Quote:
Originally Posted by rainmaker1855
I do think we would all agree though that part of the inherent risk with gambling is stuff like this happening - so part of it, whether we recognize it or not, we are tacitly signing off on when we sign up for these types of pools etc. Dont get me wrong, doesn't in any way excuse this guy for being a deadbeat and the expectation is that the % of these types of things occurring is relatively low, but it is part of the risk we take.
glad to see it is working out OP - as others have said, keep collecting schedules as regular as you can. be prepared though, you may get to the end and come up short (from what I know about situations like this, this guy is probably going from robbing peter to pay Paul to robbing mark to pay back peter. if mark gets wise to it then the whole thing can collapse pretty quickly.)
FWIW I think it is better you aren't close friends with the guy - trust me, nothing hits you harder than a good friend owing you money and screwing you over on paying you back.
GL
Thanks Rainmaker, yeah this situation is f-ed up enough without being good friends with the Pool Manager.
We heard from Manager this morning. He is claiming he met with his lawyer and family estate will be settled by end of April and we will all get paid in full by then.
He said he would
try to get a 2nd check released by March 15th. He gave us four undated checks. He has released one which we cashed for about a 1/4 of the pool. Not sure how relevant to resolving the situation this is, but 4 checks were drawn on 3 different banks. All of this seems so shady and as pointed out that is part of the risk of participating in a pool like this.
I'm posting our experience for both recommendations and to let other know what can happen if you are in a pool that pays out high 5 figure or 6 figure sums.