Glenn Atwell got his 11% and Tammie has gotten hers. There is a letter and I typed it verbatim from Glenn, but we are going to run it by the lawyers before posting.
Checks are coming in!
- Thread starter rackmsuckr
- Start date
rackmsuckr said:
lol, Wonderful! People are getting 11% of what they have been owed for 2 months. They also know that the most they will get is 33%. This is truly a glorious day! Now that people are cashing these small checks, KT has an out to say that he was acting in good faith the entire time and can fold up shop and file bankruptcy without all the worries of being sued and held personally accountable for fraudulent acts. Way to go!
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I'm Aghast, Truly I Am
YOU DON'T THINK THAT HE'LL "HONOR HIS WORD" TO PAY 100% ?
DOUG
corvette1340 said:
YOU DON'T THINK THAT HE'LL "HONOR HIS WORD" TO PAY 100% ?
DOUG
Here's the letter
Nov. 10, 2006
Dear IPT player,
Once again the IPT would like to apologize for this delay in your prize payments for the World Open. We are working diligently to rectify the situation and appreciate your continued support and understanding during this temporary problem.
You will notice that the amount of your check is 11% of the total of what you won in the World Open. In a few weeks, on December 8, 2006, we will send at least another 11% and yet another installment of at least 11% on January 8, 2007. What that means is that by Jan. 8, 2007 a minimum of 33% of your prize money will have been paid. You will be paid the full amount of your winnings for the World Open collectively equaling $3 Million. During the next several weeks, the IPT will be working on other projects that could potentially increase the amount of these payments. We will be examining the financial situation weekly and communicating with you regularly regarding the financial situation. As the financial situation changes, we will inform you of the payment schedule moving forward. You will be paid in full before the next event.
Again, we apologize for this delay and payment structure of your prize winnings. The next several weeks are very important for many sponsorships and advertising projects that are being negotiated by the IPT. We would appreciate your support and encouragement during this time as we become focused on building a successful 2007 season and beyond.
Very truly yours,
Kevin Trudeau, Founder
International Pool Tour
Real Pool, Real Rules, Real Money
_______________________________
It seems there is a legal loophole here because there is no time frame as to when the remainder gets paid. He could essentially pay us $1/year for the rest of our lives. But if there is a bankruptcy, we wouldn't even be getting the third anyway. And if there is to be another event, there certainly has to be full payments first, well ahead of players booking their travel.
I thought we were getting paid weekly though?
Nov. 10, 2006
Dear IPT player,
Once again the IPT would like to apologize for this delay in your prize payments for the World Open. We are working diligently to rectify the situation and appreciate your continued support and understanding during this temporary problem.
You will notice that the amount of your check is 11% of the total of what you won in the World Open. In a few weeks, on December 8, 2006, we will send at least another 11% and yet another installment of at least 11% on January 8, 2007. What that means is that by Jan. 8, 2007 a minimum of 33% of your prize money will have been paid. You will be paid the full amount of your winnings for the World Open collectively equaling $3 Million. During the next several weeks, the IPT will be working on other projects that could potentially increase the amount of these payments. We will be examining the financial situation weekly and communicating with you regularly regarding the financial situation. As the financial situation changes, we will inform you of the payment schedule moving forward. You will be paid in full before the next event.
Again, we apologize for this delay and payment structure of your prize winnings. The next several weeks are very important for many sponsorships and advertising projects that are being negotiated by the IPT. We would appreciate your support and encouragement during this time as we become focused on building a successful 2007 season and beyond.
Very truly yours,
Kevin Trudeau, Founder
International Pool Tour
Real Pool, Real Rules, Real Money
_______________________________
It seems there is a legal loophole here because there is no time frame as to when the remainder gets paid. He could essentially pay us $1/year for the rest of our lives. But if there is a bankruptcy, we wouldn't even be getting the third anyway. And if there is to be another event, there certainly has to be full payments first, well ahead of players booking their travel.
I thought we were getting paid weekly though?
