and signing the draft. So unless there just happened to be a TD Branch physically located in the casino and open at 11 pm, I don't see how Melnyk even had these drafts to give to the casino in the first place.

Spoken like a true poor person.

 

[Sens of Anarchy]

Is anyone even pro-Melnyk?

 

[slamigo]

You can't "stop payment" on a bank draft.


try again.

You’re confusing bank draft with cashiers cheque. The funds are not necessarily removed from the account for a bank draft like it would be for a cashiers cheque. A hold or freeze may be placed on the amount but basically the bank just guarantees the amount of the draft. In this case, something happened in the interim that caused the bank to no longer guarantee the funds. We don’t know what that was yet.
It sounds like Melnyk got some bank drafts drawn up but then afterwards he was able to move the funds elsewhere before the casino cashed them. And I doubt Melnyk was using a Cdn bank for all of this.
I would imagine that billionaires enjoy much different service levels and procedures than the rest of us. Melnyk may be able to get bank drafts with a phone call for all we know.

 

[JD1]

You’re confusing bank draft with cashiers cheque. The funds are not necessarily removed from the account for a bank draft like it would be for a cashiers cheque. A hold or freeze may be placed on the amount but basically the bank just guarantees the amount of the draft. In this case, something happened in the interim that caused the bank to no longer guarantee the funds. We don’t know what that was yet.
It sounds like Melnyk got some bank drafts drawn up but then afterwards he was able to move the funds elsewhere before the casino cashed them. And I doubt Melnyk was using a Cdn bank for all of this.
I would imagine that billionaires enjoy much different service levels and procedures than the rest of us. Melnyk may be able to get bank drafts with a phone call for all we know.

Bank drafts definitely remove funds from your account the moment they are made out

This is a good armchair explanation

What is a bank draft?

The story sounds kind of odd. I dont get how a bank draft isn't honoured.

Forged by Melnyk?
The bank has a liquidity issue?

 

[slamigo]

Bank drafts definitely remove funds from your account the moment they are made out

This is a good armchair explanation

What is a bank draft?

The story sounds kind of odd. I dont get how a bank draft isn't honoured.

Forged by Melnyk?
The bank has a liquidity issue?

No, a bank draft may only place a freeze or hold that amount.

 

[SPF6ty9]

Is anyone even pro-Melnyk?

I will lead the Pro-Melnyk side. We will have a gathering. Everyone is invited. There will be gruel served. We will sing shanties:

"Melnyk is good, Melnyk is great, we surrender our wallets, as of this date."

"Nananananananana Meeelllnnnyykkkk, Nananananananana Meeelllnnnyykkkk"



Ya I'm trying to think of possible situations that could have happened here as it's been mentioned, to obtain a bank draft funds must have already been withdrawn from the account. Perhaps the bank drafts were lost or stolen from Melnyk and he is attempting to recover his funds? As much as I am not actually pro-Melnyk at all, not sure how this could end up being a he is broke issue.