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9 Ball Girl
10-20-2006, 08:28 PM
from the main page:
Trust Me, The Money's Coming

Worried members of the International Pool Tour have been watching their mailboxes and bank statements for the six weeks since the IPT’s World 8-Ball Open for their share of the event’s $3 million in prize money.

Instead, they have received several e-mails from IPT founder Kevin Trudeau assuring them that the money will be coming — “very soon,” as typically stated — just as soon as the tour finalizes its sale to Asian billionaire and gambling magnate Stanley Ho.

The six-week delay has Internet chat rooms and the billiard rumor mill buzzing, and has prompted some worried IPT members to begin losing confidence in the fledgling multimillion-dollar 8-ball tour — especially with the lack of definitive information on the payout schedule.

“For sure, their credibility has been damaged. It’ll take a couple years to repair the damage that this controversy has done,” said tour member Monica Webb. “I think it has been handled very poorly.”

While grateful for the giant prize funds offered by the IPT, some players were critical of the payout delay and left to speculate on the future of the tour.

“It scares everyone that the tour might not continue, that this might all be a cover-up to end the tour — cut their losses and run,” said Shawn Putnam.

Rodney Morris, who earned $150,000 with his second-place finish at the Open, cited his anxiety over the prize money delay as the reason for poor performances at the U.S. Open 9-Ball Championships in September and a recent Florida Pro Tour event.

“I can’t even concentrate,” he said. “I can’t even get my mind on the game.”

Trudeau has not responded to repeated requests for comment on the subject from BD, although an interview has been tentatively scheduled for Oct. 20.

In the meantime, here’s a record of Trudeau’s correspondence to players, from Oct. 2-24, regarding the delay in payouts from the 200-player World 8-Ball Open, which took place Sept. 2-10 in Reno, Nev., and the pending acquisition of the tour by Ho’s online gaming interest Ho Interactive.

October 2, 2006
Dear IPT Player,

Thank you all for participating in the IPT World Open. It was truly the greatest tournament in the history of billiards. I would like to express my sincere apology for the delay in sending you your tournament winnings checks. This delay has been unavoidable due to a multitude of factors most notably the finalization of the IPT acquisition by Ho Interactive. I want to assure you that your checks will be issued very soon and simultaneously we will be formally announcing the exciting merger/acquisition with Ho Interactive. I want to especially apologize to the 30 players who stayed at the Reno tournament to pick up their checks.

The IPT is a new major business enterprise. In building the IPT business starting from nothing, the IPT like all new fast-growing businesses has and will experience growing pains. Your support and patience is important as the IPT develops and grows. As with all new businesses, challenges, changes, adjustments, and modifications will occur as the business grows and matures. The IPT is solid and is committed to growing. The Ho Interactive corporate merger is a massive and complex business transaction which will give the IPT world-wide credibility and financial stability more quickly than having the IPT stand alone. This deal will also provide IPT players, as well as IPT supporters, additional financial opportunities as our intention is to go public with the enterprise.

All new businesses have naysayers. The IPT from its inception has had its share of people who enjoy spreading false negative gossip about the IPT. These prophets of doom look for anything that they can point to as negative. The fact is the IPT in a little more than a year has been more successful than virtually all other billiard tournament promoters and associations combined. To date, we have paid out more than $3.5 million dollars in added prize money to players. We have Prime Time television coverage on a major network with a weekly timeslot. We have heavy promotion via our broadcast partners that is unprecedented. Our tournaments are broadcast live on Eurosport with repeat airings in Prime Time. The IPT has attracted major sponsors including Vonage, Dish Network, Emerson, with more in negotiation now. We have produced a world-class website with the highest quality live broadcasting of tournaments as well as on-demand viewing of dozens of matches. We have treated the players with more respect than they have ever received before. In the last two tournaments, we have provided free food, massage therapists, and other amenities at a cost to the IPT of over $700,000. We have listened to the players and continue to improve each tournament based on your suggestions and recommendations.

The IPT is poised for a spectacular event in Chicago as well as our 2007 Tour Card Tournament and the King of the Hill Tournament. We are currently planning and organizing the 2007 & 2008 tournament schedule. Your continued support and patience is needed and appreciated.

I am looking forward to seeing you all again in Chicago for another exciting tournament. Thank you again for your understanding and alliance.