T
Timberly
Guest
LOL, it cracks me up that they continue to use this mantra.rackmsuckr said:
Timberly said:
I thought it would.
rackmsuckr said:Nov. 10, 2006
Dear IPT player,
Once again the IPT would like to apologize for this delay in your prize payments for the World Open. We are working diligently to rectify the situation and appreciate your continued support and understanding during this temporary problem.
You will notice that the amount of your check is 11% of the total of what you won in the World Open. In a few weeks, on December 8, 2006, we will send at least another 11% and yet another installment of at least 11% on January 8, 2007. What that means is that by Jan. 8, 2007 a minimum of 33% of your prize money will have been paid. You will be paid the full amount of your winnings for the World Open collectively equaling $3 Million. During the next several weeks, the IPT will be working on other projects that could potentially increase the amount of these payments. We will be examining the financial situation weekly and communicating with you regularly regarding the financial situation. As the financial situation changes, we will inform you of the payment schedule moving forward. You will be paid in full before the next event.
Again, we apologize for this delay and payment structure of your prize winnings. The next several weeks are very important for many sponsorships and advertising projects that are being negotiated by the IPT. We would appreciate your support and encouragement during this time as we become focused on building a successful 2007 season and beyond.
Very truly yours,
Kevin Trudeau, Founder
International Pool Tour
Real Pool, Real Rules, Real Money
_______________________________
It seems there is a legal loophole here because there is no time frame as to when the remainder gets paid. He could essentially pay us $1/year for the rest of our lives. But if there is a bankruptcy, we wouldn't even be getting the third anyway. And if there is to be another event, there certainly has to be full payments first, well ahead of players booking their travel.
I thought we were getting paid weekly though?
It sounds like the 1/3 is back on the table and the 100% just a promise with no parameters. What about other monies owe people like yourself aside from the prize money? Has there been any separate arrangements made regarding that to get you all paid?
I just can't help but think the 11% payment is some kind of move, the guy is just so sleazy. I have a feeling there is going to be a lot more to this before it all finally over. Thanks for keeping up informed, it's a real soap opera.
T
Timberly
Guest
My sentiments exactly.macguy said:
macguy said:
I agree with you 100%. This has got to be some sort of move.
There is just something about this guys attitude. He acts as if these payments are some sort of charity.
It seems odd to me that the only word this guy has responded to since Reno, was the word NO!
No mention of HO this time either.
Nostroke said:
I thought the last (long) letter was most likely either written by or checked out by a solicitor.
This happened to me when my ex employer failed to pay me a large amount of cash. As soon as I mentioned legal action there emails changed, suddenly they're attitude changed and they couldn't do enough to help me (despite the fact we hated each other lol)
I don't doubt he will fool many with this new angle, for my money though there's only one way this thing ends from here and it sounds like wankrupcy.
TheOne said:I thought the last (long) letter was most likely either written by or checked out by a solicitor.
This happened to me when my ex employer failed to pay me a large amount of cash. As soon as I mentioned legal action there emails changed, suddenly they're attitude changed and they couldn't do enough to help me (despite the fact we hated each other lol)
I don't doubt he will fool many with this new angle, for my money though there's only one way this thing ends from here and it sounds like wankrupcy.
Wankrupcy?????
Well, Colin warned us that you were a little,,,,, Different.
Wankrupcy.
Real Pool, Real Rules, Really Broke so No Money
Nostroke said:
Nostroke, we notice the same things. Even the last letter, which by comparison was better, was not terribly well-written.
It's as if nobody is proofing these things. That's not a good sign for any business.
- Steve
A world of possibilities...
We knew this moment might come, and I am prepared. What you need to do is print this out, cut out each option and stick them onto a 3x5 index card. Then get a set of darts, a blindfold, and a wheel of cardboard to stick them to. Have a friend spin the wheel, throw the dart and make your selection.
A) He will send out eight 11% checks and then a final 12% check for the balance. Then he will fold the IPT due to lack of income and never be heard of again.
B) He will stop paying after 3 checks and claim the whole 100% was a misunderstanding. Given that he has shown the ability to continually re-invent his previous statements, not to mention redefine words like "escrow" and "guaranteed" this is certainly a possibility.
