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nsidestrate
Suited's Love Monkey
Joined: 26 May 2004
Posts: 22459
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 Posted: Thu Jun 15, 2006 7:07 pm Post subject: Primitive IS the People's Champion! Stakes sold out! |
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I am going to try to organize a private ITH tourney to crown one of our own as the People's Champion and send them to the WSOP Main Event. Here is the way it will work:
Entry into the ITH People's Championship Fund will cost $200. Anyone who sends a $200 transfer on PokerStars to my account (23-19) will be a full member of the Fund. All full members will earn the following privileges:
o You will have the right to play in the ITH People's Championship Event.
o If you win the People's Championship and are crowned the People's Champion, you will be entitled to a travel stipend allocated from the fund and will be pre-registered for the WSOP Main Event. You will receive a percentage of your winnings as detailed below.
o If you do not win the Championship, you will retain a stake in the results of the People's Champion as detailed below.
The money in the ITH People's Championship will be allocated as follows:
o Any travel expenses raised will be considered as part of the cost of the event and will be factored into the percentage of the stakes allocated to each person.
o The winner of the Championship event will be awarded a share of any prize that he or she wins that will be between 50% and 70% of the total amount won. I will have the final decision of how much to allocate, but I will base it on the majority decision of the participants to the extent that is practical to do.
o The remaining members of the ITH People's Championship Fund will divide the remaining prize money between themselves equally. The percentage of the total prize allocated to the remaining members will be between 30% and 50% of the total amount won. I will have the final decision of how much to allocate, but I will base it on the majority decision of the participants to the extent that is practical to do.
If the ITH People's Championship Fund should collect more than $12,000, I will refund the excess back to each participant via PokerStars transfer on a pro-rata basis.
If the ITH People's Championship Fund should collect less than $12,000, I will do the following:
o If the People's Champion is interested in buying a bigger share of their action, they will have the first right to buy any amount up to the $12,000 and thereby increase their stake in themsleves on a dollar for dollar basis.
o If the People's Champion is unable or unwilling to buy enough of their action to generate $12,000, I will offer additional shares in the People's Champion to the ITH Community at large. Any member who buys shares at this point will be awarded stakes in the People's Champion on a 1 for 1 basis. If you buy $600 in additional stakes, you get 5% of their action. If you buy $60 in stakes you get 0.5% of their action.
o If we are still unable to raise $12,000 with both of these measures, we will stake the winner to a smaller WSOP event. Depending on the amount that we have raised, we will either refund the difference to the backers on a pro-rata basis or we will award a second smaller WSOP event buy-in to the second place finisher. Again, this may require me to make some adjustments to the exact percentage distrubution of funds, but I will make every effort to obtain a majority vote and to divide the fund in a manner consistent the spirit of this plan. If the amount raised is between $10,000 and $12,000, we will probably just send the winner with a little less travel money.
If we are required to solicit members to provide additional backing to get to the $11,000 - $12,000 target, I will provide a full accounting of the stakes and shares in this thread well before the Main Event.
If you are interested in participating but are unable to afford the $200 buy-in, we will run three satellites. I will accept transfers of $100, $50 and $25 dollars and we will run three satellites to the People's Championship. For every eight entrants to the $25 sat, we will award one seat to the Championship (as well as the associated stakes). For every four entrants to the $50 event, we will award one seat to the Championship. We will award one seat to the Championship to half of the entrants in the $100 event. We will hold these events on Saturday afternoon prior to the Championship. In each case, only the winners of the satellite will receive stakes in the ultimate champion. It is simply too complex to award very small stakes to a large number of people. I will make an exception for the $100 sat. If a majority of the entrants prefer, I will allow all entrants to have a half stake in the eventual People's Champion and the winners will simply be playing for a chance to become that Champion. You may enter one, two or all three sats. If you intend to enter all three, you should probably just buy in to the event directly. Obviously, if people want to arrange private events to generate the buy-in you can do anything you like.
My tenative schedule for the sats would be as follows:
Sunday, July 2nd 3:00pm $100 sat
Saturday, July 8th 1:00pm $50 sat
Saturday, July 8th 4:00pm $25 sat
If there is sufficient interest, I am open to running more than one satellite at a particular buy-in level at different times, to accomodate our Euro brethren
I will collect tax reporting information from the backers and provide a completed Form 5754 to the People's Champion. I will also require the Champion to sign a contract agreeing to pay the stake winners the prize money in the event that they win before I will send the $10,000 to Harrah's to pre-register them for the event.
The ITH People's Championship Event will be held on Sunday, July 9th at 3:00pm. As soon as I receive your transfer on Stars, I will add your name to the Official list of ITH People's Championship Fund Shareholders and ensure that you are registered to the People's Championship Event.
If I do not get at least 20 resgistered partipants, I will simply cancel the event and refund everyone's money to them. If I get 20, we will run the event as scheduled, but my assumption is that it will most likely be for a minor event, unless whoever wins has a lot of cash. 
