And here is KT's letter

[Timberly]

btw: Who actually said that the checks were in the mail? And where is the evidence for it?

I can't recall ever hearing that the checks were in the mail.

Colin

I don't know for sure how many were told this but I personally know of 3 different players that reached Deno and Lindsay during this and they were told by them that the checks were going out in a day or so. This was happening as recently as the US Open... On Thur Lindsay said the checks were going to be FedEx'd tomorrow (that Fri) then another player reached Deno that Fri and Deno said something to the effect (all the lies have run together, remembering verbatim is impossible) that the players would have their checks by Tue or that they would all be mailed by Tue....Then two days after that KT sends out his email saying the players will be paid... just not saying when.

There's A LOT of new forum members screaming give the IPT a chance, quit bashing, etc... I think a good majority of these people are IPT players. I totally get why you guys aren't rocking the boat and why you don't want anyone else to rock the boat.... There are no other options in the pool world to make this kind of money and there may never be again if the IPT doesn't work out. This is why I've always been and always will be hopeful.... Hopeful for your sake and hopeful for the game in general. I would love for my co-workers to know the names of pro pool players just like they do race car drivers.

This is in reference to Wally In Cincy's post about why not just sit back and see what happens instead of pointing out the negative things. For me personally... it's no secret that I'm outspoken... I wear my heart on my sleeve and when I see things that are wrong, I can't just sit by and watch it happen quietly. I'm one step away from being banned from this place because I don't agree with the way the moderator treats people & I say something about it. My 1st strike came defending someone what was new & who I had never spoken to... that's just who I am. IMO, if you sit back and simply allow someone to mistreat you in anyway then they're going to think it's ok to always act like that and will do so for as long as you allow them to.
If I were a player making my living in pool and I was fortunate enough to be on the IPT, I would be sick to my stomach with "what to do". I wouldn't want to rock the boat and push away the biggest thing to happen to pool but I also can't keep quiet... I probably would've come on here & hidden behind a screen name just to be able to vent my thoughts.

There is a reason why the players have been silent.... it doesn't mean they condone the recent events it just means that they're willing to give the IPT slack (whether they deserve it or not) in hopes that it will continue.

The IPT themselves are the ones that opened themselves up to the breeding ground of ridicule. They've been quite pompous & arrogant towards everyone about how much better they are. They bragged the players would be paid after each round, then they changed it to the last day of the event, etc (i'm tired of typing & this is too long already). The final thing they did to open themselves up to so much ridicule is that they lied about the checks then were completely silent for a month. Had KT said in the players meeting that there was a deal in the works & that you guys would not be paid after the event but once the deal went through... the players could've decided if they could afford to stay there & play or if they needed to skip that event & go home. EVERYONE would've known that the checks would come when the deal went through and there would've been more patience. Sure they still would've caught flak on here but nowhere near the extent that they did. The IPT itself was completely silent while Deno and Lindsay were lying about the checks...fedex, irs, in the mail.... They opened the door wide for criticism.

I said before...because of KT's criminal record, he has to work harder than someone else would to do the same things...he will be doubted and rightfully so. His background is why people are even more touchy and skeptical. This is something that will follow him in life whatever he does, not just in the pool world. He needs to get used to it, strive for perfection and be HONEST and upfront with people. A criminal past, and being silent about not paying... of course people are going to go hog wild with accusations and guesses... he left them no choice... not with his background and the silence. All they had to do was be honest up front and half of the stuff said here wouldn't have been said.

Two things could happen on Tuesday. He can announce that the buyout went through and there's still hope for the IPT or he can say that it didn't go through, sorry guys it was fun while it lasted, and no you're not getting paid. I think we can all agree that we want the 1st scenario.

 

[NYC cue dude]

I'm going to surprise some people with this post, but here goes anyway.

I have been one of the harshest critics of how the ipt has handled it's business, since the cancelaation of london. this was followed with the non payment of prize money after reno, excaserbated by the numcerous excuses, etc.

Before this happened, I was going on blind faith, choosing to believe, against my better judgement, that the ipts business model could work. I believed for the sake of the players. If they made money, truth was, i didnt care if kt made millions, or billions, i was going to be happy.

This announcement, if true, makes sense.

Assuming it's true, is a stretch, i know, especially from whom it's coming from.

But if it is, then the idea of not paying the players until the finalization of a sale, is good business practice. Morally reprehensible, i know, but a wise business move.

