Posted by Johnnymac 2:12 PM


OK, this is preliminary, but I think it's right. If anyone notices any discrepancies or wants to check my work, be my guest. Send me an email and I'll forward you the excel file.

A few things to note:

- The sharing calculation can be found in Rule #1.8 of the official rules. To summarize it, if Padilla wins anything, a portion (I think 28%) will be withheld by the IRS. Of the part that's left, he keeps everything up to $20,000 and whatever is left above $20,000 gets shared among the participants: Padilla gets 90%, each of the other nine final table participants gets 1%, and everyone else who played in the tournament shares the remaining 1% (90% + 9% + 1% = 100%).

- The guys who bought out the empty seat at Table #10 get an extra 1/9th of a share. It's very very minimal, but it's still equity.

- My deal with Kirk Belch was to purchase his seat at the final table and his interest in the WSOP share for that seat. This is why I show Kirk as having one win but a 0% share. I presume that John Robertson's deal with Rick was similar, but since John played more than once he still has two more shares left besides his final table share.

- I realize that this is all pie-in-sky and that, despite his efforts and his abilities, it is more likely that Padilla will come back to Houston empty-handed than with any money to share. The field is just too big and, despite running all of us over, he's still just an amature. So before we get any anonymous flames here, let me say that we know this is probably all theoretical but I would rather get it set now than fight about it in a month. Just in case. (ha ha)

- Finally, the following restrictions are in place if we somehow end up having something to share: Michael will not come looking for you (don't worry, he'll be easy to get in touch with) and you have to collect it by the end of 2005.

So now that that's all said, the list is posted below. We probably won't win anything, but it's going to at least be fun (and more interesting) cheering for someone we know and we might even see him on TV.



Incidentally, Michael Padilla isn't the only person on this list going to play in the WSOP main event. Michael Marx played on the first night of the tournament and then shortly thereafter he won a seat through an online qualifier, so he'll be there too. He didn't play in our tournament again because he didn't need us. Congratulations to him as well.

1 Comment(s):

Posted by  Anonymous, at 8:51 AM, June 07, 2005  

Johnny Mac,

You did a great job is setting up and running the tournament. I am already looking forward to next year.

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