Very truly yours,

Kevin Trudeau, Founder IPT


October 13, 2006
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 officiall 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


October 24, 2006
Dear IPT Players,

I promised that I would update you today on the acquisition of the IPT by Ho Interactive. Even more importantly to you I promised to update you on the payment from the World Open. First though, I would like to thank you for your generous patience and understanding thus far. I ask that you please continue to be patient during this short, but difficult period. Final documents should be executed in the next few days! Immediately upon signing the documents, there will be world-wide press releases announcing this monumental merger solidifying a long future for the IPT! Additionally, upon signing the documents, the funding for the IPT will then be finalized within a few shorts weeks or even sooner. This means that player checks will be sent and we will have dealt with this hiccup in the business. Again, I deeply apologize for the delay. The U.S. Government's new law outlawing online casino gaming presented an unavoidable temporary bump in the road for the IPT. I will update you again on Friday with more details. At this point, I feel very good that my future updates will contain positive news for you! Remember this tour has and will continue to put you, the players, first. It is also our intention to make all players partners in this venture with many ways to benefit financially beyond just tournament winnings. More good news is coming soon. I will write to you again on Friday and I am looking forward to seeing you in Chicago!

All the best,

Kevin Trudeau, Founder
International Pool Tour

(Editor’s note: The first two letters were supplied to BD by the IPT, and the third, dated Oct. 24, was supplied by an IPT player. BD is awaiting confirmation of its verity by the IPT.)

Once again, I'm no business savvy person, but IMO, regardless of who's buying what company or whatever change of hands there may be, the money should've already been there and in the hands of the players. IMO, there are 1 too many email exchanges and its time we all shout SHOW ME THE MONEY!!!

Stretch
10-21-2006, 03:51 AM
Looks like they've been HAD. Players need to be paid immediately after thier final lose. Anything less is total Bull crap. St.

Fran Crimi
10-21-2006, 08:03 AM
So I was right. It's about the sale to Ho. What I think is going on is that Trudeau wants the liability of the overdue payouts to be on the balance sheet when the sale is contracted. That would make Ho's company responsible for making the payouts.

Obviously, the transaction is taking longer than Trudeau would have liked, but I'd bet the payouts won't be forthcoming as long as Trudeau feels that Ho might be willing to pick up the liability. If the players are paid now, Trudeau will not be able to recover the money from Ho, and he doesn't want that scenario.

I know it doesn't seem fair at all to the players, but if you had a million to pay out and you suddenly discovered that there's a chance that someone else will take over that debt, wouldn't you try to make that happen?

I think it's unfortunate timing for the players who are owed money, but I just don't see the players getting screwed here. I just see them waiting a bit longer.

Fran

Rich R.
10-21-2006, 08:29 AM
Shouldn't the players be entitled to some sort of interest on the money that is owed them? /ccboard/images/graemlins/confused.gif

Fran Crimi
10-21-2006, 08:42 AM
<blockquote><font class="small">Quote Rich R.:</font><hr> Shouldn't the players be entitled to some sort of interest on the money that is owed them? /ccboard/images/graemlins/confused.gif <hr /></blockquote>

I tend to think no, but I'm not positive. There are specific laws on charging interest that would have to be researched. Also, another factor would be how the player contracts were worded regarding payouts. It might be worth the research for the players who are owed substantial amounts.

Fran

reggie182
10-21-2006, 10:44 AM
This is disgusting, and I say thas as someone who has defended KT's efforts in the past. The only excuse for KT not to pay these players right now is sheer crooked greed. It makes me want to vomit.

DickLeonard
10-21-2006, 12:33 PM
Reggie182 KT isn't he using GWBs model for bankrupting a company. I really feel sorry for your loss but that is business.####

wolfdancer
10-21-2006, 12:56 PM
Dick, the tournament had been scheduled months in advance,with the prize monies listed...
There never was anything that stated...contingent upon the sale of the enterprise???
I heard at first the reason the players didn't get paid...was that Fed Ex hadn't delivered the checks....found that one a little hard to believe.
(sidenote though....I mailed my brother some needed cash in a letter on Sept 16......he just got it today...neat, since i had written it off)
I'd guess now with the new regs against internet gambling...this "sale" will be renegotiated, maybe drop a couple of zeros off the asking price? Maybe Mr. Ho wil buy the damaged painting instead???
For now it looks like the palyers will have to wait for their "Merry Xmas, Ho,Ho,Ho" gifts to arrive.
I agree with you though...and blame it all on the GWB business model.George is a "Professor Emeritus" at Wharton's...not the famous business school...but Whartons in Lubbock,Tx.