The new buyer is buying everything, including the debt. This is VER COMMON in buyouts. They purchase debts, emplyee contracts, AND future commitments, if negotiated.

With his statement of not being able to pay players himself, there is some truth to that. Again, assuming he has any money at all, he wouldnt be able to take either pesonal money, or natural cures money, and pay ipt debts. That would be money laundering, and the comingling of funds. It IS illegal.

There is a sloution, but itis much more complex, and if the deal is actually close to finalization with ho, doesnt make sense. Ktcould have had the ipt borrow the prize money from the bank, paid the players, and had ho assume that debt. It would make no differncein that transaction, who ho's creditor was. But such a loan would require its capitalization, and intimate financial disclosures, something im sure kt isnt crazy about, and is time consuming. It could take weeks.

If i was considering, and i had, of purchasing the ipt, i would put its value at really no more than the publiclly owed debt, around 3 million. The tournament system, qualifying system, and television exposure is already in place. the players are all on board, or will be again, if they are paid. The upside for ho, is forcing the players to sign exclusive agreements, and im sure he will.

Interesting point, for all those that were curious about the ipts airtime on versus. Was he recieving money from them, or was he paying for the airtime? I always beleived he was purchasing the time slots. Turns out, i was right. in the new q and a section, he makes a remark, possibly a slip, that he had already paid for the vesus airtime.

This doesnt bode well towards adding any underlying value to the ipt, in fact if any type of longterm contract was signedin order to achieve discounted pricing, it would be considered debt.

It is clear to me that the ipt is in the red.

The ho buyout, if true, would have to beconsidered a bailout.

I'm going to sit back now, wait for tuesday, and see what happens.

It's a little strange, but i am a little optomistic after reading his letter. If its true, a big if i know, than the ipt will survive. Hopefully under new management, with real capital behind it, the players really could have a future on this tour.

I say now, come on STANLEY HO, SHOWEM THE MONEY!!!!!! (my educated guess, no more than 4million and kt retaining 10% gross interest and a 3 or 4 year working employee contract)

rg

 

[jimmyg]

Two things could happen on Tuesday. He can announce that the buyout went through and there's still hope for the IPT or he can say that it didn't go through, sorry guys it was fun while it lasted, and no you're not getting paid. I think we can all agree that we want the 1st scenario.

More likely he'll say something like "this major international, billion dollar deal is so huge and complex that we now have to wait for the United Nations to contact all of the World leaders in order to convene an emergency meeting of the General Assembly for final approval. All those players that show up in Chicago without first being paid for Reno will be specially rewarded by me with a personally autographed copy of my new book "Fire, Wind, Air and Water: What THEY Don't Want You To Know.", free access to my Natural Cures website and a lifetime 10% discount. Credit cards only".

 

[Colin Colenso]

I don't know for sure how many were told this but I personally know of 3 different players that reached Deno and Lindsay during this and they were told by them that the checks were going out in a day or so. This was happening as recently as the US Open... On Thur Lindsay said the checks were going to be FedEx'd tomorrow (that Fri) then another player reached Deno that Fri and Deno said something to the effect (all the lies have run together, remembering verbatim is impossible) that the players would have their checks by Tue or that they would all be mailed by Tue....Then two days after that KT sends out his email saying the players will be paid... just not saying when.

Thanks Kimberly,
That is pretty close to the information that I have seen here.

But Russ was saying the KT lied by saying the checks had been sent, which I've still seen no evidence of.

Whatever the case, criticism is warranted. Even KT admits this and apologizes for this.

Let me make my own speculation and assume that Deno and Lindsay did not really know what was going on and assumed that the checks would be sent out as they had for the previous event. They may not be privy to the inner financial operations.

KT may even have been unsure about how the payment issue would be handled with ongoing negotiations as to the financial set up and obligations of the new company.

Without the i's dotted, the t's crossed and the papers signed, he just may have found himself $3 million worse off if he paid out of his own pocket with an expectation that the final negotiations would allow him to be compensated for this expense. Or perhaps he would have encounted losses on taxes if the payment was made before the new company was formed.

I'm guessing, but this seems reasonable to me, and saying that it is a legal issue in some sense could be true. He may very well have been advised by his lawyer or accountant that making a payment at that particular time could create difficulties concerning obligations.

If there was no merger going on it would be a whole different story.

