Players DO NOT accept this offer!!

[Timberly]

I received this from a ROCK solid source. Mike S. was offering to buy several players out for 10%. When they said 'no' he worked his way up. The players said 'no' still believing that Mike was just testing them.


Considering I have it on good authority that Mike & KT were out on KT's yacht last weekend "fishing", one has to wonder where KT learned how to deal with paying off players like scum? I'm sure this topic came up over margarita's on the deck in the middle of the Atlantic.


There's still A LOT of info coming in from different players. Why has the offer been selective so far? What do the players contacted have in common? What benefit is there to only calling certain players and offering this stuff?


I'm going to reiterate this until I'm blue in the face.... DO NOT VERBALLY ACCEPT THIS OFFER. DO NOT CASH ANY CHECK SENT TO YOU.

Educate yourselve's and be patient. Make the right choice, not a spur of the moment reaction.

 

[AuntyDan]

Linda,

As stated previously in many many threads, IPT players need to be careful when posting regarding this payment issue. As I am sure that posting something on this forum could be used in court.

IOW, it is now public knowledge here that players are being offered a 1/3rd settlement. IMO, if you deposit the $555 it would be considered accepting their offer. You could however tell them on the phone that you do not accept the offer if you choose to go down a legal avenue in an attempt to get the full amount and if they still send the check for $555, just don't deposit it.

This is perfectly good advice. It must be noted though that anyone who actually receives their first 1/9th prize check will be in a quandry - If they don't cash it right away how do they know the funds will be available to cash it in the future, assuming the IPT folds completely?

I like the idea of cashing it straight away but then putting into some kind of escrow pending resolution of a legal claim for the whole amount. That guarantees you can still get 1/9th's of your money if the IPT disappears in the meantime.

Or you can just send it to me to hold onto Linda. You know I'm trustworthy.(And you've been alone in my car late at night to prove it!)

 

[Da Poet]

I knew that when I posted it. However, if and when I ever get my phone call, I can say no to the offer and if they still send me a check, I would say there is a fine line about being able to cash it. I know that if a salesman calls me and sends me something unasked for in the mail, I can certainly keep it. Just being rhetorical here; I will certainly ask our Uncle Harry Platis.

While you are consulting with your attorney, there is another legal issue here beyond just the Reno payment.

It needs to be determined how this 1/3 settlement will affect the tour's future obligations. If KT can just pay 1/3 of what he has promised two months late, what kind of contractual precedent does that set for the $100,000 minimum per player next year, and what about future prize money amounts.

Seriously I think the party is over and this latest offer is financial damage control to what is likely the end of the road for the IPT.

 

[rackmsuckr]

This is perfectly good advice. It must be noted though that anyone who actually receives their first 1/9th prize check will be in a quandry - If they don't cash it right away how do they know the funds will be available to cash it in the future, assuming the IPT folds completely?

I like the idea of cashing it straight away but then putting into some kind of escrow pending resolution of a legal claim for the whole amount. That guarantees you can still get 1/9th's of your money if the IPT disappears in the meantime.

Or you can just send it to me to hold onto Linda. You know I'm trustworthy.(And you've been alone in my car late at night to prove it!)

Hey, don't start the rumors of a married lady being with a married man late at night, like on another thread!

You have a very good suggestion; I will seek advice.

 

[Timberly]

The IPT is still touting the tour. The latest info is that they're going to continue but with a $750,000 prize fund.

How about they drop it even more and pay the players in FULL.

 

[Da Poet]

I like the idea of cashing it straight away but then putting into some kind of escrow pending resolution of a legal claim for the whole amount. That guarantees you can still get 1/9th's of your money if the IPT disappears in the meantime.

Check with an attorney please. Please tell me your going to check with an attorney? Pretty please?

 

[shanesinnott]

I knew that when I posted it. However, if and when I ever get my phone call, I can say no to the offer and if they still send me a check, I would say there is a fine line about being able to cash it. I know that if a salesman calls me and sends me something unasked for in the mail, I can certainly keep it. Just being rhetorical here; I will certainly ask our Uncle Harry Platis.

I figured you knew, just trying to help!

Each players decision to accept or decline the IPT's latest offer is exactly that...each players decision.

However, as many on here have suggested get legal advice and talk to as many other IPT players as possible. 200 players carry 200 times as much weight as 1.

 

[Russ Chewning]

I received this from a ROCK solid source. Mike S. was offering to buy several players out for 10%. When they said 'no' he worked his way up. The players said 'no' still believing that Mike was just testing them.

Hmm.. Sounds like Mike S. might still be on KT's side of the fence.

If you were KT, and wanted to pay out as little as possible, without actually having to commit by making an offer, how would you do it?

