Lock Poker’s Jen Larson wanted $5m for 49% of Company

by Jeremy Olson on April 23, 2015

One shocking, or maybe not so shocking, revelation this week is that Lock Poker has closed. Many saw this coming because the disgraced site hadn’t processed a single player cashout request in over a year. But to finally see Lock Poker close, while owing players upwards of $15 million, is somewhat surreal.

After all, I was kind of hoping that this whole not-ring-fencing-player-deposits thing had died out with Black Friday and the Everleaf network. Nevertheless, the flood gates have opened and it’s open season on Lock and anybody who had anything to do with the site.

One of the most-interesting reports that I’ve seen thus far is one by Haley Hintze at FlushDraw, which claims that Lock Poker’s owner, Jen Larson, was trying to sell a large piece of her company last year. Here’s the excerpt that discusses Larson’s attempts to sell almost half her site for $5 million:

Besides Tapie, though, this writer can confirm that Larson did indeed try to find other investors, though at terms that were highly favorable to Larson herself and that were almost certainly designed to do nothing but perpetuate the Ponzi scheme a while longer.

A year or so ago, this writer received an inquiry from a well-known poker veteran, on behalf of another party who had been approached to invest in Lock Poker. They’d already largely made their decision (which was “no”) and were just doing due diligence, but they wanted more information, if possible, on Lock’s general non-reputability.

I offered some of that, and pointed them to other authoritative sources. But the deal that they had been offered was interesting: $5 million for 49% of Lock Poker. What that means is that Larson wanted a quick cash infusion while retaining control of a company that she herself had already bankrupted once.

Maybe Larson could have went on Shark Tank to pitch this kind of deal; that way, we’d all have visual proof of her insanity, besides all the stories involving her lavish spending, Lock Poker castle retreats, and millions of dollars dumped into sponsored pros - a business model that diminished about four years ago, by the way.

Obviously Larson isn’t a popular figure in the poker world, especially considering how much money she’s made off with. But the torch-bearing villagers are also starting to circle Melanie Weisner via this TwoPlusTwo thread. Weisner hasn’t commented, nor is it expected that she will. But it’s pretty obvious that players believe she bares some blame as a sponsored pro, because she kept pimping the site long after payment processing issues become apparent.