I'm not directing this at you Timberly, but at critics in general, which includes all of us here to some degree. It is fine to critique, but we should stick to the known facts, and cite opinions, speculations, rumors and predictions as exactly that.

I think everyone here wants the IPT to succeed in some shape or form. Some deal with concerns or doubts differently to others. It hurts and angers us all if we see players getting ripped off. But we're still in the uncertain phase here. Some have more hope than others.

Just my humble lackey opinion,
Colin >~ has fingers crossed.

 

[Williebetmore]

KT's letter says NOTHING....

ribdoner,
Not true...didn't you read it carefully? KT says he's legally not allowed to pay them. I'm sure if it wasn't for all of those lawyers, he would have gladly paid by now. I would love to have those same legal problems that would prohibit me from paying my employees - could I get the names of some of those lawyers????

Good luck to the IPT players; it would be nice if the tour could continue.

 

[Colin Colenso]

I'm going to surprise some people with this post, but here goes anyway.

I have been one of the harshest critics of how the ipt has handled it's business, since the cancelaation of london. this was followed with the non payment of prize money after reno, excaserbated by the numcerous excuses, etc.

Before this happened, I was going on blind faith, choosing to believe, against my better judgement, that the ipts business model could work. I believed for the sake of the players. If they made money, truth was, i didnt care if kt made millions, or billions, i was going to be happy.

This announcement, if true, makes sense.

Assuming it's true, is a stretch, i know, especially from whom it's coming from.

But if it is, then the idea of not paying the players until the finalization of a sale, is good business practice. Morally reprehensible, i know, but a wise business move.

The new buyer is buying everything, including the debt. This is VER COMMON in buyouts. They purchase debts, emplyee contracts, AND future commitments, if negotiated.

With his statement of not being able to pay players himself, there is some truth to that. Again, assuming he has any money at all, he wouldnt be able to take either pesonal money, or natural cures money, and pay ipt debts. That would be money laundering, and the comingling of funds. It IS illegal.

There is a sloution, but itis much more complex, and if the deal is actually close to finalization with ho, doesnt make sense. Ktcould have had the ipt borrow the prize money from the bank, paid the players, and had ho assume that debt. It would make no differncein that transaction, who ho's creditor was. But such a loan would require its capitalization, and intimate financial disclosures, something im sure kt isnt crazy about, and is time consuming. It could take weeks.

If i was considering, and i had, of purchasing the ipt, i would put its value at really no more than the publiclly owed debt, around 3 million. The tournament system, qualifying system, and television exposure is already in place. the players are all on board, or will be again, if they are paid. The upside for ho, is forcing the players to sign exclusive agreements, and im sure he will.

Interesting point, for all those that were curious about the ipts airtime on versus. Was he recieving money from them, or was he paying for the airtime? I always beleived he was purchasing the time slots. Turns out, i was right. in the new q and a section, he makes a remark, possibly a slip, that he had already paid for the vesus airtime.

This doesnt bode well towards adding any underlying value to the ipt, in fact if any type of longterm contract was signedin order to achieve discounted pricing, it would be considered debt.

It is clear to me that the ipt is in the red.

The ho buyout, if true, would have to beconsidered a bailout.

I'm going to sit back now, wait for tuesday, and see what happens.

It's a little strange, but i am a little optomistic after reading his letter. If its true, a big if i know, than the ipt will survive. Hopefully under new management, with real capital behind it, the players really could have a future on this tour.

I say now, come on STANLEY HO, SHOWEM THE MONEY!!!!!! (my educated guess, no more than 4million and kt retaining 10% gross interest and a 3 or 4 year working employee contract)

rg

Good to get your insights rg, being that you may know more than anybody else here about how a merger / buyout works.

Let's hope Mr.Ho has a few tricks up his sleeve to monetize this business. The online gaming possibility is an obvious one, but that took a bit of a knock last week. It could be that he has the nouse and connections to make it work very well in asia.

neway, with some luck there will be plenty more up and downs on this IPT ride.
Colin

 

[Island Drive]

There seems to be a growing army of negavibe know-alls frequenting this forum now, that seem to assume that every single thing that KT said is either a lie or an extreme embellishment.

Sure he spins things a tad, and criticism for the payments in waiting are deserved.

But keep in mind that much of what KT has told us has happened. The 3 biggest events in history have happened. Significant broadcasting has been achieved.

