ABP Response to Barry's Counter offer
Behrman's counter offer of posting $50,000 in escrow is an amount less than the sum of entry fees. A low estimate of the sum of entry fees is (120 players paying $450, 120*450) $54,000. Meaning Barry uses the remaining entry fee for something other than prize money. Assume another 100 players sign up at $400, then that $40,000 is being applied to expenses different than paying the prizes.
Is there an obligation that entry fees be used only for paying prize money? This is what the ABP is proposing in their latest release, entry fees should be locked into an account, this way the tournament promoter can't run an event with the entry fee money, say it didn't profit and walkaway. That is what happen at the last USPPA event.
This account hold would definitely impair a tournament organizer's ability to spend entry fee money. It would also force the organizer to find a new source of money, maybe a loan or downgrade of expenses to balance out the lost free flow of cash.
If Barry scales the event down he should have no problems accommodating the request, instead of renting a big location, maybe he rearrange his pool room to fit more people in it or sell a live internet feed or put more cameras on tables to stream the event.
The press release also called Barry a liar because the ABP said only one player on the growing list openly stated a request to play in the US Open event.
Barry and the ABP are playing some hard politics. The ball is back in Barry's court.
Mr. Behrman agreed to do two things.
1) Put the added money of $50,000.00 in escrow 30 days before the event; and
2) Put up, as collateral, his corporate papers and rights to the US Open 9 ball Tournament.
The ABP indicated that it needed the rest of the entry fees in escrow before the members would commit to taking part in the tournament.
Behrman's counter offer of posting $50,000 in escrow is an amount less than the sum of entry fees. A low estimate of the sum of entry fees is (120 players paying $450, 120*450) $54,000. Meaning Barry uses the remaining entry fee for something other than prize money. Assume another 100 players sign up at $400, then that $40,000 is being applied to expenses different than paying the prizes.
Is there an obligation that entry fees be used only for paying prize money? This is what the ABP is proposing in their latest release, entry fees should be locked into an account, this way the tournament promoter can't run an event with the entry fee money, say it didn't profit and walkaway. That is what happen at the last USPPA event.
This account hold would definitely impair a tournament organizer's ability to spend entry fee money. It would also force the organizer to find a new source of money, maybe a loan or downgrade of expenses to balance out the lost free flow of cash.
If Barry scales the event down he should have no problems accommodating the request, instead of renting a big location, maybe he rearrange his pool room to fit more people in it or sell a live internet feed or put more cameras on tables to stream the event.
The press release also called Barry a liar because the ABP said only one player on the growing list openly stated a request to play in the US Open event.
Barry and the ABP are playing some hard politics. The ball is back in Barry's court.
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