The operator of Zen Gaming Inc. filed for chapter 11 protection on Friday after struggling to make money with a business model that paid out millions of dollars to online poker players who never gambled with their own money, Dow Jones DBR Small Cap reported today. The 14-worker company tried to make money by running targeted ads on the site. Without profits, the company borrowed money from video poker inventor Ernie Moody, who is now owed about $16.9 million, according to court papers.
