I seem to recall that KT used the term Partners when talking about the IPT. Did the players consider themselves partners in this new tour that KT started? Did they sign anything that had that word in it? Did they really believe that they would make $100,000 each in 2007? Or were they just hoping that somehow that would happen? As partners then they would each individually be responsible for the failure of the IPT and would have no cause of action as I see it.
Did they all blindly believe everything that KT was telling them? Or were they skeptical and just hoping part of it was true? Surely all of them knew of KT's background.
If the IPT has run out of money, or does not have enough money to cover the checks, then KT would be in a lot worse trouble if he wrote the checks than if he didn't write them.
I imagine he can say that he was betting on the come. That he had some money in the IPT treasury and was expecting income from qualifiers to cover the prize money but he did not get it so he can't write the checks. The IPT is looking more and more like a failed business venture every day.
There are a lot of business's that go under every year. People pay fees and then show up and find the place boarded up. They lose all their money and have no cause of action.
So if the players file a suit will they actually be filing suit against themselves? Interesting.
I suppose that right now there is no need for KT to file bankruptcy since no one has filed suit against the IPT. Perhaps there is some money in the IPT and what will happen is that it will be spread out to the players. After expenses are paid of course. Players might receive $100 each.
As for KT I am sure that his personal assets are completely protected. The only thing the players can go after is what is in the IPT treasury, which probably isn't much, and is being spent day by day. Perhaps that is what the stall is all about. Stall until every last dime is spent. Then close up shop.
Everyone says KT "promised" to pay them for performing. It looks like he broke his promise. Even lied. I am sure that if anyone can get close to him and complain about it all he will say is, "I lied, so sue me".
Can you believe it has been 44 days already.
Jake
Did they all blindly believe everything that KT was telling them? Or were they skeptical and just hoping part of it was true? Surely all of them knew of KT's background.
If the IPT has run out of money, or does not have enough money to cover the checks, then KT would be in a lot worse trouble if he wrote the checks than if he didn't write them.
I imagine he can say that he was betting on the come. That he had some money in the IPT treasury and was expecting income from qualifiers to cover the prize money but he did not get it so he can't write the checks. The IPT is looking more and more like a failed business venture every day.
There are a lot of business's that go under every year. People pay fees and then show up and find the place boarded up. They lose all their money and have no cause of action.
So if the players file a suit will they actually be filing suit against themselves? Interesting.
I suppose that right now there is no need for KT to file bankruptcy since no one has filed suit against the IPT. Perhaps there is some money in the IPT and what will happen is that it will be spread out to the players. After expenses are paid of course. Players might receive $100 each.
As for KT I am sure that his personal assets are completely protected. The only thing the players can go after is what is in the IPT treasury, which probably isn't much, and is being spent day by day. Perhaps that is what the stall is all about. Stall until every last dime is spent. Then close up shop.
Everyone says KT "promised" to pay them for performing. It looks like he broke his promise. Even lied. I am sure that if anyone can get close to him and complain about it all he will say is, "I lied, so sue me".
Can you believe it has been 44 days already.
Jake
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