IPT Players got some money today

I am wondering if it even needs to be legally stated on the checks that upon cashing them it means that you accept the 33% that was offered in a public statement?

Was KT's statement of being paid in full referring to 100% of the original amount or 100% of the 33% offered?

:(
 
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Ruthless said:
I am wondering if it even needs to be legally stated on the checks that upon cashing them it means that you accept the 33% that was offered in a public statement?

:(
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A letter was sent along with the checks stating once again that they will be paid in full. This along with the fact that the IPT printed on the checks partial payment for $5000 (or whatever the player is owed) sounds promising. But again, I just can't find it in myself to trust anything that KT or anyone from the IPT says. They've lied entirely too much. Kinda like the little boy who cried wolf, ya know?
 
I wouldnt doubt by signing the check they are signing there right away to any other money..........or a chance in court
 
That is great news for the Reno players. I wonder if the refs and qualifier stakers got their dough too? 11% is a start and way better than nothing.

Martin


uwate said:
Just heard that Rodney got a fedex today from the IPT and got paid about 11% of what he was owed.

Any other players get paid?
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Then where would the 11% figure even enter his mind now? Why not 10%, 20%, 50% or something that can be figured into a plan equaling 100% in even payments?
 
jazznpool said:
That is great news for the Reno players. I wonder if the refs and qualifier stakers got their dough too? 11% is a start and way better than nothing.

Martin
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One of the Ref's made a post last week in the IPT forum that the ref's were paid in full.

Backers, media, & referral monies paid.... fuuuugetaboutit!
 
Timberly said:
A letter was sent along with the checks stating once again that they will be paid in full. This along with the fact that the IPT printed on the checks partial payment for $5000 (or whatever the player is owed) sounds promising. But again, I just can't find it in myself to trust anything that KT or anyone from the IPT says. They've lied entirely too much. Kinda like the little boy who cried wolf, ya know?
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For those players who are concerned that they may be signing away their rights to get full payment, they don't have to cash their checks right away. They can collect their weekly checks and cash them in all at once when they are satisfied that KT is acting in good faith.
 
PoolSharkAllen said:
For those players who are concerned that they may be signing away their rights to get full payment, they don't have to cash their checks right away. They can collect their weekly checks and cash them in all at once when they are satisfied that KT is acting in good faith.
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They're not going to be paid weekly....

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? :confused:
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Here's my "favorite" quote from the letter... " You will be paid in full before the next event."

They've already cut the 2007 schedule in half and it wasn't going to start until June or July. Whose to say that they won't "postone" those and end up not even having an event in 2007? I bet they don't consider qualifiers as "events".
 
Just me, but I would cash those checks. Dont sit on them, turn those pieces of paper into cash and be quick about it. You never know when and if it will change from paper to rubber...
 
Timberly said:
They're not going to be paid weekly....


Here's my "favorite" quote from the letter... " You will be paid in full before the next event."

They've already cut the 2007 schedule in half and it wasn't going to start until June or July. Whose to say that they won't "postone" those and end up not even having an event in 2007? I bet they don't consider qualifiers as "events".
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Given the context of the November 10th letter stating that the players will be paid in full, if it were me I would start cashing those checks.
 
dont have time to read everything, sorry of this was covered, but it seems to me everytime i owe someone money (irs, credit card, etc), they charge me points while im trying to pay it off. are the players going to get this same kind of fee, or are they gonna be lucky to get anything at all.
 
I wholeheartedly agree...

jazznpool said:
That is great news for the Reno players. I wonder if the refs and qualifier stakers got their dough too? 11% is a start and way better than nothing.

Martin
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This is actually the first piece of good news in a long time.......But there's always the cloud-seeding, and rain.......now the advice is not to cash them.......Regardless, I'm glad the checks are being received, whatever the amount......
 
uwate said:
Just me, but I would cash those checks. Dont sit on them, turn those pieces of paper into cash and be quick about it. You never know when and if it will change from paper to rubber...
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Good recommendation. Glad I didn't spend any money chasing a qualifier.:rolleyes:
 
Not cash them? You'd have to be a complete idiot not to run to the bank as fast as your legs could carry you to cash your IPT check--it might be the last one you're gonna get. Hopefully they are good! Anybody waiting around for attorney involvement will end up with exactly nothing. The sad reality is that when attorneys get involved in this type of matter, they generally end up with the lion's share of whatever funds there are.

Martin


wahcheck said:
This is actually the first piece of good news in a long time.......But there's always the cloud-seeding, and rain.......now the advice is not to cash them.......Regardless, I'm glad the checks are being received, whatever the amount......
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Well that's righteous Timberly. It would have been stone brutal if the refs were also paid 11%! The backers and referral people might be SOL.

Martin

Timberly said:
One of the Ref's made a post last week in the IPT forum that the ref's were paid in full.

Backers, media, & referral monies paid.... fuuuugetaboutit!
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grisbe said:
This former IPT contractor hasn't been paid.
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Do you fall under one of the following, or do we need to add a new catagory? (sorry to hear you're caught up in this mess too. :( )

Media, Backer, Referral fee
 
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