He should just get a loan somewhere between now and the end of this package, deposit that money on stars and pay back as he's supposed to. That way, no harm is done, his rep is intact and he can solicit new funds in a brand new package.
Not sure how much he has left in his accounts, but I doubt having matty continue to play <$100 in tournaments per day is really going to get us paid. Say he has 1500 of the initial 10k roll, he's not going to be able to pay us back when he finishes the package. I'm ready to cut my losses and take whatever payout he can give us.
Hey guys. I know it is slow going. I am going to get to the $10k in tourneys played and see where the account is. If it isn't enough for full repayment I will do as much as possible and then we can see what to do. I can either pay what I can and roll-over into a smaller zero mark-up (obviously, for the trouble here) package - so if I pay out 60% then we will rollover into a $4k package with no mark-up, or we can call it make up which will be paid before I do any future packages. Also, there is a chance still that the funds will be replenished before the end of the month by other means. I appreciate your patience and understanding and will make good.
Didn't get as much in this week as I'd hoped. The big wind storm in Southern California and northern Baja made my power and internet too patchy to risk playing much.
This week: 17 played ($326.70), 4 cashes ($296.74)
Total: 264 played ($6,307.80), 51 cashes ($5,793.81) including three wins, three seconds, and two thirds
This week: 10 played ($178.40), 4 cashes ($462.74)
Total: 274 played ($6,486.20), 55 cashes ($6,256.55) including three wins, three seconds, and two thirds
This week: 44 played ($846.90), 16 cashes ($947.04) including one win
Total: 318 played ($7,333.10), 71 cashes ($7,203.59) including four wins, three seconds, and two thirds
Hey. Just got back from a week in LA helping my girlfriend navigate the world on her new crutches (tough break for a professional choreographer). I'll be back at the tables tomorrow to finish this out and see how we stand.
According to the spreadsheet, it looks like matty's played $213 worth of buyins this month. I think its pretty clear matty will not be able to make enough to pay us back at this rate. Even if he did come up with the cash to pay us out when he gets to 10k worth of tournaments played, I can't imagine it's worth it for any of us that matty continues to travel out of the country and play micro tournaments.
I think it's time to stop putting it off and figure out a payment plan so matty can pay us back. I also believe a post in the negative feedback thread is needed.
I'm pretty sure the real name is correct as it's the name usually viewing the spreadsheet. If it's not please let me know.
Matty, let's get a payment schedule sorted out and make that first payment asap. When everyone's paid back I'll be happy to have your real name removed from the post.
As someone with the most shares (19.5%), I'm kinda annoyed by the events that've occurred. I don't know exactly what happened, but I'm still confident that Matty will come through.
I think packages like these demonstrate why it's unnecessary to fork over all the buyins for such a HUGE package at the beginning of the stake. The costs (potentially having the horse run away with the money) do not outweigh the benefits (simply accounting for the horse).
If anyone hears from Matty, please let us all know in this thread.
I have confidence in matty as well. It's no excuse but i imagine something pretty big must've come up for him to withdraw investor funds after running so many successful packages.
According to the sheet, final numbers are $7,797.20 played, $7,288.96 won. Unless someone else wants to do it I'll try to figure out the final amounts owed and we can get it added to the negative feedback post and possibly speed up payouts.
Matty, please respond and let us know how you intend to pay back. You probably don't even need to leave the US as I'm sure enough of us can receive payments through methods other than pokerstars.
Hey guys. As I just wrote broken_jia, yes, I am up a creek with not much of a paddle.
I am grinding hypers now because they are slow and steady, and I have just lost heart for playing a heavy schedule of MTTs. I am likely taking a normal job in the real world soon, so if things don't work out at the tables in the next month and a half then I will pay via PayPal. For those of those who don't have that Jed_Forest offered earlier to be a go-between.
I still hope to settle this via playing the tables and am going to try in the next month or two. But realistically, I will likely have to supplement any online winnings with IRL funds.
Should I cut the tourney stake short, I assume? If so I will tally the numbers and post here and discuss a payment schedule.
Thank you all for your understanding and patience.
I'm not an investor here and not judging, just curious for future reference. Have you gave an explanation as to why you don't have investors money? what exactly happened here?
It's time to stop this messing about in the low/micro's and distribute what you have and start to sort this out as best as possible. Are we paying for your travel to play these games?
I confirm my willingness to accept Paypal funds from Matty and re-distribute on Stars or FTP as part of any payment plan.
^^^ Hey. Was just signing in to do the above. I'll double check the numbers but that looks right to me at a glance. Oh. Except that broken_jia has 19.5% since Paralimbic sold his to him.
I need to keep funds in my account to play in order to make money to pay back, so as Jed-Forest said I can not just distribute all funds now or else payment would be short. I will make a first payment on the 15th of May for as much as I can and then every two weeks thereafter.
I will pay out in proportion to everyone as the funds are available.
I am likely taking a normal job in the real world soon, so if things don't work out at the tables in the next month and a half then I will pay via PayPal.
wait, so you're continuing to play with our money??? I dont think you realize how serious it is that you stole 6k of our cash.
Please stop playing and send us all the cash in your poker accounts. You need to find another way to pay us back. Either you find another backer (hopefully someone who knows about this thread) or start a new job.
I have no axe to grind here Matty has always seemed like a nice guy in my dealings with him.
As both an investor and buyer I really do not understand why people do not insist and why in this case Matty does not say what actually happened to funds.
In my opinion this is the bear minimum to keep things above board.
Also Matty hypers are not steady and they certainly are not slow. Play some 18 mans if you want steady profits.
+1 to stop playing. Basicaly here you are playing with our money, so we assume all the risk. Either you go broke and we lose everything/need to wait for most likely months or years before a real job can rack up enough money to pay us back or you do win and we absolutely gain nothing from it but the stress of the wait.
There's no denying you we're EV + in the games you were staked in. It's about time to make the first good decision in a while here. You reimburse us all with with 100% of the funds in all your account and set a payment schedule for the balance. Then, if you are honest and explain thoroughly the situation, I'm sure you could find a backer that would keep you on a very short leash bankroll wise. That would be most likely the best course of action for you, us and a potential new backer.
