you can't be serious

Worst... Analogy(?!?!).. Ever

If you wanted to unbook his stake, you should have told him. That would have been a good start. You made 0 effort to contact him. It's 25%.

The fact you have some random clause in a random thread that had nothing to do with this deal means nothing.

Jesus, would everyone stop quoting my toungue in cheek analogy. I've stated my thoughts clearly, good luck to both parties getting this resolved somehow where everyone is happy.

For how badly I think Galen handled this I don't think it would be right for crisp to demand 25%...does he have the right to demand 25%? Yes. Should he in this instance? No. GL.

I am shocked by how poorly Galen treated crisp in this scenario. The fact that you thought it was good business to unilaterally revoke 5% of crisp's shares because Vivek's cell service went out is truly absurd, not to mention the fact that it would have taken you about an extra 30 seconds to navigate a smart phone to the PM function instead of starting a new thread in MP.


1. I reserve the right to buy back the latter parts of this package at a later date if I bink something or just feel like gamboling. I want to state this up front and be clear about it. Also, i will obviously post anything like this WELL BEFORE the actual mtts start, so there won't be any confusion.

To be clear this disclaimer was never given to crisp/icfund or any investors in the $25k Bellagio, but even assuming it was, I don't think you honored the disclaimer.

A) You didn't post "WELL BEFORE the actual MTT started", it was already day TWO! Even if you had not yet registered, the tournament had already started and multiple people had busted, which IMO is a direct violation of the disclaimer.

B) The way the disclaimer is worded, it's pretty obviously there just in case you want a bigger share in yourself last minute. What you did was unbook(w/o letting him know) 5% of crisp's shares not to keep for yourself and "gambol" more, but to sell to Vivek because you two had failed to communicate adequately! This is not the spirit of the disclaimer and very bad business and would rub me the wrong way if I was crisp, mbn for vivek tho.

good point getty

I don't have any experience in this but how hard is it to exchange numbers with people? It seems everyone is just so passive with regards to communication. It's probably not necessary if you have a bunch of people buying small chunks to a tourney, but when someone is buying 25% of a 25k buyin why don't you have his contact info?

A simple text: "Hey man i'm lowering your action to 20%" before you started playing and none of this happens. I mean i understand your reasoning for putting in the thread(full disclosure, etc) but you can't be guaranteed Crisp would see that. Why not contact him directly since the original agreement was made over PM anyways?

Fixed urs a little bit. As crisp would deserves every right to Deny the change in what they booked. Maybe 20% doesnt excite him.

good post getty

interested to see what galen thinks of this post specifically.

Also worth noting, and I know I've said this already but I think its very relevant, when it wasn't adventagous to Galen he didn't even follow his own guidelines he outlined in the madrid/reno package thread. Galen was supposed to divulge all shares sold outside of the thread so that no funny business could occur.

Not only did he not divulge side shares sold, but he "mistakingly" sold himself down to only 15% equity when he claimed he'd have 21% equity in the 25K euro highroller(This was the exact situation I wanted to avoid when asking him to post all side shares in the thread - and he agreed). I see that as a huge problem and still think I got screwed with no recourse and that the little equty he had at the final table factored into him playing a massive pot 7 handed with 4 incredibly short stacks at the table.

If Galen wants to try and use the guidelines and practices set forth in the Madrid/reno thread - then he should have at least followed those guidelines for the tourneys he sold action in that thread for....let alone trying to impose those guidelines and assumptions on a completely different tourney with no relevance to the thread itself.

Eddie.....let it go. This is in the thread at least three times already.

When Galen is spewing stuff like " I always confirm shares before the tourney" and "I outlined specific clauses in my madrid/reno tourney" etc etc I think it becomes pretty important since he basically just ignored what was outlined in the madrid thread - for the madrid high roller tourney - So why he would think it now has any bearing on the WPT astounds me. If he doesn't think the rules outlined for madrid need to be followed for madrid...then why would they ever apply to the wpt?

Thats fine - I'm done with this thread....

Your posts itt have valid points (except the one where you claim to want to date Vivek??) but they don't need to be cut/copy/pasted multiple times. That's all I'm saying.

hoi?

