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jds
11-15-2006, 06:22 AM
The settlement in that case was never disclosed, so I'm curious as to where the $300,000 sum came from. Also, the deal was to run 10 racks, not make nine-ball breaks and early nine's(I believe he snapped four nines and combo-ed two or three. help me out here.) The insurance company probably used the wording of the deal to get out of paying the whole million. If there is a formal story out there that wraps this up, I'd love to see it.

As far as K.T. goes, he bit off more than he could chew. I just wish he had the guts to admit it and move on.

J.D.

Rich R.
11-15-2006, 07:22 AM
<blockquote><font class="small">Quote jds:</font><hr> Also, the deal was to run 10 racks, not make nine-ball breaks and early nine's(I believe he snapped four nines and combo-ed two or three. help me out here.)<hr /></blockquote>
Obviously, there was a difference of opinion, concerning what constituted running 10 racks.

All pool players know that a nine on the break or an early 9 ball combination counts as a win. You don't spot the 9, just to run the rack. That is against the rules.

The insurance company wanted him to actually "run" 10 racks, without the benefit of 9's on the break or early 9 ball combinations.

Someone should have spelled out the details clearer, before the fact.

I'm not a fan of Earl's, but he should have received the million bucks.

randyg
11-15-2006, 05:17 PM
There have been a lot of stories about this turn of events. As assistant TD for this event, I was there. I read the contract. It is the Insurance Company's position to look at all details. After the smoke clears, Earl settled for about $660k on his own. The contract was for 50,000 per year for 20 years....Don't know no more....randyg

Sid_Vicious
11-15-2006, 09:08 PM
20 year payout and ES settles for 660K...bad on him. I'd have pressed for all of it with those extended payouts, and possibly sued the b@stards for damages/misrepresentations...sid

sheesha
11-16-2006, 03:43 AM
Sorry all of you are wrong,This was a battle that took over 1 year to settle and it was an undisclosed amount,CJ was also paid back the 50,000.00 that he fronted Earl and Earl was paid the remainder in one lump sum by the company.It was never a battle over if he did it correctly it was over the odds that were set forth and he did this the first event and the first night of the tournament.The judge said pay the man.

randyg
11-16-2006, 02:34 PM
<blockquote><font class="small">Quote sheesha:</font><hr> Sorry all of you are wrong,This was a battle that took over 1 year to settle and it was an undisclosed amount,CJ was also paid back the 50,000.00 that he fronted Earl and Earl was paid the remainder in one lump sum by the company.It was never a battle over if he did it correctly it was over the odds that were set forth and he did this the first event and the first night of the tournament.The judge said pay the man. <hr /></blockquote>

Thanks, that's great information. Where do you derive it from?

sheesha
11-16-2006, 07:14 PM
Earl told me of course! <font color="blue"> </font color>

randyg
11-18-2006, 05:33 AM
Fantastic...thanks, randyg

Scott Lee
11-18-2006, 10:26 PM
<blockquote><font class="small">Quote randyg:</font><hr> Fantastic...thanks, randyg <hr /></blockquote>

Now Randy...You KNOW they don't know what they don't know! LOL

Scott

Jim Walker
11-19-2006, 07:04 AM
<blockquote><font class="small">Quote sheesha:</font><hr> Earl told me of course! <font color="blue"> </font color> <hr /></blockquote>

Earl told you but not the "undisclosed amount"? /ccboard/images/graemlins/confused.gif

nAz
11-19-2006, 12:05 PM
im having lunch with Eral next week... i will get the full scoop and post it right here.

dg-in-centralpa
11-19-2006, 04:57 PM
Ask for proof of the dumping.

DG

Scott Lee
11-20-2006, 09:17 PM
<blockquote><font class="small">Quote sheesha:</font><hr> CJ was also paid back the 50,000.00 that he fronted Earl and Earl was paid the remainder in one lump sum by the company. <hr /></blockquote>

He got his cut, minus the lawyer's fees, which were nearly $300K too...Earl only got $300K (plus the $50 he had to pay back to CJ), which is still the largest payoff in history, for a single event, the IPT notwithstanding.

Scott Lee

Sid_Vicious
11-20-2006, 10:04 PM
A mil should be quaranteed after the dust settles Scott, but with ins...it ain't always the case, is it...sid~~~thinks the man should have been a mil out the door

Question though, Why was there lawyers fees for Earl to absorb?

jjinfla
11-21-2006, 06:00 AM
<blockquote><font class="small">Quote randyg:</font><hr> Fantastic...thanks, randyg <hr /></blockquote>

Were you once told to replace that other word with "fantastic"?

Jake

jjinfla
11-21-2006, 06:18 AM
I have no idea but it may never have been an immediate payment of one million but $50K over 20 years. Doing it that way the player actually ends up with a bigger slice of the money. It may have been set up as an annuity from the beginning.

If the player received a lump sum of a million then about half of that would immediately go to Uncle Sam.

As much as this has been talked about over the years I wonder why BD or one of the other magazines have not interviewed Earl about this. Or is it just that Earl believes that it is not anyone else's business.

Jake

Scott Lee
11-21-2006, 06:34 AM
sid...CJ had to sue the sports marketing company, that had guaranteed the million dollars (via a 20-year annuity). During the year-long litigation, CJ had a gag order from the judge, preventing him from talking to ANYONE about it.
Unfortunately, that order was largely responsible for the PCA folding up. Seems like the same old thing is happening with the IPT.

Scott Lee