Well, sir, that's my question answered.
I hope it wasn't you....but I got a feeling it was.
History of the IPT
- Thread starter Mole Eye
- Start date
Well, sir, that's my question answered.
I hope it wasn't you....but I got a feeling it was.
Last day of Congress-
On the last day of Congress, without even reading it, they passed the UIGEA Laws which banned online wagering, but alotted for Fantasy.
Kevin paid out 2 million but promised to pay 3M at the players meeting.
Thank Deno Andrews for getting Kevin to pay the players in installments rather than declare bankruptcy.
I started filming "Raising the Hustler" before the last Reno event-
Larry Schwartz was practicing for the event at Chris's Billiards and that is where our story begins...:thumbup:
https://en.wikipedia.org/wiki/Unlawful_Internet_Gambling_Enforcement_Act_of_2006
On the last day of Congress, without even reading it, they passed the UIGEA Laws which banned online wagering, but alotted for Fantasy.
Kevin paid out 2 million but promised to pay 3M at the players meeting.
Thank Deno Andrews for getting Kevin to pay the players in installments rather than declare bankruptcy.
I started filming "Raising the Hustler" before the last Reno event-
Larry Schwartz was practicing for the event at Chris's Billiards and that is where our story begins...:thumbup:
https://en.wikipedia.org/wiki/Unlawful_Internet_Gambling_Enforcement_Act_of_2006
Sometime near the end of 2004 the FTC banned KT from doing infomercials. In 2005 the IPT got started and when it did you saw banners plastered all over the place for his ridiculous products.
I always figured that selling his worthless books and other equally valuable products was a large part of why he started the IPT.
The guy had to make a killing on his infomercials and he was looking for a way around the FTC ban. Once he realized there was no replacing the lost infomercial cash -- he quit.
That's my theory anyway. You couple That theory with the online gambling hopes and that's about it in a nutshell. Or it isn't and it's just one man's opinion .
I always figured that selling his worthless books and other equally valuable products was a large part of why he started the IPT.
The guy had to make a killing on his infomercials and he was looking for a way around the FTC ban. Once he realized there was no replacing the lost infomercial cash -- he quit.
That's my theory anyway. You couple That theory with the online gambling hopes and that's about it in a nutshell. Or it isn't and it's just one man's opinion .
IIRC, I wrote about half a page on the rules for their tournament programs and I got paid, but I know at least two vendors who did not or at least not completely.
So the players from the major tournaments got paid (edit. or most of them), but were the people still playing in qualifying tournaments out their money or were they refunded?
Know a couple who are still out their money.
Not true. Trudeau stiffed the Reno winners before that online gambling legislation. He may have had delusions of grandeur about online betting and Stanley Ho but the truth is he woke up and realized there was no business case for his venture during that week in Reno.
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The one on the right is Ginky, who died way too young. We used to hang out at Chelsea Billiards and later Amsterdam Billiards. I tried to tell him to get a tailored suit, he didn't listen.
What a great guy, we all miss him.
I think that's BS. There was never any deal between Stanley Ho and Trudeau. Trudea said he had allocated the money to fund the IPT for three years. He did barely over one year.
He claimed to have committed 13 million. As it was he stiffed nearly all the vendors who provided services.
The IPT could have made it but Trudeau and Co made all the wrong moves concerning the marketing of it. They could have done with half the pomp and instead built up a national base of players over three years it would have funded most of it with plenty of time to make deals with corporate America.
I was the first person on these forums to mention the online gambling prohibition and speculated that Trudeau would use it as an excuse to weasel out and that's exactly what happened.
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It was rumored that Trudeau was contacted by Filipino interests who made it clear that Efren was to be be paid in full and as a result he was paid.
I guess for 500k someone from a land where you can buy a hit for $100 would make sure that Trudeau didn't have to worry about jail if he failed to pay.
I guess for 500k someone from a land where you can buy a hit for $100 would make sure that Trudeau didn't have to worry about jail if he failed to pay.
I believe that you are 100% correct. KT was/is, first and foremost, a con man, and it seems as though he still has many conned. :smile:
Simple, he thought that he would be able to fund the entire enterprise via the fees from qualifiers, everything else: tv deals, advertising, video sales, IPT merchandise, all of it was just icing on the cake. He was wrong, so he quit!
Well, I'm glad I got involved in this thread.
I only started to read AZ in 2006.
I was at the US Open when Alex got the call to shift his online poker account.
The concensus amongst the players I knew was that the IPT was kaput because Ho was
waiting to see how the legislation about online gambling was going to come out.
I have read none of the early threads about this subject...
...I stand corrected on some of my views.
I DID think KT was a bit too ambitious at the start.....and I didn't like the way he handled
the existing pool scene.....he could've tried to fit in much better instead of being on the
muscle....naturally, not many players showed loyalty to the promoters already in place....
.....Jay already knew about that crap...and history repeated itself with bonus ball.
I only started to read AZ in 2006.
I was at the US Open when Alex got the call to shift his online poker account.
The concensus amongst the players I knew was that the IPT was kaput because Ho was
waiting to see how the legislation about online gambling was going to come out.
I have read none of the early threads about this subject...
...I stand corrected on some of my views.
I DID think KT was a bit too ambitious at the start.....and I didn't like the way he handled
the existing pool scene.....he could've tried to fit in much better instead of being on the
muscle....naturally, not many players showed loyalty to the promoters already in place....
.....Jay already knew about that crap...and history repeated itself with bonus ball.
WHAT??? What kind of bazzaro universe do you life in? You were one of his biggest supporters. You and I bumped heads over this from the beginning. I promised you it wouldn't last a year and it didn't. The whole thing was a joke. Now you claim to be first to raise the alarm? Wow.
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Dude learn to read. I said I was the FIRST to mention the online gambling ban and state that Trudeau would PROBABLY use it as an excuse for shutting down the IPT.
Yes I was a HUGE supporter BECAUSE it was a chance for the players to finally have something that could give them life-changing money. Kelly told me it was the first time in her life that she really felt like a professional after attending the initial player's meeting in Orlando. I wanted the IPT to succeed because I wanted my friends to have a viable tour with the chance to earn a decent living. I was also a supporter because it was equal opportunity for ANYONE who could qualify.
Yes, you were a negative person about the IPT and you were right...yay you. That and $1 will get you a coffee.
It lasted just over a year. My comments about the online gambling ban were made months after we all knew the IPT was done and we were all dissecting it and hoping the players would get paid.