C) He will declare bankruptcy before getting to 100%, and possibly before getting to 33% if the qualifiers do not pickup business, no more sponsorship deals are signed and no IPO ever materializes. And when this happens the "so-called fans" damn well better be held accountable. (The bastards!) The unpaid funds will be fought over legally for 8 years, then finally the US Supreme Court will set a landmark legal precedent by sentencing KT to 1000 years of exile in the Phantom Zone.
D) He has already emptied and closed all the IPT bank accounts and the 10% checks will bounce higher than a jack-rabbit on amphetamines. ("Hello again Warden! How is that lovely wife of yours?")
E) He will pay 100% to all players over the next 10 weeks, re-book Chicago/2006 Masters events for January '07, book all 14 scheduled '07 events into 4-star resorts, sell the TV rights to both the tournaments and the reality series to Fox for 40 hours of airtime to replace the worn-out "American Idol". He'll setup an escrow account containing $15,000,000 to guarantee $100k will be paid per player at the end of the '07 season and a second Escrow account to contain $30,000,0000 to cover the prize purses for all 14 '07 events plus running costs. Then he'll IPO the IPT on the LSE under full SOX and reap a 500% profit at the launch for him and all the IPT players who all will get fully-vested share plans, health benefits, discounted 1st class flights for all events and all the Coral Calcium they can eat. Finally come January 2008 he will take a much-deserved skiing holiday, but Deno will have to make sure he pre-books the slope time because all the best resorts in Hell get real busy during the Winter season.
We knew this moment might come, and I am prepared. What you need to do is print this out, cut out each option and stick them onto a 3x5 index card. Then get a set of darts, a blindfold, and a wheel of cardboard to stick them to. Have a friend spin the wheel, throw the dart and make your selection.
A) He will send out eight 11% checks and then a final 12% check for the balance. Then he will fold the IPT due to lack of income and never be heard of again.
B) He will stop paying after 3 checks and claim the whole 100% was a misunderstanding. Given that he has shown the ability to continually re-invent his previous statements, not to mention redefine words like "escrow" and "guaranteed" this is certainly a possibility.
C) He will declare bankruptcy before getting to 100%, and possibly before getting to 33% if the qualifiers do not pickup business, no more sponsorship deals are signed and no IPO ever materializes. And when this happens the "so-called fans" damn well better be held accountable. (The bastards!) The unpaid funds will be fought over legally for 8 years, then finally the US Supreme Court will set a landmark legal precedent by sentencing KT to 1000 years of exile in the Phantom Zone.
D) He has already emptied and closed all the IPT bank accounts and the 10% checks will bounce higher than a jack-rabbit on amphetamines. ("Hello again Warden! How is that lovely wife of yours?")
E) He will pay 100% to all players over the next 10 weeks, re-book Chicago/2006 Masters events for January '07, book all 14 scheduled '07 events into 4-star resorts, sell the TV rights to both the tournaments and the reality series to Fox for 40 hours of airtime to replace the worn-out "American Idol". He'll setup an escrow account containing $15,000,000 to guarantee $100k will be paid per player at the end of the '07 season and a second Escrow account to contain $30,000,0000 to cover the prize purses for all 14 '07 events plus running costs. Then he'll IPO the IPT on the LSE under full SOX and reap a 500% profit at the launch for him and all the IPT players who all will get fully-vested share plans, health benefits, discounted 1st class flights for all events and all the Coral Calcium they can eat. Finally come January 2008 he will take a much-deserved skiing holiday, but Deno will have to make sure he pre-books the slope time because all the best resorts in Hell get real busy during the Winter season.
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rackmsuckr said:
It's good to know you and the rest of the players are organized and have legal counsel. Whatever you, Linda, and rest of the players decide to do has my full support.
This thing has reached depths of absurdity that I never thought were possible. Today's development seems like it might be good news only because of the complete lack of expectations from everything that has happened so far.
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T
Timberly
Guest
Whatever do you mean?!?!? The IPT staff are in the top 10% of their field! They had to take IQ tests! They're superb & superior!Steve Lipsky said:
T
Timberly
Guest
Poor in the pocketbook for sure.Rich R. said:It must be a pretty poor field.
