US TV exec settles a multimillion dollar blackjack debt 03.08.2011

Blackjack News

Jerry Powel, a top TV executive has cleared a blackjack debt of over $2.2 million after being dogged for months by lawsuits from three separate casinos.

Powel ran up a debt of $1.2 million with the Mohegan Sun Casino in Connecticut, $1 million to the Trump Taj Mahal in Atlantic City and an undisclosed amount to the Bellagio in Las Vegas.

Last week Mr. Powel has put an end to the lawsuits by settling his debts and having the casinos withdraw their claims from the courts.

Powel initially declined to pay his blackjack debts to the Mohegan Sun Casino as he claimed they made him agree to sign an excessive line of credit while he was intoxicated.

Anyone would have a hard time selling this argument to a judge when there are 2 other similar cases in different states pending against them. Mr. Powel wasn’t helped either by the fact that once accumulating the debt he wrote the casinos bad checks and he might still face criminal charges on this count.

Another factor that was working against Mr. Powel is his criminal record for passing bad check between 1977 and 1984 when he was addicted to cocaine and was sued on 13 separate occasions over this.

He is also believed to be a millionaire after he founded Ocean Drive and then sold it for $30 million, so settling the debts was probably bearable for him.

Mr. Powel told the Associated Press after settling the debts that “It was a chapter, it was closed, everybody’s paid, and I’m really happy about it.”

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