11/7 Letter from IPT

[justnum]

KT seems familiar with billing policies.

A million for food spent $900,000 on food delivery, preparation, and servers

$100,000 for actually food.

Did he mention the food service were IPT staff paid half the going rate for a caterer.

 

[oneballeddie]

Math 101

The funding and sponsorship money that was promised to us was reduced to only 20 percent of what was originally committed. Other sponsors and funding sources are being organized now.

On September 2 you told us you had sold the IPT for $150M. 20% of $150M is $30M. So why can't you both pay the paltry $3M in player debt and complete the 2006 and 2007 tournament schedules which added up to far less than that?

 

[ironman]

Just to get this straight:
The original payout was supposed to be $3million.
The event was held in Early September.
In early November the payout was reduced to $1 million.
In early November they woud recieve 1/3 in 3 installments.
Four days later the payout for the event in September was increased back to 3 milion.
The reason for not paying was:
1. Fed EX

2. MR. Ho

3. The unexpected legislation in the future which is going go be a total shock.

Well Regis, I would like to poll the audience!!!!!

 

[Nostroke]

On September 2 you told us you had sold the IPT for $150M. 20% of $150M is $30M. So why can't you both pay the paltry $3M in player debt and complete the 2006 and 2007 tournament schedules which added up to far less than that?

No he didnt say that- He said they had signed a Letter Of Intent to be acquired. That is a long way from a sale which has yet to be finalized and i doubt that it ever will be finalized at any price.

 

[wahcheck]

hope is revived?

I had just about given up all hope, but now here comes this......like so many others, I wonder what the first payment will be, and what the ramifications are once a check is cashed (legally)? I do hope he is not lying this time....

 

[sweatinNbettin]

The Online gaming community has known about that bill for awhile. That is why they have been organized for months trying to fight the passing of the bill.

$1 mil in food? I wonder if there are leftovers. I need a snack before bed.

 

[justnum]

he answered that by saying finalization of the HO deal is pending further payments.

If he pays out now he wont get to claim a high income W2.

As founder of the tour why wont he say how much he is profitting off of IPT related promotions, transactions and sales.

It seems obvious he generated enough cash to pay out the newspaper worthy players and the less notable players.

But KT has so many reasons and long winded stories that would drive me to boredom---> just wait and see maybe if I just wait he'll deliver [ ??? ].

 

[BlackDragon]

yeah I'll come oneday, honing my skills with the Indians right now, russians sometimes and lots of chinese competitors....

 

[ironman]

KT said:
First, I want to clarify the most important issue. You all will be paid 100 percent of the $3million prize fund from the World Tournament. You will be paid 100 percent,
Even with this shortfall, it is still the IPT's intention to
pay all players, in full, 100 percent of the prize money promised. We are
organizing additional funding sources now to get you paid in full as soon as
possible.
What we are committed to do is pay all players a portion of the prize money due each week, starting this week.


The "We are organizing additional funding sources now to get you paid in full as soon as possible" sounds alot like 'we are finalizing funding and have signed the papers with Ho,blah,blah,blah.'
Did I miss the part where KT said HOW MUCH they were to pay every week ? What percentage of a players total due is to be paid each week ?
How MANY weeks is the player going to be paid in ? 52 ? 104 ? 12 ? 3 ?
Apologies if this is all spelled out and I simply overlooked it in the Announcement.
Doug

I'll be ober about 10 in the morning. I'll bring unsalted pocorn and some 10 penny nails.
I'm depressed and need somebody to listen to.

 

[Roy Steffensen]

About the food:

8 days in Vegas, 200 players + staff. Worth 30 $ each person = 60 000 $
8 days in Reno, 200 players + staff. Worth 30 $ each person = 60 000 $

Then add the Orlando-event, and the first World 8-ball Championship between LJJ and MS. Maybe MS eat so much during that day that the cost are 1 000 000 $?

 

[wahcheck]

what changed his mind?

Wow.....I wonder what changed his mind about paying only 33% to 100%?
That's a big change......maybe he does read AZB posts.......

 

[jimmy-leggs]

I had just about given up all hope, but now here comes this......like so many others, I wonder what the first payment will be, and what the ramifications are once a check is cashed (legally)? I do hope he is not lying this time....

He cant be lying,this is his word,the words of truth.Why would someone lie about this.How could you live with yourself if lied about this.He still wants to pay and im sure he will.keep the faith with this guy,he is on the up and up.YA RIGHT.F,IN LYING SACK OF SHEEITE,LOL

 

[justnum]

players still have their classic tournaments to win.

With all the trouble the IPT caused I thought players be busting their chops just to win the reputable tour stops. Its great for a rookie to sign up since some of the players took a shake and bake break.

 

[Timberly]

Maybe MS eat so much during that day that the cost are 1 000 000 $?

Not a snowballs chance in hell. The reason he's so skinny is because he can't stop talking about himself long enough to eat.

 

[wahcheck]

what for?

He cant be lying,this is his word,the words of truth.Why would someone lie about this.How could you live with yourself if lied about this.He still wants to pay and im sure he will.keep the faith with this guy,he is on the up and up.YA RIGHT.F,IN LYING SACK OF SHEEITE,LOL

Obviously, with all the lies up to this point, it's easy to dismiss this as just another lie......but WHY ? What does he gain by lying this time?

 

[Nostroke]

About the food:

8 days in Vegas, 200 players + staff. Worth 30 $ each person = 60 000 $
8 days in Reno, 200 players + staff. Worth 30 $ each person = 60 000 $

Then add the Orlando-event, and the first World 8-ball Championship between LJJ and MS. Maybe MS eat so much during that day that the cost are 1 000 000 $?

And didn't i see a sign in Reno that once you were out of the event, you were no longer allowed in the Green Room?

The food must not have been the best either-When i walked by the GR in Reno, it was usually empty.

 

[Timberly]

Someone hold KT down.... we'll fix him!

 

[!Smorgass Bored]

With 1/3 Of Azb Reporting We Can't Declare The Winner

I'll be over about 10 in the morning. I'll bring unsalted pocorn and some 10 penny nails.
I'm depressed and need somebody to listen to.

This Announcement sure knocked the wind out of Tuesday night election returns...
Doug
( not that there's anything wrong with that )

 

[jimmy-leggs]

Obviously, with all the lies up to this point, it's easy to dismiss this as just another lie......but WHY ? What does he gain by lying this time?

WHY.......................................He has not told the truth yet............thats WHY.

 

[Jack Flanagan]

JMHO,,,been in business (several types) over my time on this planet,,,DON'T CASH THE CHECK,,,accepting partial payment allows him more time to figure a new excuse,,,PLUS doesn't give the players a strong enough legal point to sue him; after all, they accepted partial payment which says they agree to his screwy payment plan..

made mistake of taking partial payments early in business, then had to wait six months to try to go to court and sue for the rest...DON'T CASH THE CHECK,,,if they have a lawyer worth his salt, he should be telling them the same thing........