I suspect the stall was buying time to...

N

NYC cue dude

Banned
I've been involved in many different aspects of business, but fortunately bankruptcy is not my forte.

I suspect all of these recent delays has given the ipt the opportunity to insulate itself while filing for bankruptcy protection.

I wonder if the filing for such is a matter of public record and is it a state or federal matter. Anyone know? Can anyone check? I bet this has been a very convenient headstart.

Todays post by the ex-ipt employee doesnt surprise me at all. I suppose over the next few weeks, as the infromation comes out, we will see how this will materialize as more of a fraud than a failed business.

It saddens me more than anything, that the players, once again, get the short end of the stick.

Tommorow, or shortly thereafter, we will get offical notice that the ho deal has fallen through, and without the new monetary infusion, the ipt doors are forced to close.

Sad.

rg
 
NYC cue dude said:
I've been involved in many different aspects of business, but fortunately bankruptcy is not my forte.

I suspect all of these recent delays has given the ipt the opportunity to insulate itself while filing for bankruptcy protection.

I wonder if the filing for such is a matter of public record and is it a state or federal matter. Anyone know? Can anyone check? I bet this has been a very convenient headstart.

Todays post by the ex-ipt employee doesnt surprise me at all. I suppose over the next few weeks, as the infromation comes out, we will see how this will materialize as more of a fraud than a failed business.

It saddens me more than anything, that the players, once again, get the short end of the stick.

Tommorow, or shortly thereafter, we will get offical notice that the ho deal has fallen through, and without the new monetary infusion, the ipt doors are forced to close.

Sad.

rg
Click to expand...

Sadly enough you are probably 100% correct. This really sucks.
 
There probably never was a HO deal. That never did make sense.

But why the stall? What did it buy him?

Maybe time to spend any and all money that came in to the IPT from qualifiers and the membership club. Such as travel to China supposedly to talk with Ho and in actuality it was just a vacation for him.

I suspect that when he files for bankruptcy we will find that he has very little money in the account and very few assets. That being the case where will the money come from even if you win a lawsuit?

Unfortunately KT has had quite a bit of experience with the inside of courtrooms.

Very sad.

Jake
 
If they file bankruptcy, all the last transactions for maybe as long as a year back will be looked at. Those officials who will handle the bankruptcy can demand the money back from those who have got the money, if there are good reasons that the money should have been spent otherwise.

So IF KT has transfered for example 500 000$ to his personal account or one of his companies during the last couple of months from the IPT account, as salary or "rent for offices" the officials have the possibillity to withdraw that money and spend it on those who have more "rights" for the money.

So IF he has done that, with a lot of money, there is still some hope...

Hope you understand my english, and that the words I have written makes sence...
 
jjinfla said:
But why the stall? What did it buy him?


Jake
Click to expand...

The new bankrupcy laws take several weeks from the initial filing until it is completed. Maybe he was buying time to get everything filed completely.
Steve
 
Deno will announce that KT put his money into other endeavors because of the HO deal. Now that the HO deal has fallen thru, KT will blame HO for lying and causing the IPT to fail.
 
NYC Dude...<<I wonder if the filing for such is a matter of public record and is it a state or federal matter. Anyone know?>>

Dude has me on ignore but if anyone might wish to quote from these remarks I do KNOW that ALL court filings...state or federal are a matter of public record...unless certain documents are filed under a judicially approved "protective order."

Further, bankruptcy is EXCLUSIVELY a federal matter.

The trick though is that there are hundreds of federal judicial districts so we could not immediately know...necessarily when or if and bankruptcy might be filed. However, the bankruptcy petition MUST list all creditors and those creditors all get notified of the proceeding either by the filing party or by the U.S. Bankruptcy Trustee within a short time after the filing so the players would become informed fairly soon...within 30 days if memory serves...maybe sooner.

PS: I got off on the wrong foot with rg early on which I think is unfortunate. He seems to be a good guy in spite of the fact that I had a few issues with him and he had a few with me. I am sorry for that.
Regards,
Jim
 
Roy Steffensen said:
If they file bankruptcy, all the last transactions for maybe as long as a year back will be looked at. Those officials who will handle the bankruptcy can demand the money back from those who have got the money, if there are good reasons that the money should have been spent otherwise.