When you send me your entry fee via Stars transfer, also send me a PM with your Stars user name so that I can make sure your contribution is properly credited. The sooner you send me your entry fee, the better -- that way we can figure out if we are really going to get enough participation or not and we can make appropriate plans. If you cannot send the money on Stars, you can contact me and I'll entertain alternate arrangements. If you ask nicely, I might even take T$ or W$. If you would be so kind, you could advise what your position is on the 50/50, 60/40 ot 70/30 split and how strongly you feel about it.
If the winner of the Championship Event is unable or unwilling to play at the Main Event of the WSOP, the second place finisher will be given the prize. If he is unable or unwilling to play, the third place finished will be given the prize and so on. This means that if you aren't 21, you will not be able to actually enter the Main Event, although I suppose I don't have a problem with you owning a stake.
Last edited by nsidestrate on Tue Aug 01, 2006 8:05 pm; edited 12 times in total |
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nsidestrate
Suited's Love Monkey
Joined: 26 May 2004
Posts: 22459
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| Posted: Thu Jun 15, 2006 7:07 pm Post subject: |
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The ITH People's Championship Fund has sold out at $12,000
The Official List of ITH People's Championship Shareholders who have been accepted and are entered into the Championship Event (with their pokerstars name in parenthesis) is as follows:
1. Nsidestrate (23-19)
2. SuitedPair (suited_pr)
3. Marik (Marik_CA) -- paid by ITH as the moderator tourney champion
4. Caligard (Caligard) ineligible to be Champion
5. Icall (Acecrackyo)
6. Damo_1 (DAM0)
7. Nukeduke (NukeLaLooosh)
8. Krazytxan (krazytxan)
9. Niin (niin)
10. Florian (KlausKlausen)
11. Tanya Peck (misst74)
12. Wynton (wynton)
13. Wade (cwonsie)
14. ezplayer (ezplayerITH) -- non-playing stakeholder
15. RiverCascade (RiverCascade)
16. McFoldem (McFoldem)
17. WinAgain35 (WinAgain35)
18. Bullajami (ChipChum)
19. Fumseck (JarJarBings)
20. Rayrns (Rayrns)
21. Mrpinkmcpink (NileFever)
22. FindingNemo (te20oo)
23. arjanvs (arjanvs)
24. Primitive (Primitive_1)
25. Torch (torch2002)
26. taz115 (Zutzman)
27. thew92 (phidelt092)
28. kw (kw31)
29. Maf66 (Maf66)
30. TallPaul (Claret1) -- ineligible to be Champion
31. Nutjob (NutjobXXX)
32. Dspitler (pointer100)
33. woodyman4916 (woodyman4916)
34. chrisjp -- non-playing stakeholder
35. MXRider (Mxrider)
36. dobededo (dobededo)
37. MarkRounder/Darvon (MarkPocketA)
38. Chevin (TheChevin)
39. ebo8b (ebo8b)
40. jeffnc (jeffnc)
41. SANDSSTORM (fletch)
42. rocketplayer (rocklandbb)
43. SPU_MAN/86xfrd (ActionPlayer)
44. Ammbo (ammbo)
Additional stakes purchased by existing stakeholders:
1. Primitive $1,200
2. nsidestrate $300
3. McFoldem $200
4. Wade $150
5. Mxrider $100
6. Nutjob $100
7. Niin $200
8. woodyman4916 $100
9. taz115 $100
10. Winagain35 $100
11. 85fxrd $100
12. SPU_MAN $300
13. Damo $100
14. Krazytxan $100
Last edited by nsidestrate on Mon Jul 10, 2006 10:45 am; edited 45 times in total |
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nsidestrate
Suited's Love Monkey
Joined: 26 May 2004
Posts: 22459
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| Posted: Thu Jun 15, 2006 8:48 pm Post subject: |
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| Entered receipt of $200 from Icall and Damo_1 |
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RiverCascade
53o
Joined: 02 Aug 2004
Posts: 3492
Location: Lovin' Life~
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| Posted: Thu Jun 15, 2006 8:55 pm Post subject: |
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This is the COOLEST thing ever, in the whole wide world! The amount of work, thinking, and time you've put into this is unreal. You simply rock! I don't even play nl, and I certainly don't have $200 to put into this, but man, am I tempted... How reasonably long a time do you think I have to decide?
When I saw that those 3 players who got screwed by you-know-who have had their buy-in fee paid.. well, men, it just makes me want to cry. I think that's the real reason I want to be a part. I want to do my part to contribute to someone or something that contributes to something like that.  Capiche? I'll be deadly, seriously, thinking about doing this. However, the first person who looks at my name and thinks "dead money" .... well... well... you better not! 
Last edited by RiverCascade on Thu Jun 15, 2006 9:00 pm; edited 1 time in total |
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evil_roy
1K Club
Joined: 27 Jun 2004
Posts: 1705
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| Posted: Thu Jun 15, 2006 8:59 pm Post subject: |
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I have similar thoughts River. Very tempted.
