Lawsuit

[jimmyg]

.

For what its worth by the way.......... the IPT is registered only in Delaware

From a business's point of view that's one of the friendliest states to register.

Also, O.J. had many exempt assets, and he has had to pass up many financial opportunities because of the judgement. I wonder whether KT would be willing to go through the same hurdles, especially shutting down many of his income streams. I doubt it.

Jim

 

[justnum]

You young guys and young girls are turning into a scammers worst nightmare.

Since when did you all become so untrusting?

 

[Cuemaster98]

Why is IPT website still up and running? Can't the player put in an injunction or something until they are all paid up?

Does anyone know how much KT made off with this scam??

 

[Str8PoolMan]

You young guys and young girls are turning into a scammers worst nightmare.

Since when did you all become so untrusting?

Some time around last October.

 

[oneballeddie]

......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.

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.

Who cares about the IPT and LLC's?. KT personally promised to pay all the players. He sent the promise out on DVD's in his own words and also posted it on his website. Everybody knows the IPT has no assets and therefore both a bankruptcy and/or lawsuits against it are meaningless. But a personal promise whether oral or written is a promise, and to the extent people relied on that promise and suffered damages, they are entitled to relief. Look up "promissory estoppel". There are two actionable circumstances here: first, the Reno payout is in default. A judgement for the remaining amount due is straightforward. And a judgement against KT personally is not a stretch since he personally and provably guaranteed the payout. Second, KT promised that everyone who made the the top 100 would be "guaranteed" $100,000 for 2007. Again, he personally guaranteed this.

On top of this, if it can be shown that KT never intended to pay, or fabricated the Stanley Ho debacle to evade paying, or maliciously witheld payments - well, now we are talking fraud. As in treble damages and automatic attorneys fees.

I don't know about intentional fraud (with one exception) but I do know that #1 and #2 can be proven and that at least 100 people are owed $100,000 plus what remains in arrears from Reno.

 

[Bozo]

One Ball

I thought he offered a job with guaranteed earnings of 100,000. That job did not exist in 07.
I would not rush out and spend that 100 grand.
I would hope you got more going for you then sitting around waiting for that check.
There seems to be a lot of of pool on tv now. Perhaps the IPT was a year too early!

 

[Snapshot9]

Irregardless

a lawsuit followed through to judgement would, in fact, 'force' the issue
to come to a head. There would be something on the books to hold KT accountable to and that is the first step to clearing away the BS.

A judgement would be monitored by the court, and certain guarantees would be in place to see that it was followed. Oh, Kt would squeal like a pig iif their was a judgement against him, because he would know he had been caught.

 

[macguy]

Who cares about the IPT and LLC's?. KT personally promised to pay all the players. He sent the promise out on DVD's in his own words and also posted it on his website. Everybody knows the IPT has no assets and therefore both a bankruptcy and/or lawsuits against it are meaningless. But a personal promise whether oral or written is a promise, and to the extent people relied on that promise and suffered damages, they are entitled to relief. Look up "promissory estoppel". There are two actionable circumstances here: first, the Reno payout is in default. A judgement for the remaining amount due is straightforward. And a judgement against KT personally is not a stretch since he personally and provably guaranteed the payout. Second, KT promised that everyone who made the the top 100 would be "guaranteed" $100,000 for 2007. Again, he personally guaranteed this.

On top of this, if it can be shown that KT never intended to pay, or fabricated the Stanley Ho debacle to evade paying, or maliciously witheld payments - well, now we are talking fraud. As in treble damages and automatic attorneys fees.

I don't know about intentional fraud (with one exception) but I do know that #1 and #2 can be proven and that at least 100 people are owed $100,000 plus what remains in arrears from Reno.

Anybody who ever went to work for a start up company has heard a lot of promises and optimistic talk. That's all this was and it failed. Any judge will look at the facts and see KT is the big loser and did nothing wrong other then have big ideas.

 

[macguy]

a lawsuit followed through to judgement would, in fact, 'force' the issue
to come to a head. There would be something on the books to hold KT accountable to and that is the first step to clearing away the BS.

A judgement would be monitored by the court, and certain guarantees would be in place to see that it was followed. Oh, Kt would squeal like a pig iif their was a judgement against him, because he would know he had been caught.

And if KT is found to not be guilty of anything other then terrible judgment? Would you want to be on the other end of the counter suit he will file for at least his legal costs that will be in the tens of thousands. As well as a libel suit he may file costing the players thousands more to defend themselves. Lets get real here, like him or not he is nobody to be messing with.

He won some kind of libel suit last year against some agency for the state of New York. As it is he has been paying, but make no mistake about it, you screw with this guy and the players will wish they never heard of the IPT. Any lawyer that would take this case and expose the players listed in the suit to the kind of possible legal problems they may have from it, would have to be a complete idiot.

