jimmyg said:
Before I get bashed to death, let me begin by saying that I sincerely hope that every single person that is owed anything by the IPT gets paid immediately, and I really hope that the IPT makes the changes necessary to make itself accepted and successful for the good of the entire pool community. I will take no pleasure in watching anyone's hard work and dreams go up in smoke, I've been there several times and it's not pleasant.
And while this question is certainly premature, it is also very valid.
In the extreme case that the IPT decides to cut their losses, simply shut down operations and not pay anyone, who will be legally responsible for the debts of the IPT? Kt claims that he is no longer the owner of record, but now only an employee (commissioner), so he has laid the groundwork to claim that it is no longer his responsibility. Do people go after Mr. Ho? Bankruptsy court? Writeoff?
I seriously doubt it is set up where KT could be legally responsible for the debts of the IPT. The debtors would have to go after the assets and what assets could the IPT actually have? I don't have much use for KT but I would have to give him credit for probably being smart enough to not expose his personal assets, I am sure he is very well insulated. A lot of what is and will take place in the future is based on trust.
The players have to just hope they get paid from the various things that have been promised, profit sharing and so on. I don't think it is too soon for the players to be asking questions, if I was one of the players I would be very concerned about the future of this thing. For some it is just a joke and they didn't really expect to do very well any way, it was just a fantasy camp, they will go back to their jobs with a few interesting stories. Others though were lead to believe they are part of something, but what? This could be a real let down for some players.
A few of those guys are not that stable to start with, this could be a real disappointment. I know Jake has said basically who cares he just is happy to have something to watch for as long as it lasts, but for these guys it is their lives, I don't think it is just some joke to screw with people and mislead them or out and out lie to them.
These players I don't think will ever see a nickel for profit sharing or anything else for that matter other then the actual prize money, which I "DO" think they will get paid at some point. I would find it hard to believe they would just not get paid, but, hay who knows and at some point if they don't, I doubt there will be much they will be able to do about it.
The IPT exists on paper like a lot of companies. Like I said in my other post, from recent announcements KT is already off to bigger and better things and new deals, he doesn't care anything about those pool players. In no time they will be yesterdays news to him, if they aren't already.
