Evidently.
Dear IPT Players,
This is to update you on player payouts for the World Open, the Ho
Casino.com acquisition, and the Masters Tournament in Chicago.
First, and most important is player payouts from the World Open. All players
will be paid within the shortest amount of time! We are in final
negotiations and planning on executing documents relating to the Ho
Interactive acquisition of the IPT. I deeply regret that the player payouts
have had to be put on hold until this acquisition has been officially
completed. I totally understand and acknowledge your frustration and
concern. Please be aware that unfortunately this was an unavoidable
situation due to many factors that are extremely complex in relation to the
enormous nature of this deal. This short-term annoyance and inconvenience is
a one-time situation. Your patience and understanding is needed and
appreciated. We are working around the clock and all weekend to finalize the
transaction. I will communicate with you again on Tuesday with what I hope
to be the announcement that the deal is done and checks are being sent out!
Please know that over 30 lawyers and accountants in the U.S., London, Hong
Kong, and several other countries are involved in this transaction. There
are over 1000 pages of contracts and documents that are being negotiated and
reviewed. Tax implications, international treaties, securities issues, and
several other factors involving publicly traded corporations etc. all are
involved and implicated in this type of business transaction. I wish it were
as easy as me paying players myself, but this is legally unacceptable at
this time. We are 100% committed to getting this done which will be best for
the long-term future of the IPT. Our goal is to complete the acquisition and
get all players paid immediately so that we can focus on the Chicago
tournament and the future. Our plans are to bring the company public in
January. Because of this hiccup and delay in paying players, I am working
out something where all players who played in IPT events will be gifted
something very special when the business goes public! Your patience will be
rewarded. Remember, I have personally invested over $10 million dollars of
my own money into this venture. I am 100% committed to its success.
Thank you all for your understanding during this time.
Sincerely,
Kevin Trudeau,
Founder, IPT