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[ironman]

I hope he doesn't go away I hope he keeps paying the players until they get their money in full. I know this will probably not happen but they deserve it.

Don't get me wrong, I hope they get all their money too. It ain't gonna happen though.

 

[sjm]

What bothers me is that the IPT web-site is showing 2006 earnings for the players, as if they have been paid.

For now, the prize moneys are still, from an accounting perspective, accounts receivable to the players, and do qualify as earnings. Of course, from a tax perspective, the players (who are surely elelcting cash basis tax accouting) need not claim anything more than they have been paid.

Of course, if there is a default here, everything changes, but for now, all we've got here is a payment pattern somewhat lacking in vigor.

 

[jimmyg]

putting lipstick on a pig

For now, the prize moneys are still, from an accounting perspective, accounts receivable to the players, and do qualify as earnings. Of course, from a tax perspective, the players (who are surely elelcting cash basis tax accouting) need not claim anything more than they have been paid.

Of course, if there is a default here, everything changes, but for now, all we've got here is a payment pattern somewhat lacking in vigor.

With all due respect, what we have here is, at best, a deception based on an accounting function known as "acural basis accounting", which recognizes income when the sale is made (earned) rather than when the actual payment is made.

At worst, we have an intentional effort to misrepresent the (lack of) intergrity that permeates throughtout the entire culture of the IPT and it's management, in an effort to generate increased income from qualifyer entrants based on falsified/imaginary payout numbers.

Jim

 

[sjm]

With all due respect, what we have here is, at best, a deception based on an accounting function known as "acural basis accounting", which recognizes income when the sale is made (earned) rather than when the actual payment is made.

At worst, we have an intentional effort to misrepresent the (lack of) intergrity that permeates throughtout the entire culture of the IPT and it's management, in an effort to generate increased income from qualifyer entrants based on falsified/imaginary payout numbers.

Jim

With due respect, Jim, you haven't really disagreed with my post. FYI, accrual accounting is the method by which accounting records are customarily kept. It is almost certainly in use by every single company in the Fortune 500, and is, quite simply, the way corporations view income. It is not creative accounting, just standard accounting, and is the only kind of accounting dealt with extensively in most accounting textbooks.

Nonetheless, I share your concern that some may be deluded by this information, and thereby enticed into participation in the IPT qualifier system,
and for that reason, Jim, I really liked your post.

Sadly, the only real defense against IPT deception is word of mouth and, of course, internet discussion of the matter. Each of us that actively participates in the world of serious pool should spread the word of how the players got burned by the IPT.

 

[justnum]

outside of the obvious wounds the IPT is mending

If KT was successful in his campaign of billiard recognition, perhaps around now is the best time for a follow through in other venues.

IMPO IPT reached the high-end player community, and only the cash size filtered to average pool junkies. Its not like KT was able to do anything with ABC or NBC, a few spreads in billiard zines aren't exactly new.

I've always seen billiards as the opposite of computers. Where a person is required to maintain performance and patience, while the tool is an extension of all that. Where as a computer does all the performance and the person brings the creativity.

I have tried to develop a few players and found that the confidence gained in pool will not leak over into other life applications, tragic. It just becomes the thing that hopefully might impress. The players were in puberty or post puberty.