Why, I think you'd get a third party to offer the "buy-out option" as if it were coming from the third party.

If buy-out option is accepted, KT gives the money to third party to give to the player. Bingo-bango-bongo, KT is off the hook for a mere 10% of what he'd be forced to pay if it went to court.

And the reason for selectivity? Well, if KT can whittle down the ranks, as it was posted in another post, then fewer players to cooperate in a lawsuit. If he can eliminate half the owed players with 10%-15% buyouts, possibly through third parties, then the ones that stand strong will have higher costs associated with a lawsuit.

If even a portion of this is true, KT is a frickin' genius. I would never thought of this as a way to get out of a huge debt. If Mike S. IS still working with KT, this also might be a way to find out exactly how little the players can be paid off for, without KT having to do the negotiating one on one with each player. Smart!

Russ

 

[Timberly]

I However, as many on here have suggested get legal advice and talk to as many other IPT players as possible. 200 players carry 200 times as much weight as 1.

Exactly! If this has to come down to legalities, the number of players on each side of the fence could be the deciding factor. I'm not going to repeat what I was told that a lawyer had said to a player because it went from that player to another to me. All I will say until I/Eydie/someone can confirm for sure is that this lawyer mentioned players as a group. The number of players and the side of the fence they choose to stand on will make a difference. Talk to each other and unite one way or the other as best as you guys can.

 

[Timberly]

If even a portion of this is true, KT is a frickin' genius. I would never thought of this as a way to get out of a huge debt.
This is exactly what I thought was going on with Trainer in the begining. If KT was in on the deal with Mark Trainer, then he would've been recouping prize money paid out. I thought this for two reasons... A) MT was asking for a very large percentage while trying to recruit the guys that were supposed to finish high at every event and B) Mike S was one of MT's biggest proponents.

If Mike S. IS still working with KT, this also might be a way to find out exactly how little the players can be paid off for, without KT having to do the negotiating one on one with each player. Smart!

Russ

Bingo! IMO anyway.

 

[Timberly]

This was posted in another thread but I think it bears repeating in this one...

This is just one worm in the can that was just opened today. I'm sure it hasn't been thought through this far because I think it's time to be seriously prepared for the possibility that it's over.

Absolutely! Why? Because if everyone (or the "magic number of people") accept the offer, he pays and walks away. He "settled" his debts and closed up shop.

If he just walked away without paying anything, he leaves himself open to a world of problems. (not the way I want to word this but the only way I know how without consultation on the best way to word it. )

 

[Russ Chewning]

This was posted in another thread but I think it bears repeating in this one...


Absolutely! Why? Because if everyone (or the "magic number of people") accept the offer, he pays and walks away. He "settled" his debts and closed up shop.

If he just walked away without paying anything, he leaves himself open to a world of problems. (not the way I want to word this but the only way I know how without consultation on the best way to word it. )

Just an observation here... But does anyone see any similarities between the options I posted on my poll a few days ago, and this supposed "offer"?

Am I psychic?

Russ

 

[!Smorgass Bored]

Am I psychic?
Russ

No, psychotic.
Doug

 

[cuetique]

C-grade auto insurance companies run this scam ALL THE TIME. You get in a collision with Joe Lostmylicense, who is a client of We Insure Idiots, Inc - and the company does a quick and dirty (lowball) appraisal of your loss, dangles a check in front of you, and stipulates that if you deposit the check, you have accepted full and complete payment, with no future recourse to collect more.

I would not be surprised to see these shyttsticks playing the same kind of game. Get legal advice for your state/country.

 

[AuntyDan]

The IPT is still touting the tour. The latest info is that they're going to continue but with a $750,000 prize fund.

How about they drop it even more and pay the players in FULL.

Actually this is a really good question. Now they've admitted they have run out of money, here's the $64,000 question (Well it's actually more like $2,000,000) - Do the players really want 100% of Reno now if it means the IPT closing down for good? Or do they want 33% now (assuming he is actually serious about paying it this time) and a chance to for reduced prize funds in 2007 IPT events?

This is not a question any of us fans can really answer, although of course we can have our opinions about it. Each IPT Pro (and those thinking of trying to become one) have to answer this themselves. They can either just accept this and make individual decisions to continue turning up to IPT events or not, or take a more confrontational position.

The only way I can see that the players themselves could succsefully confront KT is if a large proportion of them grouped together to form some kind of players' union/association which then negotiated directly over the Reno payouts and to set rules and conditions for future IPT conduct. All the players who joined would boycott all IPT events until a settlement is reached that is approved by a majority of them, just like in a union contract situation.

If this fails, or if they don't think it's even worth pursuing (Although it is possible they could be forced into abritration by a judge if it was deemed to be a labor dispute situation) they could put all their efforts into legal action to try and get 100% of Reno paid out, leaving any future IPT events to be determined as and when they materialize.