 

[justnum]

I just hope when this is all over everyone can say there is no bad blood. It was a learning experience at best. I saw some players push themselves beyond their usual game I hope they keep at it.

 

[Snapshot9]

Lol

And if KT is found to not be guilty of anything other then terrible judgment? Would you want to be on the other end of the counter suit he will file for at least his legal costs that will be in the tens of thousands. As well as a libel suit he may file costing the players thousands more to defend themselves. Lets get real here, like him or not he is nobody to be messing with.

He won some kind of libel suit last year against some agency for the state of New York. As it is he has been paying, but make no mistake about it, you screw with this guy and the players will wish they never heard of the IPT. Any lawyer that would take this case and expose the players listed in the suit to the kind of possible legal problems they may have from it, would have to be a complete idiot.

I think you are giving KT way way more credit than he would have in a court of law, and I say this with having a big brother that has practiced law for almost 40 years. Oral contracts DO stand up in a court of law, and the libelity of them, as well as written contracts. Kt was so oral and public that he could be held accountable for such, as well as his failures to meet such obligations. I don't see where you get the libel from the players on KT?????

I suspect strongly that KT is not near as solvent as what he leads people to believe, and if he can't afford to pay the players, how could he afford thousands for a lawyer(s)? Besides many lawyers would take the case for the players based upon a contingency fee of the judgement,and the players could recoup all their costs from KT. The normal fee a lawyer charges in a lawsuit is usually 33% of the judgement.

And BTW, where has 'NYC Dude' been, I would like to hear what he has been doing lately for the players, and the supposed lawsuit he was supporting?

And people everywhere go to prison everyday for BAD JUDGEMENT!!!

 

[macguy]

I think you are giving KT way way more credit than he would have in a court of law, and I say this with having a big brother that has practiced law for almost 40 years. Oral contracts DO stand up in a court of law, and the libelity of them, as well as written contracts. Kt was so oral and public that he could be held accountable for such, as well as his failures to meet such obligations. I don't see where you get the libel from the players on KT?????

I suspect strongly that KT is not near as solvent as what he leads people to believe, and if he can't afford to pay the players, how could he afford thousands for a lawyer(s)? Besides many lawyers would take the case for the players based upon a contingency fee of the judgement,and the players could recoup all their costs from KT. The normal fee a lawyer charges in a lawsuit is usually 33% of the judgement.

And BTW, where has 'NYC Dude' been, I would like to hear what he has been doing lately for the players, and the supposed lawsuit he was supporting?

And people everywhere go to prison everyday for BAD JUDGEMENT!!!

I have a friend who got into a thing with Wayne Huizinga over the use of the name Blockbuster. He opened a place called "Blockbuster Pizza". In a short time he got a letter from Wayne Huizinga's lawyers saying he could not use the name. He decided to make a public issue out of it and brought it to the local paper and got some free publicity. He would no take down the sign and change the name and this went on for a while.

He got a few more letters from Wayne Huizinga's lawyers and was enjoying the attention, as it was bringing people into his new business. After a few months he got dragged into court where a judge ordered him to change the name. Thinking he was cute he changed it to "Buster Blocks Block Busting Pizza". More letters from Wayne Huizinga lawyers and the judge ordered him to change the name again. This time he did it right and changed it to "Jail House Pizza" since he was near the city jail.

He thought it was over and he had gotten some free publicity till about a month later when he got a letter from Wayne Huizinga's lawyers again for legal fees. They were asking him for over $40,000 in legal fees he had caused Wayne Huizinga to have to spend. He got himself an attorney and found he was liable for the costs and if he tried to fight the bill taking it to court, it would just get bigger plus his own legal costs now and it could easily top $100,000 all together. Long story short, he had to sell his new restaurant to get himself out of all this mass, that in the beginning he thought was just a big joke. Point is, if the players do anything to cause KT to have to defend himself, they "BETTER" win.

KT has a history of counter suing people who drag him into court or liable him in any way. I will repeat myself, KT is not a guy to be screwing with. Take what he would be willing to settle for and end this. These players are mostly bums who don't have five cents to be getting involved in this kind of crap. If you think KT can't defend himself, check out who represents him.

By the way, in court, KT has plenty or credit in the eyes of a court. He has paid out millions of dollars, has done nothing to avoid paying, other then being slow, and HAS been paying, amounting to almost 50% so far. Any lawsuit would be completely frivolous at this time and thrown out of court. He is guilty of nothing other then making bad business decisions. He isn't even trying to avoid paying even though he has lost millions.

KT is gold in the eyes of a court of law. Most of the time it takes years for people to get paid if ever from a failed business and court orders are involved. KT has paid 50% so far out of his own pocket to cover the failed business and there is no reason to believe he won't pay everything and it has only been a few months. It takes longer then that to get paid by the post office when they lose a package.