So I think it's arrogant to assume every word is bollocks. I guess we'll know a little more about the future of the IPT come Tuesday, and there are reasons to be a little worried. But fact is no one here really knows what is going on.

If this merger goes ahead and the IPT becomes a public company, then it would seem to be a somewhat impressive milestone for the sport.

Personally I don't think there is enough evidence to suggest that the IPT is doomed to failure, even though I have concerns about some areas of management, PR, communication etc.

Until I learn more I'll keep my fingers crossed and pray they can make the IPT a successful business.

One thing I'm sure of is that KT has worked bloody hard and turned over a lot of stones that people in the pool game haven't even looked at before. Not all stones revealed a treasure, but you never learn by not trying.

If the players do not get paid and 2007 members do not get their 100k, KT will deserve strong criticism for dishonesty. A delayed payment is forgivable however.

So hold onto your hats until Tuesday's announcement comes in and further information is forthcoming.

Colin

Colin, if and when it comes together, I expect the glass of beer on your avatar to be EMPTY ...........please. IsDr

 

[Island Drive]

Sound like things are heating up .........and I mean that in a good way. IsDr

 

[jjinfla]

More likely he'll say something like "this major international, billion dollar deal is so huge and complex that we now have to wait for the United Nations to contact all of the World leaders in order to convene an emergency meeting of the General Assembly for final approval. All those players that show up in Chicago without first being paid for Reno will be specially rewarded by me with a personally autographed copy of my new book "Fire, Wind, Air and Water: What THEY Don't Want You To Know.", free access to my Natural Cures website and a lifetime 10% discount. Credit cards only".

That is great.

Man Oh Man KT is slick. Probably learned from slick willie.

He just keeps dangling that carrot just out of reach.

Will the announcement be made early on Tuesday? Or late at night? Everyone will be on pins and needles just waiting for the explanation. Will it be good? Or will it be bad? Should we speculate? Or should we trust him?

Fact: Players have not been paid.

Fact: Players were told it was Fed Ex's problem

Fact: Players were told checks would be mailed.

Fact: No official explanation has been given by the IPT when the players will be paid.

Fact: It has been 34 days since the end of the tournament.

Fact: Everyone knows that it will be 37 days (tuesday) before some word may be fortcoming so you might as well forget about the IPT until then. You can't change what you have no control over so go out and have a few beers and enjoy yourself.

Look on the bright side. On Wednesday the WPBA will be playing in Albuquerque and we can forget about the IPT and watch the ladies play.

Another seeded event that favors Allison and Karen. God I hate those seeded events. That is almost like rigging a tournament. One thing for sure, Allison and Karen never have to worry about facing each other in the first 4/5 rounds of any WPBA tournament.

Jake

 

[rackmsuckr]

Randy and Colin,

Very astute observations. It would make sense while Ho's company was doing their due diligence, to freeze IPT assets. And he couldn't legally pay out of pocket from his Natural Cures $ because that would be co-mingling of funds as Randy pointed out.

I would also like to direct some of you posters' attention back to the actual letter. It did not say 30 lawyers. It says 30 lawyers AND accountants. I would imagine that is a fair number for a couple continents (as I think Europe and Eurosports may be involved to look over any new owner regarding their existing contracts with them).

When I am writing a contract at work for a hospital for even just a 1 year mobile deal, there could be 3 lawyers on our side going over the contracts and approving them, while there could be several on the other side as well, and we go back and forth interminably with changes and re-writes. If we are doing a JV or a fixed outpatient imaging center or cancer center, then the count can triple, not to mention the amount of accountants, controllers, pencil pushers, and grunts involved with any contract.

And lastly, especially for Robin...to tell the truth, I was just in too much haste to get this up here before going to a tournament to think before I posted. I know KT had told me that he would be contacting us with news this week and I assumed this was the news that he issued for everyone. It wasn't until I read Robin's post that I went back and re-read the initial greeting where it said 'Dear IPT Players', so I am just as guilty of not reading as I have accused others in the previous paragraph.

I have to admit that at 12:30 pm my time, I nudged KT with another email that basically said it was past 3 back there and time was ticking and the silence was deafening. I figured that we only had until 5 pm or so, their time, for them to put anything together. I cracked the whip, lol. I think he knows he will get an honest email from me, like Timberly. In it, I told him we deserve the truth and could handle it. I also told him if he did not want it posted in the forums that I would respect that. He did not reply but I know he read it from the read receipt. At 2:30 Pacific time, we received the usual update about programming on VS, and I was mightily disappointed. THIS is all we were going to get? At 6 pm my time, we got the email, so he and Deno must have stayed there until around 9 their time to get the email out, and I know that he was racing to get it out. (Not necessarily because of me.)