And this is assuming there actually will be a 2007 even if they don't push for 100% of Reno. KT could get everyone to sign away their rights to sue by accepting his 1/3 payment then close down the IPT altogether without ever holding another event.

Hmm, maybe that would be an acceptable compromise? A legal contract that bound KT to finance a set number of 2007 tournaments with pre-agreed prize funds in *real* escrow accounts, in return for an agreement from the players to drop all legal claims to the missing 2/3rds of the Reno prize fund?

 

[av84fun]

DaPoet...<<Yes, it is quite possible that by cashing the 1st installment check, you will by many courts, be considered to have accepted the offer to settle the debt on the 1/3rd terms described. Once it's clear that you have accepted this offer, then you will have a very very difficult time trying to go after the remaining 2/3rd's.>>

That notion has been repeated elsewhere. IF there is a written or oral contract promising promising THREE installment payments, then without question, the payee CAN SUE if only one payment is tendered. That would be simply a breach of contract claim for the balance. In NO WAY would accepting one installment relieve the Payor from the obligation to pay the other two.

But there is no question in my mind that there WILL be a written contract that the IPT will require the players to sign and it will include a FULL RELEASE from any obligation to pay the full, original Reno payouts.

There will also be all kinds of other terms and conditions imposed on the players...like participating in future events BUT no competent lawyer will advise the players to sign unless the player reserves the right to sue for breach if the 2nd and/or 3rd installments are not paid.

Regards,
Jim

 

[jjinfla]

I believe that once you cash the check it does not matter where you put the money you have accepted the terms attached to the check.

The tricky part is that it is in 3 installments. When will the other two arrive? Does cashing the 1st check release the IPT of any further obligation? Or will it state that after receiving the full 1/3 payment the player then releases the IPT of any further money owed.

Tough decision. I think I would take it and be done with the IPT. I personally do not believe that there will be any more IPT tournaments. If I hired an attorney he will get 1/3 to 1/2 if he wins and if there is any money. So after that I may end up with even less.

I would keep in mind that the IPT as a busines may not have the money to pay the players and if they file for bankruptcy then the players get even less.

Perhaps KT decided to cough up the million out of his pocket in hopes that it would make everything just all go away figuring that it might cost him that much in court costs.

Checks won't arrive until Wednesday so you do have a few days to mull it over.

Jake

 

[!Smorgass Bored]

Stand Out Front And Wait For The Truck

Checks won't arrive until Wednesday so you do have a few days to mull it over.
Jake

Damned pessimist, he's sending them Fed Ex....
Doug

 

[Da Poet]

DaPoet...<<Yes, it is quite possible that by cashing the 1st installment check, you will by many courts, be considered to have accepted the offer to settle the debt on the 1/3rd terms described. Once it's clear that you have accepted this offer, then you will have a very very difficult time trying to go after the remaining 2/3rd's.>>

That notion has been repeated elsewhere. IF there is a written or oral contract promising promising THREE installment payments, then without question, the payee CAN SUE if only one payment is tendered. That would be simply a breach of contract claim for the balance. In NO WAY would accepting one installment relieve the Payor from the obligation to pay the other two.

But there is no question in my mind that there WILL be a written contract that the IPT will require the players to sign and it will include a FULL RELEASE from any obligation to pay the full, original Reno payouts.

There will also be all kinds of other terms and conditions imposed on the players...like participating in future events BUT no competent lawyer will advise the players to sign unless the player reserves the right to sue for breach if the 2nd and/or 3rd installments are not paid.

Regards,
Jim

I agree. I wasn't as concerned about the situation on the 2nd and 3rd installments as much as the 2/3rds of the full amount.

I'm sorry, but I didn't see that you had me quoted earlier.

This all sucks.

 

[jasper]

I received this from a ROCK solid source. Mike S. was offering to buy several players out for 10%. When they said 'no' he worked his way up. The players said 'no' still believing that Mike was just testing them.


Considering I have it on good authority that Mike & KT were out on KT's yacht last weekend "fishing", one has to wonder where KT learned how to deal with paying off players like scum? I'm sure this topic came up over margarita's on the deck in the middle of the Atlantic.


There's still A LOT of info coming in from different players. Why has the offer been selective so far? What do the players contacted have in common? What benefit is there to only calling certain players and offering this stuff?


I'm going to reiterate this until I'm blue in the face.... DO NOT VERBALLY ACCEPT THIS OFFER. DO NOT CASH ANY CHECK SENT TO YOU.

Educate yourselve's and be patient. Make the right choice, not a spur of the moment reaction.

Stop yelling!!!!!!!!!!!!!!!