Reno Prize Money Cut

KT probably told them they can take 33.3% now or settle for 10-20% later when he files chapter 11. Johnnyt
 
Beckyzilla said:
I just received a phone call from a dear friend who is an IPT member. He had just gotten a call from the IPT and they are cutting the Reno prize money total from 3 million to 1 million. This friend had $5,000.00 coming and he will now receive $1,666.00 in 3 payments.
His caller ID gave this number for the IPT 847-439-2078. He isn't in a place where he can post this right now and asked me to do it so all of you would know ASAP what is happening.

Beckyzilla
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Let's assume that this is his game plan, and look into his thinking.

He proposes paying 1/3 of the original $3,000,000.00 prize money owed, or $1,000,000.00, and paying it over three installments of $333,000.00 each.

The first payment will probably go out within, lets say two weeks, and the remaining two payments will be, lets again say, at least a month later, and then about another month.

He then hopes to placate all of the players, getting them into line and making them drop any legal proceedings against him. They must also agree to continue on the tour and encourage their colleagues to enter the IPT qualifers again. So, in essence the first $333,000.00 may buy him well over $500,000.00 in qualifier entry fees. The second and third payments should have even greater returns, and back into his pocket goes the pool world.

And in the future, whenever things start looking a little grim, or simply because he knows that he can, he will suspend payments or change the rules in his favor again. His has the pool world in his pocket and he knows it.

And if this offer is accepted by some, but not all, of the players then the ones refusing are put in a more difficult position because the cost of legal action becomes more expensive with fewer players contributing. Divide and conquer tactics. Without unity, he easily wins.

He is really very good!

Jim
 
Timberly said:
I'm not doubting that she's connected to one of the players, I'm doubting the player. I know which players were involved with the joke. If I knew what player she was talking about, I would know if they're part of the group that played the joke today. ;)

Most players have that number and it would be easy to give it to make the joke look legit.
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The number was on his caller ID. That can't be faked.
 
Smorgass Bored said:
A third of the money owed, paid in three installments ?
When are the 'installments' to be paid ?
Doug
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Just a call from another IPT member, same offer 1/3 prize money paid in 3 installments 30 days apart.
 
This sounds bad bad bad!!!

If this is really a third of a third, come on!

There is no need to accept this offer right this very second! Talk it over with your fellow players and attorneys before replying!!!

:mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad:
 
Now if I could only find an Avatar of Mighty Mouse flying in to save the day carrying Kevin to the Post Office with a bunch of checks.

Checks should arrive Monday.

Everyone should go out tomorrow and buy a new car.

Now we need a chorous of What a grand old man Kevin is.

This will be great for AZB. We will now have a whole weekend to contemplate if the IPT will continue in 2007.

Should people now enter Qualifiers? Hey, a guaranteed $100,000. Sounds like a good deal to me.

Did the players all agree to accept 1/3 payment as a paid in full payment? I sure would. 1/3 sure does look a whole lot better to me than zero.

I could just feel the optimism in the air.

More important, the Bears will beat Miami this weekend.

Jake
 
Well I'm sure it sux to be getting a thrid of what they had coming, but atleast its something (provided they really get it!). And Jasper, I seriously doubt any of the players would feel they could trust the IPT in a 2007 season unless ALOT of changes were made.....1st and foremost, KT and Deno having absolutely no part in it.

Southpaw
 
jasper said:
I knew the IPT would come through.
It"s looking good for next year now.
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This is good news?

No one has received a dime yet, two months after Reno.
There is a rumor they may get one third of what they won, to be paid in three installments over who knows how long. And you have the nerve to call this good news.

Jasper, you are either on KT's payroll or just terminally stupid. All I see here, is maybe a way for KT to borrow time and stay out of court (and jail). He is offering (maybe???) to pay players one ninth of what they won now, to buy their silence.

All those who predicted a pennies on the dollar settlement, may have been right.
 
jasper said:
I knew the IPT would come through.
It"s looking good for next year now.
Click to expand...

Now is not the time. Don't irritate. We'll let you know when you can come out and play.
 
jimmyg said:
Let's assume that this is his game plan, and look into his thinking.

He proposes paying 1/3 of the original $3,000,000.00 prize money owed, or $1,000,000.00, and paying it over three installments of $333,000.00 each.

The first payment will probably go out within, lets say two weeks, and the remaining two payments will be, lets again say, at least a month later, and then about another month.

He then hopes to placate all of the players, getting them into line and making them drop any legal proceedings against him. They must also agree to continue on the tour and encourage their colleagues to enter the IPT qualifers again. So, in essence the first $333,000.00 may buy him well over $500,000.00 in qualifier entry fees. The second and third payments should have even greater returns, and back into his pocket goes the pool world.

And in the future, whenever things start looking a little grim, or simply because he knows that he can, he will suspend payments or change the rules in his favor again. His has the pool world in his pocket and he knows it.

And if this offer is accepted by some, but not all, of the players then the ones refusing are put in a more difficult position because the cost of legal action becomes more expensive with fewer players contributing. Divide and conquer tactics. Without unity, he easily wins.

He is really very good!

Jim
Click to expand...

And so are you:)
 
Overseas players will have spent a lot more than a third of their prize money just getting to and staying in Reno. I think most of them will now probably not bother with any future (hypohetical) tournaments. You can't book flights and hotels with that kind of pay cut.
 
Smorgass Bored said:
While I'm thinking about it, what about Mark Trainor ?
Doug
( and his contracts )
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And the plot thickens....I've got 20% interest in a player that was eliminated fairly early...havn't heard from him yet.

In terms of TRAINER:

He has a case for getting his share of the reduced amt. WHAT A MESS!!
 
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rackmsuckr said:
Wow, I get $555 starting Monday. Maybe I can afford the good popcorn. :p
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Perhaps I lost track, but I thought you were owed more like $20K. What happened to the rest of it?
 
ribdoner said:
Now is not the time. Don't irritate. We'll let you know when you can come out and play.
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Hey, I mean it!
I really do think this is good news.
Maybe not the best news, but good news.
Not trying to irritate......this time!
 
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