BTW, for those of you who like to use KY instead of KT, that joke is getting old. We got it the first time - he's slick and finds targets to bend over, lol, but I have never been an advocate of name-calling.

With all the flak and scrutiny, as Robin said, I guess the better part of valor would be to keep further communication on Tuesday to ourselves, the players, if it is addressed that way. Then that would make everyone happy. No more KT bashing on my hopeful threads, and no more calling anyone with a shred of hope for the future of pool with the IPT a sunshine fairy...which I probably am.

Even though the communication with the players has been dreadful regarding the check issue and is their biggest fumble to date, with deserved criticism, I really do think this is a one off and will be handled with more grace and alacrity in the future. I truly believe we are heading towards a glorious future in pool, a heyday like no other. <Galloping into the sunset....>

 

[jay helfert]

I would think that people would be more optimistic. I don't want to wait for another tour to start up. that's all we ever do. wait for another tour. well we got one. want to keep it? this ridiculous slamming for some late checks is very negative advertising to a general public that I would like to see start playing a game I really enjoy!!!! Let's be patient and barbaque his but after(I hope not) the tour fails, not while it is still here.

How do you think people would respond if there were a major Golf or Tennis championship and the players did not get paid? Outrage is a mild word to express the reaction.

All the posters on here who are harshly criticizing the IPT and KT are well justified in my view in doing so.

Actually I think the best hope for the players at this time, is to go public with this story. Maybe I will send out a few press releases to the major media. By bringing attention to this grievance may be the only hope the players have to get anything. Otherwise it can be easily swept under the rug.

 

[jay helfert]

Dear IPT Players,

This is to update you on player payouts for the World Open, the Ho
Casino.com acquisition, and the Masters Tournament in Chicago.

First, and most important is player payouts from the World Open. All players
will be paid within the shortest amount of time! We are in final
negotiations and planning on executing documents relating to the Ho
Interactive acquisition of the IPT. I deeply regret that the player payouts
have had to be put on hold until this acquisition has been officially
completed. I totally understand and acknowledge your frustration and
concern. Please be aware that unfortunately this was an unavoidable
situation due to many factors that are extremely complex in relation to the
enormous nature of this deal. This short-term annoyance and inconvenience is
a one-time situation. Your patience and understanding is needed and
appreciated. We are working around the clock and all weekend to finalize the
transaction. I will communicate with you again on Tuesday with what I hope
to be the announcement that the deal is done and checks are being sent out!
Please know that over 30 lawyers and accountants in the U.S., London, Hong
Kong, and several other countries are involved in this transaction. There
are over 1000 pages of contracts and documents that are being negotiated and
reviewed. Tax implications, international treaties, securities issues, and
several other factors involving publicly traded corporations etc. all are
involved and implicated in this type of business transaction. I wish it were
as easy as me paying players myself, but this is legally unacceptable at
this time. We are 100% committed to getting this done which will be best for
the long-term future of the IPT. Our goal is to complete the acquisition and
get all players paid immediately so that we can focus on the Chicago
tournament and the future. Our plans are to bring the company public in
January. Because of this hiccup and delay in paying players, I am working
out something where all players who played in IPT events will be gifted
something very special when the business goes public! Your patience will be
rewarded. Remember, I have personally invested over $10 million dollars of
my own money into this venture. I am 100% committed to its success.

Thank you all for your understanding during this time.

Sincerely,

Kevin Trudeau,
Founder, IPT

All this talk about Ho Interactive and their purchase of the IPT. It has been the ongoing story for weeks now. Why not one word from anyone representing Ho Interactive? Not a peep or a murmur that they are close to closing a deal with the IPT or KT. Who has heard anything that would indicate that such a deal is in the works from someone other than KT?

 

[Jimk]

Randy and Colin,

Very astute observations. It would make sense while Ho's company was doing their due diligence, to freeze IPT assets. And he couldn't legally pay out of pocket from his Natural Cures $ because that would be co-mingling of funds as Randy pointed out.