So IF KT has transfered for example 500 000$ to his personal account or one of his companies during the last couple of months from the IPT account, as salary or "rent for offices" the officials have the possibillity to withdraw that money and spend it on those who have more "rights" for the money.

So IF he has done that, with a lot of money, there is still some hope...

Hope you understand my english, and that the words I have written makes sence...
Click to expand...

Interesting take, but I think you've got it backwards. I don't think the IPT was profitable enough to transfer money into his other accounts. I think that probably, in this scenario, he would have transferred debt from his other ventures to the IPT.

For example, he would use IPT money to buy the ad spots and pay for the TV runs on OLN and FoxSN. Which include Natural Cures ads. Also maybe used IPT money to pay for infomercial space. Then when the IPT declares bankruptcy, any money he still owes to players, vendors, advertising agencies, TV stations, etc... he defaults on, meanwhile his other businesses reap the benefits of the increased advertising.

That way he can get reap the profits indirectly for goods and services that he contracted for, but never paid for.

While I'm at it, IMO the only way the HO thing flies is as a shield for HO to hide money from his estranged sister. HO pays $X for the IPT....KT takes the money out and gives to players (as prize money) and himself, it's not profitable yet so is worth nothing. HO's net worth is $X less, his estranged sister gets $X/2 less in the upcoming lawsuit. Down the road, after lawsuit is all settled, KT buys HO out -- minus a holding fee, of course -- and voila. Everyone is whole, except his sister.

Cheers,
RC
 
Roy....<<So IF KT has transfered for example 500 000$ to his personal account or one of his companies during the last couple of months from the IPT account, as salary or "rent for offices" the officials have the possibillity to withdraw that money and spend it on those who have more "rights" for the money. >>

Rignt Roy. What you are talking about are considered "preference items" and/or "insider transactions." If I recall correctly, virtually any transaction that takes place within 90 days of FILING is subject to reversal as a preference item. In addition, going as far back as a year...I THINK...a transaction with an "INSIDER" which includes LOTS of entities but for example, persons who own a given percentage of the companies stock...relatives...etc are insiders and those transactions can be voided in bankruptcy...IF THE MONEY STILL EXISTS.

But as any attorney monitoring this thread knows, the bankruptcy law is about the most complex...seemingly contradictory and just plain WEIRD form of law in this country. I know quite a bit about it having chased two people through bankruptcy court in the past couple of years and I can say with authority that it is a nightmare AT BEST.
Regards,
Jim
 
pooltchr...<<The new bankrupcy laws take several weeks from the initial filing until it is completed. Maybe he was buying time to get everything filed completely.>>

Steve, forgive me in advance if I have misinterpreted your comment but actually, except in VERY simple personal bankruptcy proceedings the ligigation can last for YEARS before it is completed. Even in simple credit card BKs it ain't over for several months.

I agree with you that the most logical (although possibly inaccurate) explanation for the stalling tactic is getting their ducks in a row before filing. As I noted in another thread, transactions taking place within 90 days of filing can be treated differently than older transactions so the oldest trick in the book is to delay filing as long as possible.

Regards,
Jim
 
Hi Sixpack...How's this for an ironic prediction. It is not AT ALL out of the relm of possiblility that KT...personally...could file as a CREDITOR of the IPT...i.e. claim that the IPT owes HIM money. Woudn't THAT be a hoot!
(-:
Jim
 
av84fun said:
Hi Sixpack...How's this for an ironic prediction. It is not AT ALL out of the relm of possiblility that KT...personally...could file as a CREDITOR of the IPT...i.e. claim that the IPT owes HIM money. Woudn't THAT be a hoot!
(-:
Jim
Click to expand...

Yep, could happen. Depending on how he has all of his business ventures set up, there are a lot of possibilities. The ironic thing is that he might actually have legal priority ahead of the players.

