how the mighty fall

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72582 Nibs: 8,059
Member Since: Dec 21st 2006
Posted on Jul 9th 2009  -  Subject: how the mighty fall
THE world of high-flying young internet entrepreneur Daniel Tzvetkoff came crashing down yesterday when his main company was placed in liquidation with debts estimated at nearly $80 million. Tzvetkoff, 25, who at his peak was worth about $80 million, watched helplessly as his BT Projects Pty Ltd was placed in voluntary liquidation with KordaMentha's John Park. The move means Tzvetkoff's corporate empire in Brisbane has collapsed. His Intabill company, a subsidiary of BT Projects, has sacked its workforce, the head office has gone and Tzvetkoff's range of exotic cars have been sold. His prized Lamborghini with the number plate "BALLER" has gone, along with his hired jets. His Hedges Avenue property on the Gold Coast, bought from Tony Smith for $29 million, is reportedly on the market. In April, Intabill laid off 96 employees with Mr Tzvetkoff blaming market conditions and increased loan funding costs and now all staff have gone. All staff entitlements, including superannuation, are believed to have been paid. Mr Tzvetkoff's demise came as a result of large debts to US online poker houses. Four major online poker houses – Full Tilt Poker (Kolyma), Poker Stars, Absolute Poker and Golden Poker – are thought to be owed about $80 million. Mr Tzvetkoff was unavailable for comment yesterday.  
112164 Nibs: 2,362
Member Since: Jun 22nd 2009
Posted on Jul 26th 2009
thats crazy
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