reggie182
10-21-2006, 01:03 PM
Dick, actually no. I guess you can't maintain a dichotomy between the pool room and the political rant room, can you?
I'm talking about someone who made a committment and isn't following through on it as he should. Kind of like Bill Clinton on his wedding day. Let's try to keep these two things seperate, shall we?

wolfdancer
10-21-2006, 02:15 PM
I notice that you took advantage of the opportunity to get in a dig at Clinton, just like Dick got in a shot at George.
I guess maintaining the "dichotomy" doesn't apply then to right wing slurs?
If you really want to police the board...you should enlist the help of the webmaster

reggie182
10-21-2006, 07:19 PM
That is what is referred to as a:

joke

1 a : something said or done to provoke laughter; especially : a brief oral narrative with a climactic humorous twist b (1) : the humorous or ridiculous element in something (2) : an instance of jesting : KIDDING &lt;can't take a joke&gt; c : PRACTICAL JOKE d : LAUGHINGSTOCK
2 : something not to be taken seriously : a trifling matter &lt;consider his skiing a joke -- Harold Callender&gt; -- often used in negative constructions &lt;it is no joke to be lost in the desert&gt;

kyle
10-21-2006, 08:29 PM
Sounds to me like they're taking a page from a local billionare familys book who're notorious for paying out contracts 2 months after a job is done (one month is the norm). They just want to soak up an extra month in intrest.

jjinfla
10-22-2006, 05:01 PM
More likely he started the company, the IPT, with a set amount of money and expected to generate money with qualifiers and TV ads and misc sales.

Evidently his company ran out of money so now the only hope is for him to sell the company and the new owner will have to pay the players.

KT's defense: "I'm no crook - just a bad businessman"

As far as interest on the money I am sure the players just want the money and would gladly forgo any interest.

It has been 42 days now since that fateful Sunday so I really do not see any hope of the players getting paid.

It was a hell of a show while it lasted.

Jake

SpiderMan
10-25-2006, 08:47 AM
<blockquote><font class="small">Quote Fran Crimi:</font><hr> So I was right. It's about the sale to Ho. What I think is going on is that Trudeau wants the liability of the overdue payouts to be on the balance sheet when the sale is contracted. That would make Ho's company responsible for making the payouts.

Obviously, the transaction is taking longer than Trudeau would have liked, but I'd bet the payouts won't be forthcoming as long as Trudeau feels that Ho might be willing to pick up the liability. If the players are paid now, Trudeau will not be able to recover the money from Ho, and he doesn't want that scenario.

I know it doesn't seem fair at all to the players, but if you had a million to pay out and you suddenly discovered that there's a chance that someone else will take over that debt, wouldn't you try to make that happen?

I think it's unfortunate timing for the players who are owed money, but I just don't see the players getting screwed here. I just see them waiting a bit longer.

Fran
<hr /></blockquote>

If that were the only factor, adding $1 million in liability would just reduce the company value (and sales price) by that amount, making it a wash in terms of revenue to the owner (assuming the company acutally sold for more than it's obligations).

So there must be more to it. More likely, he is trying to distance himself from his current obligation by creating the perception that it has a built-in contingency. He no longer wants to be seen as personally responsible.

League players in Dallas were on the receiving end of similar shenanigans several years ago. Usually there is one individual behind "shenanigans" - and they will try to decoy responsibility to anyone (buyers, sponsors, employees, men hiding behind the tree, etc).

SpiderMan

Deeman3
10-25-2006, 09:01 AM
<blockquote><font class="small">Quote SpiderMan:</font><hr> League players in Dallas were on the receiving end of similar shenanigans several years ago. Usually there is one individual behind "shenanigans" - and they will try to decoy responsibility to anyone (buyers, sponsors, employees, men hiding behind the tree, etc).

SpiderMan <hr /></blockquote>

<font color="blue"> Does the term "Grassy Knoll" come to mind?

DeeMan </font color>

Fran Crimi
10-25-2006, 11:34 AM
[ QUOTE ]
If that were the only factor, adding $1 million in liability would just reduce the company value (and sales price) by that amount, making it a wash in terms of revenue to the owner (assuming the company acutally sold for more than it's obligations).
<hr /></blockquote>

Absolutely correct, but the liability on the books means more than just a wash in company value. It means the difference between actually going into his pocket to lay out the cash and not. In his interview he mentions that the built-in financing that was supposed to go along with the sale was a big part of the deal, and that it became compromised with the change in law regarding online gambling. He definitely wanted that liability on the books at the date of the sale.