I would also like to direct some of you posters' attention back to the actual letter. It did not say 30 lawyers. It says 30 lawyers AND accountants. I would imagine that is a fair number for a couple continents (as I think Europe and Eurosports may be involved to look over any new owner regarding their existing contracts with them).

When I am writing a contract at work for a hospital for even just a 1 year mobile deal, there could be 3 lawyers on our side going over the contracts and approving them, while there could be several on the other side as well, and we go back and forth interminably with changes and re-writes. If we are doing a JV or a fixed outpatient imaging center or cancer center, then the count can triple, not to mention the amount of accountants, controllers, pencil pushers, and grunts involved with any contract.

And lastly, especially for Robin...to tell the truth, I was just in too much haste to get this up here before going to a tournament to think before I posted. I know KT had told me that he would be contacting us with news this week and I assumed this was the news that he issued for everyone. It wasn't until I read Robin's post that I went back and re-read the initial greeting where it said 'Dear IPT Players', so I am just as guilty of not reading as I have accused others in the previous paragraph.

I have to admit that at 12:30 pm my time, I nudged KT with another email that basically said it was past 3 back there and time was ticking and the silence was deafening. I figured that we only had until 5 pm or so, their time, for them to put anything together. I cracked the whip, lol. I think he knows he will get an honest email from me, like Timberly. In it, I told him we deserve the truth and could handle it. I also told him if he did not want it posted in the forums that I would respect that. He did not reply but I know he read it from the read receipt. At 2:30 Pacific time, we received the usual update about programming on VS, and I was mightily disappointed. THIS is all we were going to get? At 6 pm my time, we got the email, so he and Deno must have stayed there until around 9 their time to get the email out, and I know that he was racing to get it out. (Not necessarily because of me.)

BTW, for those of you who like to use KY instead of KT, that joke is getting old. We got it the first time - he's slick and finds targets to bend over, lol, but I have never been an advocate of name-calling.

With all the flak and scrutiny, as Robin said, I guess the better part of valor would be to keep further communication on Tuesday to ourselves, the players, if it is addressed that way. Then that would make everyone happy. No more KT bashing on my hopeful threads, and no more calling anyone with a shred of hope for the future of pool with the IPT a sunshine fairy...which I probably am.

Even though the communication with the players has been dreadful regarding the check issue and is their biggest fumble to date, with deserved criticism, I really do think this is a one off and will be handled with more grace and alacrity in the future. I truly believe we are heading towards a glorious future in pool, a heyday like no other. <Galloping into the sunset....>

Does anyone really know what KT is going to do? If this merger/acquisition with Mr. Ho is going to happen, why are there no more Ho Casino ads at the IPT web site? I still don't understand what KT has to sell. I want to see the IPT or some other tour work. Christ, darts on tv and no pool? Here's hoping KT is on the level, everyone gets paid and we all have a merry Christmas.

 

[!Smorgass Bored]

I Visited The North Pole

Here's hoping KT is on the level, everyone gets paid and we all have a Merry Christmas.

Whoa Jim, not so fast. I have it on good authority that Mrs. Claus isn't answering the phone or returning e-mail. The elves haven't been paid since LAST Christmas and Santa is in negotiations with the Easter Bunny.
It doesn't look good for all the GOOD little boys & girls..... and this Christmas may be cancelled.
Doug

 

[jimmyg]

Let's be logical

But if it is, then the idea of not paying the players until the finalization of a sale, is good business practice. Morally reprehensible, i know, but a wise business move.

The new buyer is buying everything, including the debt. This is VER COMMON in buyouts. They purchase debts, emplyee contracts, AND future commitments, if negotiated.

With his statement of not being able to pay players himself, there is some truth to that. Again, assuming he has any money at all, he wouldnt be able to take either pesonal money, or natural cures money, and pay ipt debts. That would be money laundering, and the comingling of funds. It IS illegal.
rg

Randy, while I usually agree with most of your reasoning, this time I have to say that you are very, very far off target.

What I, and anyone else familiar with mergers and aquisitions, knows is that one of the primary concerns of both the buyer and the seller of an ongoing enterprise is to maintain the intergrity and viability of the business in question by constructing a seamless transition of ownership.

Failure to pay debts and salaries on time destroys the value of the enterprise by alienating and creating mistrust among employees, clients and vendors. Provisions for the timely payments of these expenses are always provided for during the negotiation stage of the transaction in order to ensure that these relationships are not damaged. Timely payments are absolutely necessary to protect 1) business 2) buyer 3) seller.