This is a huge effort nside. Very impressed with what both yourself and ITH are doing. |
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RiverCascade
53o
Joined: 02 Aug 2004
Posts: 3492
Location: Lovin' Life~
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| Posted: Thu Jun 15, 2006 9:45 pm Post subject: |
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Okay, I'm doing it. Llanlad just gave me the idea on how I can justify this. I've never withdrawn any of my own contribution! Even tho I'm in the middle of the biggest downswing ever, I've been playing hold'em for almost 2 years and never taken one cent out out of my br. I figure I'm entitled. Two years without a paycheck is a lot to ask, and though I'm happy to pay that price in the interest of building my br, I figure taking $200 out of my initial contribution of $460, is not robbing myself or my principles... more like a 2-year-earning celebration, eh?
It's a huge amount to me-- I am SO tight. But, it's for a worthy cause... and who-knows, in the best of all worlds maybe the ith winner to the ME will actually get me back my $200 (lord, we hope). But, there are, of course, no strings attached. It's my honor and my privilege to be able to contribute. How very exciting. Thanks for the opportunity. Scary, but exciting. I've never had stakes-- i.e., owned a stake in someone before.
I'm writing CS at Stars right now, nside, to see if they will make the transfer right now, or if I have to wait. I'd just made my deposit and they might make me wait 48 hours before transferring, but in any event, I'm in, oh, I'm in! |
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krazytxan
Texas Matriarch
Joined: 26 May 2004
Posts: 4578
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| Posted: Thu Jun 15, 2006 9:53 pm Post subject: |
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Ok...I am gonna send ya the money...even though I may not be able to play. (family beach trip).
GL to us ALL!!
KT |
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nsidestrate
Suited's Love Monkey
Joined: 26 May 2004
Posts: 22459
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| Posted: Thu Jun 15, 2006 9:56 pm Post subject: |
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First, I'd like to say a word about ITH themselves. It may sound funny, because I probably seem like I'm part of the inner circle to many of you, but I'm really not. I have some special powers to delete spam, but I'm not really involved in the business side of ITH. However, I do get a chance to interact with these folks on a level that many of you do not. Without exception, when there is a conflict or a problem, I find that they take great pains to do the right thing. Starting with Matthew and extending through Albert and Bill and Chris, they always seem to take the high road when there is an option. I'm not as sure about the new guy named Bull something, but he'll probably turn out alright. They have no obligation to do anything to help out the guys screwed by CheckNRaise -- ITH certainly didn't do anything to lead to them getting screwed, but this gesture to pay their way into our People's Championship reflects the kind of class act that they are. Similarly the way they handled Nardo's situation also speaks volumes about the kind of folks that they are. I'm proud to be associated with them.
Similarly, I think the beauty of this deal is that it reflects my sense of community that we have built here. It really almost doesn't matter who wins -- I just love the idea that we will collectively send one of our own and they will be playing for US with OUR money. Comments like that from River and Roy and people like TallPaul, who expressed an interest in buying in even though he knows that he won't be able to play even if he won, make feel really happy to be part of this place.
In terms of personal compliments, I appreciate the kind words. It isn't really that much of a sacrifice, since I intend to win the thing anyhow. |
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nsidestrate
Suited's Love Monkey
Joined: 26 May 2004
Posts: 22459
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| Posted: Thu Jun 15, 2006 10:04 pm Post subject: |
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| Added Nuke and Krazy. I will be travelling most of the next three days off and on, so I may not respond immediately if you send me more cash. But I will get the list updated when I get home. |
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angel-fish
Joined: 27 Dec 2004
Posts: 709
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| Posted: Thu Jun 15, 2006 10:28 pm Post subject: |
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Group hug!  You guys are the greatest.  I don't have the necessary funds to play, but I'm looking forward to railbirding. |
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nsidestrate
Suited's Love Monkey
Joined: 26 May 2004
Posts: 22459
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| Posted: Thu Jun 15, 2006 10:56 pm Post subject: |
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| Added the paragraph on what happens if the winner can't play. |
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Bullajami
Uber Squid
Joined: 03 Sep 2004
Posts: 8840
Location: Mrs. Bull's Doghouse
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| Posted: Thu Jun 15, 2006 11:53 pm Post subject: |
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| Nsidestrate wrote: | | I'm not as sure about the new guy named Bull something, but he'll probably turn out alright. |
Don't hold your breath. I still haven't figured out what to do with that $5 I won from you in a side bet once...
I'm in, I'll xfer the cash when I get home. (On the road again...) |
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bb88
2K Club
Joined: 26 Oct 2004
Posts: 2572
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| Posted: Fri Jun 16, 2006 1:13 am Post subject: |
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It's things like this that make me really, really, wish I was 21. Next year, I'm in guys.
This is such a great idea though. I look foward to reading about it and hopefully even railbirding it. |
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rezster
Joined: 02 Apr 2005
Posts: 200
Location: Canton, OH
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| Posted: Fri Jun 16, 2006 1:49 am Post subject: |
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Kudos to ITH for entering the CnR players into the tournament, that is a very kind gesture.
Just realized this is my 100th post  |
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nsidestrate
Suited's Love Monkey
Joined: 26 May 2004
Posts: 22459
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| Posted: Fri Jun 16, 2006 5:49 am Post subject: |
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| Adding Niin and Florian. |
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