Efren paid by the IPT last Friday for W.O.

LAMas said:
Bandito, Linds and Gopi-1,
See the post by Recovery Jones about Puyat Sports paying the IPt for the rights to air Efren's play at the IPT.
Click to expand...
Nothing wrong with that and truly applaudable. Selling those TV rights is really one of the revenue centers for IPT and acquiring such is a normal investment for Puyat Sports. We here in the Philippines, who are avid fans and supporter of the sport and its heroes, are thankful to the Puyat's for making these available to us.
 
<<Checks don't take 45 days to clear.>> We are talking about my profession now. While I am not familiar with financial transactions between the U.S. and the Phillipines, I can tell you for a FACT that:
A) The checks, if issued, could be negotiated IN THE UNITED STATES in an account for the benefit of Efren or Busta and would "clear" in 5-10 days MAXIMUM.

The 30-45 day references are totally misinformed...with the possible exception that Efren and/or Busta may be receiving poor advice as to how to collect on any such checks written to them.

Regards,
Jim
 
Why is it that people keep connecting the statement "checks take 30-45days to clear" with me:mad: . For the ease of those quick to just type comments without truly understanding the whole issue:confused: . Here's the very first post that mentioned 30-45 days clearing time.
http://forums.azbilliards.com/showthread.php?t=42557 bottom of the page post #15. At the very least, check the date and time posted. This 30-45days clearing time was first posted by King B or Jose B who is currently there in the US from what I was told.

Following below is how and when the idea of the "30-45 days clearing" was first introduced into the equation.

Post #14 of above link supplied
Quote:
Originally Posted by bandido
Why any other player than Efren when he's the only one who can bring SRO attendance wherever he performs? The language deficiency should have been where the Marketing department did its magic. Overcoming this deficiency is one reason why most other sports are way ahead of pool in popularity.

Why can't pool be pool? Why do the insiders have to drastically sanitize it for the non-pool audience? Market the heck its positive side and that will tone down the darn effects of the negative. Pool in the Philippines is the best example of this and its strategy was based on Ying-Yang and the Art of War. Accept the truth and work with it.

Post #15 of above link supplied
Quote:
Originally Posted by King B
Your saying that Efren cashed his check thats funny because it takes 30 to 45 days to clear a check in the philippines, nice try.

And my respose to King B, Post #16 of above link supplied
Quote:
Originally Posted by bandido
You're one of the idiots aren't you? Where in any of my posts did it say that he cashed his check. Nice try, pea-brain!

So if anybody still needs clarification about this "30-45 days clearing time" go ask King B or Jose Burgos.
 
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av84fun said:
<<Checks don't take 45 days to clear.>> We are talking about my profession now. While I am not familiar with financial transactions between the U.S. and the Phillipines, I can tell you for a FACT that:
A) The checks, if issued, could be negotiated IN THE UNITED STATES in an account for the benefit of Efren or Busta and would "clear" in 5-10 days MAXIMUM.

The 30-45 day references are totally misinformed...with the possible exception that Efren and/or Busta may be receiving poor advice as to how to collect on any such checks written to them.

Regards,
Jim
Click to expand...


The key word is "could". Banks in Florida like to hold check money for two weeks. And that was a bank check from a Kentucky bank when I first moved here in 1998.

In the June issue of BD they mentioned that Reyes' check for $140,000 from Orlando (Gov't got $60,000) was sitting in a Manilla bank waiting to clear. I have no idea how long that bank held the money before Reyes could spend it.

Jake
 
av84fun said:
<<Checks don't take 45 days to clear.>> We are talking about my profession now. While I am not familiar with financial transactions between the U.S. and the Phillipines, I can tell you for a FACT that:
A) The checks, if issued, could be negotiated IN THE UNITED STATES in an account for the benefit of Efren or Busta and would "clear" in 5-10 days MAXIMUM.

The 30-45 day references are totally misinformed...with the possible exception that Efren and/or Busta may be receiving poor advice as to how to collect on any such checks written to them.

Regards,
Jim
Click to expand...


It's obvious, Jim, that you have not encashed an International Managers Check here in the Philippines.

It is also quite obvious that you are not familiar with the financial transactions that occur here in the Philippines.

nbc
 
PM box is full

bandido said:
Why is it that people keep connecting the statement "checks take 30-45days to clear" with me:mad: . For the ease of those quick to just type comments without truly understanding the whole issue:confused: . Here's the very first post that mentioned 30-45 days clearing time.
http://forums.azbilliards.com/showthread.php?t=42557 bottom of the page post #15. At the very least, check the date and time posted. This 30-45days clearing time was first posted by King B or Jose B who is currently there in the US from what I was told.

Following below is how and when the idea of the "30-45 days clearing" was first introduced into the equation.