As far your comingling of funds theory. The illegality of the comingling of funds is true in certain situations; someone having a fiduciary responsibility with respect to another's finances, like a bank, mutual funds, an attorney's or real estate escrow account, a trust fund, an estate administrator, or even comingling funds between business and personal bank accounts, would all be prohibited from comingling funds. If this was the situation we were discussing, then you would be correct. But in the situation of a business merger or aquisition it would only apply to any escrow funds currently being held toward the purchase of the IPT or employee tax witholdings, but would not apply to ongoing business expenses or income.

When public companies do a merger or an aquisition, and it takes a year or more to finalize, do you actually think that the tens of thousands of company employees do not get paid? That would be ridicilous.

Look, there very well may be a sale, merger, capital infusion, even just the formation of a new partnership in the works, I don't claim to know whether any of this is, or isn't actually happening than you do.

But, honestly, there is not one single bonafide reason for not paying the Reno prizes that I can think of, except lack of intent or lack of money.

 

[BigMalUK]

First of all, thank you Linda for posting that letter. I can't imagine the sort of thoughts that have been going through players' minds over the past few weeks, but I know that even as a simple fan of the game, I've been very worried and just hoping that somehow this whole thing can be resolved and the IPT continue.

I wouldn't say the letter allays my concerns, but it some news is better than none and KT makes the statement that something will be announced on Tuesday and hopefully the players will be more than happy with a 'sweetener' pending future developments.

It might all be lies- a huge smokescreen, an elaborate yarn to buy a desperate man some more time, but I can choose to hope and pray that the players will be paid and that the game we love will prosper in the coming years.

Pool can ill afford the sort of scandal that would accompany the collapse of the IPT and a host of unpaid players - I certainly believe the game would take a very long time to recover from such a blow and its image would be dented once again.

 

[jasper]

There seems to be a growing army of negavibe know-alls frequenting this forum now, that seem to assume that every single thing that KT said is either a lie or an extreme embellishment.

Sure he spins things a tad, and criticism for the payments in waiting are deserved.

But keep in mind that much of what KT has told us has happened. The 3 biggest events in history have happened. Significant broadcasting has been achieved.

So I think it's arrogant to assume every word is bollocks. I guess we'll know a little more about the future of the IPT come Tuesday, and there are reasons to be a little worried. But fact is no one here really knows what is going on.

If this merger goes ahead and the IPT becomes a public company, then it would seem to be a somewhat impressive milestone for the sport.

Personally I don't think there is enough evidence to suggest that the IPT is doomed to failure, even though I have concerns about some areas of management, PR, communication etc.

Until I learn more I'll keep my fingers crossed and pray they can make the IPT a successful business.

One thing I'm sure of is that KT has worked bloody hard and turned over a lot of stones that people in the pool game haven't even looked at before. Not all stones revealed a treasure, but you never learn by not trying.

If the players do not get paid and 2007 members do not get their 100k, KT will deserve strong criticism for dishonesty. A delayed payment is forgivable however.

So hold onto your hats until Tuesday's announcement comes in and further information is forthcoming.

Colin

Exactly the right way to look at it.
I still think we are in for a great 2007 season at least.

 

[jjinfla]

Does anyone really know what KT is going to do? If this merger/acquisition with Mr. Ho is going to happen, why are there no more Ho Casino ads at the IPT web site? I still don't understand what KT has to sell. I want to see the IPT or some other tour work. Christ, darts on tv and no pool? Here's hoping KT is on the level, everyone gets paid and we all have a merry Christmas.

The Ho Casino add/link is still there. The link still works.

 

[jjinfla]

Actually I think the best hope for the players at this time, is to go public with this story. Maybe I will send out a few press releases to the major media. By bringing attention to this grievance may be the only hope the players have to get anything. Otherwise it can be easily swept under the rug.

It boggles my mind why no one has done that. I'll bet no one is more surprised than KT and Deno. Or, maybe some have tried and were told by the press that they don't care.

 

[Str8PoolMan]

...Let me make my own speculation and assume that Deno and Lindsay did not really know what was going on and assumed that the checks would be sent out as they had for the previous event. They may not be privy to the inner financial operations....

Yeah, keep the Chief Operating Officer in the dark. That's a good business practice.