......Also if I win a $50,000 lawsuit of money you owe me, I can go after almost any asset you have, I am not restricted to IPT assests. Ask O.J. Simpson.
.......and then ask the plaintiffs how much money OJ has actually paid up to them so far and/or how long after winning their case they anticipate receiving any payment
The IPT is an LLC, under Nevada law (according to my old agreement w/ them). The LLC protects and guards shareholders of individual liability; therefore, the IPT assets would be the only fair game. The only exception, I believe, would be cases where laws have been broken.. such as corporate fraud, etc.... i.e. Enron, Ken Lay, etc. In those cases, the officers can be criminally liable and forced to pay restitution.
Unless the players can prove there was no Ho merger (or intent to merge) when KT was touting it (and later used as an excuse as why he didnt pay) - a suit would be fruitless, I think. I personally think the Ho merger was bunk, but that's my opinion. Private mergers with the size the KT was talking about are almost never discussed until they're completed (for many reasons). You would never advertise a merger the way KT did based on a letter of intent, I think.
NYC cue dude (Randy) would prob have more insight on this type of thing than me.