U.S Open Escrow?

Johnnyt

Johnnyt

Burn all jump cues
Silver Member
I read the U.S Open 9 ball news release and I see that Barry is saying he will put up ABOUT 25k to 30k in escrow (did not say who was holding said escrow money) out money collected for the VIP seats. This might cover 1st and second place. Is that enough to put in escrow...or have I missed something? Johnnyt
 
Johnnyt said:
I read the U.S Open 9 ball news release and I see that Barry is saying he will put up ABOUT 25k to 30k in escrow (did not say who was holding said escrow money) out money collected for the VIP seats. This might cover 1st and second place. Is that enough to put in escrow...or have I missed something? Johnnyt
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I say gotta put it all in escrow, every last dime.
 
It means nothing since we don't know who's holding the escrow or the terms of the escrow agreement. He could say he's putting every penny, plus his house, cars and girlfriends in escrow...it's meaningless.

I hope everything goes well and everyone gets paid. But if there's a problem (likely weather related) the players and staff will come out on the short end of the cue.
 
Johnnyt said:
I read the U.S Open 9 ball news release and I see that Barry is saying he will put up ABOUT 25k to 30k in escrow (did not say who was holding said escrow money) out money collected for the VIP seats. This might cover 1st and second place. Is that enough to put in escrow...or have I missed something? Johnnyt
Click to expand...

Further down in the press release was this:

We will be adding a minimum of $50,000.00 and with a full field up to $72,000.00. 90 days prior, August 15, $50,000.00 and all paid entry fees to date will be secured in a special escrow account along with a very well respected and trustworthy leader of the game of pool and we will announce this gentleman very soon.


I really love the layout of the floor plan & think this year is going to be great. The venue is awesome, money will be in escrow as promised, & I can't wait for it to begin.
 
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What else would players making a living playing pool do if they don't go to the US Open? Late or not, it is about 40K or more to the winner. Jus sayin...
 
RobertaAgnor said:
Further down in the press release was this:

We will be adding a minimum of $50,000.00 and with a full field up to $72,000.00. 90 days prior, August 15, $50,000.00 and all paid entry fees to date will be secured in a special escrow account along with a very well respected and trustworthy leader of the game of pool and we will announce this gentleman very soon.


I really love the layout of the floor plan & think this year is going to be great. The venue is awesome, money will be in escrow as promised, & I can't wait for it to begin.
Click to expand...

Cash escrow is held with a bank, not a "very well respected and trustworthy leader of the game of pool." It has a notarized contract that instructs the bank what the funds will be used for, when that will occur and who can authorize the funds to be paid. The cost of an escrow account is ridiculously low, especially since a pool tournament has a fixed time and easily determined payees (winners). The bank would assign this to the most junior intern on its staff.

I'm not worried about the "very well respected and trustworthy leader of the game of pool" making off with the funds. But what if the trustworthy leader dies? What if he gets sued by an ex-wife or business partner? The funds could be tied up for years.
 
The escrow should be with a financial institution or something... C'mon, this is the US Open tournament, not some local bar competition. There's just many things that could potentially go wrong leaving a good chunk of the prize money to one individual, even if s/he is an honest, reputable person.
 
bdorman said:
Cash escrow is held with a bank, not a "very well respected and trustworthy leader of the game of pool." It has a notarized contract that instructs the bank what the funds will be used for, when that will occur and who can authorize the funds to be paid. The cost of an escrow account is ridiculously low, especially since a pool tournament has a fixed time and easily determined payees (winners). The bank would assign this to the most junior intern on its staff.

I'm not worried about the "very well respected and trustworthy leader of the game of pool" making off with the funds. But what if the trustworthy leader dies? What if he gets sued by an ex-wife or business partner? The funds could be tied up for years.
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This about says it all I would say. Johnnyt
 
location of US Open Escrow

found it under the bed….
 

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RobertaAgnor said:
Further down in the press release was this:

We will be adding a minimum of $50,000.00 and with a full field up to $72,000.00. 90 days prior, August 15, $50,000.00 and all paid entry fees to date will be secured in a special escrow account along with a very well respected and trustworthy leader of the game of pool and we will announce this gentleman very soon.


I really love the layout of the floor plan & think this year is going to be great. The venue is awesome, money will be in escrow as promised, & I can't wait for it to begin.
Click to expand...

The first day of play is Oct. 13.

August 15 is 59 days before Oct. 13, not 90 days.
 
When are you players gonna wise up and just say NO!!!!!. After all the BS Barry has pulled in the past with the funds, anyone who plays in this and gets burned for the money deserves it.......You cant say you didnt see it comming...... How many times do you need to hear this year is gonna be better , only to find out its worse...All I see from Barry's side of the fence are meaningless words. I think its about time the players speak loudly by just saying Enough is Enough....
 
As Jay said, it probably means nothing if it isn't done properly thru a banking institution.

The holder of the money will be named later. Great. How does that prove anything.

I thought that the money was supposed to be held last year as well.

Surely by now, Barry is a smart enuff businessman to know how to put that type of money into escrow properly instead of laying it onto an unknown entity, to most people anyway.

Unfortunately, just as in past years, I think it just another major ruse to get people on board.

It will keep happening until Barry gets zero or near zero turnout for players and he will be forced to finally do it the proper or only way it should be done.

Until then, get ready for a repeat performance.
 
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