Cheers,
RC
 
jjinfla said:
There probably never was a HO deal. That never did make sense.
Click to expand...

Well, here's my guess on the status of the "Ho deal". Mr. Stanley Ho probably never heard of Kevin Trudeau, but if he had heard of him he would never entertain doing a deal with him. KT may have tried to interest the Ho people in a deal but I doubt that it ever got to first base. No doubt the Ho organization hears many deal pitches and may have given him an hour to hear him out, but I think that's about as far as he got.

Well, that's my guess. I wish it were otherwise. The 150 million figure KT tossed out is well beyond absurd and for me destroyed any hope that this deal could possibly be for real.

Rich
 
av84fun said:
pooltchr...<<The new bankrupcy laws take several weeks from the initial filing until it is completed. Maybe he was buying time to get everything filed completely.>>

Steve, forgive me in advance if I have misinterpreted your comment but actually, except in VERY simple personal bankruptcy proceedings the ligigation can last for YEARS before it is completed. Even in simple credit card BKs it ain't over for several months.

I agree with you that the most logical (although possibly inaccurate) explanation for the stalling tactic is getting their ducks in a row before filing. As I noted in another thread, transactions taking place within 90 days of filing can be treated differently than older transactions so the oldest trick in the book is to delay filing as long as possible.

Regards,
Jim
Click to expand...

Jim,
The actual filing process takes several weeks, maybe even a couple of months. You are correct that the litigation after filing can last for years.
Steve
 
Swiss Account?

Didn't KT just return from a trip to Europe? If the IPT is really on it's last legs...I wonder if he popped into Switzerland to set up a new bank account...to make a deposit for safe keeping... Just more wild speculation....but not beyond the realm of possibilities if the IPT does move into bankruptcy...
 
Get_A_Grip said:
Didn't KT just return from a trip to Europe? If the IPT is really on it's last legs...I wonder if he popped into Switzerland to set up a new bank account...to make a deposit for safe keeping... Just more wild speculation....but not beyond the realm of possibilities if the IPT does move into bankruptcy...
Click to expand...

1. People like KT usually already have cash havens.I suspect there's not much funds in any of his.

2. If he did set up such an account recently he certainly wouldn't have been using IPT money,unless he's figured out a way to use an overdraft as a deposit.

3. For him,winding up this IPT fiasco will be no more than swatting a fly when compared to dealing with several of his other business indiscretions and none of those have so far caused him to even break sweat.With or without Swiss bank accounts he will resurface within weeks with another to good to be true scheme that will leave thousands of ordinary people floundering in its wake clutching worthless promises and/or pieces of junk.
 
av84fun said:
NYC Dude...<<I wonder if the filing for such is a matter of public record and is it a state or federal matter. Anyone know?>>

Dude has me on ignore but if anyone might wish to quote from these remarks I do KNOW that ALL court filings...state or federal are a matter of public record...unless certain documents are filed under a judicially approved "protective order."

Further, bankruptcy is EXCLUSIVELY a federal matter.

The trick though is that there are hundreds of federal judicial districts so we could not immediately know...necessarily when or if and bankruptcy might be filed. However, the bankruptcy petition MUST list all creditors and those creditors all get notified of the proceeding either by the filing party or by the U.S. Bankruptcy Trustee within a short time after the filing so the players would become informed fairly soon...within 30 days if memory serves...maybe sooner.

PS: I got off on the wrong foot with rg early on which I think is unfortunate. He seems to be a good guy in spite of the fact that I had a few issues with him and he had a few with me. I am sorry for that.
Regards,
Jim
Click to expand...
@@@@@@@@@@@@@@@
 
Re: Memikey's point #3 above

Aye, the only "product" KT has EVER produced is FALSE HOPE. How can anyone believe he could have ever been sincere about this endeavor?
 
cuetique said:
Re: Memikey's point #3 above

Aye, the only "product" KT has EVER produced is FALSE HOPE. How can anyone believe he could have ever been sincere about this endeavor?
Click to expand...

Many believed and now feel punished. Not just the players either.

Eyes Wide Shut!
 
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