I have to come back and say this. It seems like when I comment anymore it is in some kind of defense of KT. But to be honest, as often happens KT has managed to make himself the victim here and I believe from the outside would be viewed that way. He is the giant loser no matter how you look at it, trying to do the right thing as best he can. Obviously, we don't actually believe that, but that is the way it will look to someone on the outside.

 

[NYC cue dude]

I think you are giving KT way way more credit than he would have in a court of law, and I say this with having a big brother that has practiced law for almost 40 years. Oral contracts DO stand up in a court of law, and the libelity of them, as well as written contracts. Kt was so oral and public that he could be held accountable for such, as well as his failures to meet such obligations. I don't see where you get the libel from the players on KT?????

I suspect strongly that KT is not near as solvent as what he leads people to believe, and if he can't afford to pay the players, how could he afford thousands for a lawyer(s)? Besides many lawyers would take the case for the players based upon a contingency fee of the judgement,and the players could recoup all their costs from KT. The normal fee a lawyer charges in a lawsuit is usually 33% of the judgement.

And BTW, where has 'NYC Dude' been, I would like to hear what he has been doing lately for the players, and the supposed lawsuit he was supporting?

And people everywhere go to prison everyday for BAD JUDGEMENT!!!

Unfortuantely, at this time, the lawyers who first reviewed the facts as they were, long ago deemed that in fact, there is nothing actionable at this time.

Once kt started making payments, he obsolved himself legally of any requirements that would need to be met in a bankruptcy court. What this means is that, should you sue him (the ipt of course), he would easily show that he had a right to consider filing bankruptcy. A bankruptcy court would insist that he make attempts to legitimately settle the debts. His 40% payments have already surpassed what any bankruptcy court would consider good faith.

The only way you could get any real money, at this point, is to sue him personally for fraud. The issue as it pertains to this particular case, is very complicated. Initially, you would have to prove that the Ho deal was never a deal, and beyond that, that the structure of the ipt was constructed to maliciously in order to defraud. Part 1 can be proven, but part 2 could only be corroborated by someone like deno, who could offer up the "insiders" blueprint of the ipt.

Considering all of this, what are the damages, and why at this point, would any law firm worth their salt get involved? Granted, if fraud is involved, there is no limitation to the amount that can be sued for under punitive damages, but the legal minds I know who have watched this from the ipt's initial collapse say that kt having made those payments, essentially has given himself a "get out of jail free card".

rg

 

[Hierovision]

He thought it was over and he had gotten some free publicity till about a month later when he got a letter from Wayne Huizinga's lawyers again for legal fees. They were asking him for over $40,000 in legal fees he had caused Wayne Huizinga to have to spend. He got himself an attorney and found he was liable for the costs and if he tried to fight the bill taking it to court, it would just get bigger plus his own legal costs now and it could easily top $100,000 all together. Long story short, he had to sell his new restaurant to get himself out of all this mass, that in the beginning he thought was just a big joke. Point is, if the players do anything to cause KT to have to defend himself, they "BETTER" win.

Does a ruling dismissing a case provide 100% guarantee of a win with a countersuit for court costs? Don't you have to prove that the original suit was bogus?

By the way, in court, KT has plenty or credit in the eyes of a court...
...KT is gold in the eyes of a court of law.

WHAT??
Where have you been reading about him? He has a history of fraud and has served prison time for it. If a lawyer would inquire with Ho Interactive I'm sure some kind of solid case could easily be built.

 

[macguy]

Does a ruling dismissing a case provide 100% guarantee of a win with a countersuit for court costs? Don't you have to prove that the original suit was bogus?



WHAT??
Where have you been reading about him? He has a history of fraud and has served prison time for it. If a lawyer would inquire with Ho Interactive I'm sure some kind of solid case could easily be built.

In his case there was no law suits involved he just jerked someone around causing them to have to run up legal bills and he is liable for that. If he had just listened to the judge in the first place and not tried to be cute I don't think it would have happened. In Florida where this took place you can go to court and win and lose at the same time. If you refused to accept a settlement and go to court.

If you win and are awarded the same or less then the settlement offer, it can be considered a frivolous suit and you can expect to be counter sued for the others court costs you caused them for not taking what has now been deemed to have been a fair settlement offer.

As far as KT in the eyes of the court, they are not judging him on past acts just the merits on this case and in this case he seems to have acted in good faith. In fact, above and beyond, he could have filed a bankruptcy.

What exactly is he guilty of, paying too slow? It was only a few months and he was already paying off and to date has paid more then half. What would the basis of a suit be? After seeing the amount of money he invested and lost and still is paying what he owes, the players would look like a bunch of scum bags in front of a judge, KT would instantly become the victim.