Fran

Eric.
10-25-2006, 11:55 AM
<blockquote><font class="small">Quote Deeman3:</font><hr> <blockquote><font class="small">Quote SpiderMan:</font><hr> League players in Dallas were on the receiving end of similar shenanigans several years ago. Usually there is one individual behind "shenanigans" - and they will try to decoy responsibility to anyone (buyers, sponsors, employees, men hiding behind the tree, etc).

SpiderMan <hr /></blockquote>

<font color="blue"> Does the term "Grassy Knoll" come to mind?

DeeMan </font color> <hr /></blockquote>

JFK played league Pool in Dallas?!


Eric &gt;news to me

SpiderMan
10-25-2006, 12:28 PM
<blockquote><font class="small">Quote Eric.:</font><hr> <blockquote><font class="small">Quote Deeman3:</font><hr> <blockquote><font class="small">Quote SpiderMan:</font><hr> League players in Dallas were on the receiving end of similar shenanigans several years ago. Usually there is one individual behind "shenanigans" - and they will try to decoy responsibility to anyone (buyers, sponsors, employees, men hiding behind the tree, etc).

SpiderMan <hr /></blockquote>

<font color="blue"> Does the term "Grassy Knoll" come to mind?

DeeMan </font color> <hr /></blockquote>

JFK played league Pool in Dallas?!


Eric &gt;news to me <hr /></blockquote>

Don't know about league, but I'm pretty sure he played at Pettypoint. JFK must have been one of the guys beating Deeman at 9-ball, because I remember hearing him yell "Jesus F...ing Krist, not again!" /ccboard/images/graemlins/grin.gif


I also seem to remember Deeman yelling for JFK when he drove off into Spetty's mudhole that used to be a swimming pool /ccboard/images/graemlins/grin.gif

SpiderMan

wolfdancer
10-25-2006, 02:21 PM
Spidey, this will warm your heart, although it's not about the IPT.It's been reported that Japanese tourists are having phychotic episodes and need treatment, after visiting Paris.
Some of the IPT players may experience the same thing and may need the same treatment if they don't get paid.

MrLucky
10-25-2006, 02:22 PM
Trudeau is full of it as always! anyone that has a basic business education or understanding should and could read through that excuse ! the players are getting the old Tru-deau SHAFT!!!! /ccboard/images/graemlins/grin.gif

Eric.
10-25-2006, 03:34 PM
So you were the second person on the grassy knoll with Deeman?


Eric &gt;been waiting 40 years for this

slim
10-26-2006, 05:36 PM
What I find difficult to understand, what is there behind the scenes that KT actually feels will bail out the IPT? Nothing seems real except he's hanging in there and waiting on some-thing , but what? And zero has leaked out of his office, if employees were jumping ship we would of heard "something". Time iL tell.

DickLeonard
10-28-2006, 01:44 PM
Reggie, Poolrooms have had hustlers since day one. I have been around pool for 57 years that Is why I knew the players were in deepdoodo and our country too.####

DickLeonard
10-28-2006, 01:48 PM
Reggie182 I guess my post fit your definition of a joke.####

MrLucky
10-28-2006, 05:03 PM
Slim the scammers always keep the fish wriggling on the hook feeding them bits of hope that all will be well ! hence the old <font color="red">"The Check is in the Mail" </font color> trick ! as long as the players wait and hold out hope on getting paid the deeper in trouble they are because The IPT is burning up any funds they have left so none will be left for the government to seize for IPT creditors which include the players meanwhile back at the ranch the primarys still collect their large salaries and expenses! /ccboard/images/graemlins/crazy.gif

reggie182
10-28-2006, 05:37 PM
And my post was an equal opportunity dig at your side of the political spectrum. Now that we're even on that score, can we just try to keep politics out of this board?

Voodoo Daddy
10-29-2006, 08:21 AM
IPT = "I'll Pay Tomorrow" /ccboard/images/graemlins/smirk.gif

Cueless Joey
10-29-2006, 01:40 PM
You'd have Paris syndrome too if you got stuck inside an elevator with some local Parisians. /ccboard/images/graemlins/tongue.gif

9 Ball Girl
10-29-2006, 04:08 PM
<blockquote><font class="small">Quote Voodoo Daddy:</font><hr> IPT = "I'll Pay Tomorrow" /ccboard/images/graemlins/smirk.gif <hr /></blockquote>Good one. But, um, tomorrow of what year? /ccboard/images/graemlins/grin.gif

Pelican
10-29-2006, 08:45 PM
IPT is belly up. Guys that played in Reno get fornicated. KT is making multimillions selling a book that don't do crap to help anything but his wallet. Another blackeye for pool.