Post #14 of above link supplied
Quote:
Originally Posted by bandido
Why any other player than Efren when he's the only one who can bring SRO attendance wherever he performs? The language deficiency should have been where the Marketing department did its magic. Overcoming this deficiency is one reason why most other sports are way ahead of pool in popularity.

Why can't pool be pool? Why do the insiders have to drastically sanitize it for the non-pool audience? Market the heck its positive side and that will tone down the darn effects of the negative. Pool in the Philippines is the best example of this and its strategy was based on Ying-Yang and the Art of War. Accept the truth and work with it.

Post #15 of above link supplied
Quote:
Originally Posted by King B
Your saying that Efren cashed his check thats funny because it takes 30 to 45 days to clear a check in the philippines, nice try.

And my respose to King B, Post #16 of above link supplied
Quote:
Originally Posted by bandido
You're one of the idiots aren't you? Where in any of my posts did it say that he cashed his check. Nice try, pea-brain!

So if anybody still needs clarification about this "30-45 days clearing time" go ask King B or Jose Burgos.
Click to expand...

Bandido ... Please clear your PM box, it is full.
 
I really don't get it...

Bandido, Linds and NBC are people well connected in the Phillipines as far as the Pool Industry is concerned and you're questioning the info they provided? Their credibility is on the line here guys. They won't be coming out here to says this, if they don't have first hand info. Guys, please give them a break, specially if you're clueless and half-way across the globe. :mad:
 
jjinfla said:
The key word is "could". Banks in Florida like to hold check money for two weeks. And that was a bank check from a Kentucky bank when I first moved here in 1998.

In the June issue of BD they mentioned that Reyes' check for $140,000 from Orlando (Gov't got $60,000) was sitting in a Manilla bank waiting to clear. I have no idea how long that bank held the money before Reyes could spend it.

Jake
Click to expand...

Back in the Philippines, after the bank manager receives his time-deposit interest on the big-check, LOL. That's when you get to enjoy your money. Just joking, but it's true local banks had a really bad reputation of floating checks for quite a bit; however, if you send a check to the Philippines and it's from one of the big international banks then clearing wait is shorter defending on the amount (and if the bank teller likes how you look like).

Do you know that in US, you can dispute a bounced check(both from you or someone else) if the bank failed to process it within a week? About 3-4 years ago the 2 business day check clearing was in placed by the National Treasury.
 
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NBC...PS: My point was that if you appear at the ISSUING BANK...or have some trusted and authorized representative do it for you, that bank MUST pay out ON THE SPOT in certified funds...unless the issuing customer's balance is based on another deposit that has not yet cleared and under FDIC rules, hold cannot extend for more than 11 business days.

So, if there was an Payor I didn't trust, I would present the check for payment as per the above. If that was not the case, real estate transactions, for example, could never close...except with gold bars.
Regards,
Jim
 
av84fun said:
NBC...PS: My point was that if you appear at the ISSUING BANK...or have some trusted and authorized representative do it for you, that bank MUST pay out ON THE SPOT in certified funds...unless the issuing customer's balance is based on another deposit that has not yet cleared and under FDIC rules, hold cannot extend for more than 11 business days.

So, if there was an Payor I didn't trust, I would present the check for payment as per the above. If that was not the case, real estate transactions, for example, could never close...except with gold bars.
Regards,
Jim
Click to expand...


Agreed... except that you forget that they (Efren and Bustamante) received their checks here in the Philippines.

And, assuming that they are going to deposit the checks in their own local (read: Philippine) banks, then, the 30 - 45 days clearing will hold true.

So, your saying, "<snip> The 30-45 day references are totally misinformed...with the possible exception that Efren and/or Busta may be receiving poor advice as to how to collect on any such checks written to them. <snip>" is incorrect in that sense.

I will be going to my pool hall tonight... and if I see Django Bustamante there, will ask him in detail regarding his IPT check.

nbc
 
things are not always, what you think they are!!!

Life taught me . Things might be done with motives, it will make sense after all the facts come out later. In other words be sceptical, and consider the source. There is big international money involved here with TV payments, merger deals, future tournaments , online memberships, mention of going public stock, merchandizing,and qualifiers all being directly effected by negative info. That's why you don't see the any smart players screaming online, that's the way the cash is going to be generated. This will play itself out and hopefully there will still be a cash sources. This original grandiose plan was all Christmas wrapping. It was based on future revenue coming, all glitz but who will pay the bills? This is a corporation, that could be ply-wooded up anytime. There is still a chance, if projected revenue meets the bills. The prize pool must be scaled down quickly if it's to survive. The scarry part was the few spectators at the events, this indicates a lack of interest .The philippine superstars ,know there is local TV money and maybe there was discussions. I was in business and trust me if the players are not being payed how about all the others?
 
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