The quality of Eddie's posts has gradually dropped as this thread has progressed but the points he brings up are still valid.

I really don't see how anyone thinks this is 20%, pretty clear the action was booked at 25%. I don't know either of these guys so this is completely unbiased and drawn from info i have read ITT.

this sort of verbal contract is binding. The action was not sold in the marketplace, so The EPT thread is irrelevant and in this case a separate contract. When negotiating the share for the WPT 25k it should be Galen's responsibility to make it clear to the investors that he has the right to buy back shares at the last minute (and i agree with todd, buying back seems absurd in the first place after action is booked). Even if there was a mutually accepted agreement that buy-backs were allowed, the fact that there was no confirmation from crisp that his share was reduced to 20% before the start of the tournament makes it clear to me that he had 25%.

It also does not matter that the investor hadn't paid yet since galen and crisp both agreed the action was BOOKED. Galen didn't state that crisp's action was not booked until he paid the 25% he owed at any point. How can anyone say he has the option of reducing a share after this exchange is made? Owing vivek an undetermined share and any other reason seems void.

From what I understand the purpose of creating a confirmation thread is to have the marketplace acknowledge both parties have an agreement in the investment. Galen posting a thread an hour before the start of the tournament does not validate a confirmation. If galen had shown evidence that he tried to contact crisp or link him to the thread via pm prior to the start of the event in order to gain confirmation, then there is a better argument for 20%.

From a business perspective it is completely illogical that because crisp was the last person to book action, his share was reduced. Once they both agree the action is booked it is not crisp's responsibility to be checking all forms of social media to see if galen posted some type of public confirmation. The responsibility lies entirely on galen if he wants to negotiate a buyback. The initial verbal confirmation (PM conversation) was binding.

I'm sure galen is not angling, but anyone with any type of business or law degree will most likely agree that this is not close - 25% : /

-john

For the people saying that galen reduced the piece "to 20% on day TWO", I don't think that they realize that it's not like galen played day 1 and then reduced the %, late-reg was still available and he didn't register until that morning, before day 2 started.

As for who's side I'm on it's close, I think 20% and some sort of mutual agreement is the best way to handle it.

it's not verbal, it's a totally valid written contract. if crisp wanted to take it to court Galen wins literally <1% of the time.

hi tmay

verbal or written it is still completely valid. What would have happened if Galen had reduced Crisp's share to 5% an hour before and gave Vivek 20%? Would everyone agree with him then? Where do you draw the line?

lol @ cal's post, youre the man but that is just absurd and awful business. Like i said before it would be different if this action was sold in a marketplace thread, but this was a private agreement that galen tried to confirm an hour before through a different communication medium

was going to avoid posting in this thread but

Imma Chicagoan till Chicago wins
Till we blow like Chicago wind
I don't know what's better, gettin laid or gettin paid
I just knowin I'm gettin one, the other's gettin away

If crisp gets 25% then it creates a situation where Galen is getting freerolled. Galen messed up, but he didn't mess up enough for it be to acceptable for him to get freerolled that badly. I do think he should give crisp some kind of % freeroll in a future tourney though.

interesting point, didn't think of that

I think I would have been more understanding about freerolling if he had kept the 5% for himself, but instead he sold to Vivek. I don't think its it should be the investor's responsibility in this case. It's tough to draw the line on how "badly" he messed up because he had good intentions throughout and wasn't trying to screw anyone.

Also, I think its tough to evaluate what a fair free roll would be for both parties. A monetary settlement would be easiest

I only really read the original post. I think it is pretty poor business to take away crisp's share and give it to vivek. That is your/viveks fault that you could not get in touch with each other to confirm a share and should not be taking away from someone elses percentage because you wanted to give it to vivek.

I only think you owe 20% since you clearly stated before the event started what the percentages were but I do not think you should have handled this way and perhaps could give crisp some certain amount of equity. Maybe some amount of your action at no markup.

You obviously are a very stand-up guy, and from what I understand of this situation you made a small mistake that you will learn from. I just think you owe it to crisp to give him some sort of very small settlement.

But he freerolled himself. It's no one else's fault. Lesson learned for 5%?