A question: The fundamentals of backing - Page 14

Djangopoker · #**131** 03-11-2005, 03:43 AM

[ QUOTE ]
wow, thats not my understanding of what backing is at all...i thought it was a 'free shot', as i said before, just like Kanish offered Mike McD....'50% of your winnings, you lose, its on me'

why in the world would somebody offer half their winnings if they have to pay the money back even if they lose??? thats the most ungodly interest rate in the world

WD

[/ QUOTE ]

I'm new and ask a hell of a lot more than I answer, so this is my first advice reply.

If Mike lost Kanish's roll but walked down the street, found a grand, went over and beat KGB for 10 large, and then ran into Kanish later, What do you think he would do...

He would pay it back.

Have courage, don't let people get to you, and do the right thing. Pay the money back.

p.s. everyone else-don't mock me because I openly like Rounders...

lorinda · #**132** 03-11-2005, 03:45 AM

Djangopoker: Rounders posts remaining 0/1

Lori

Djangopoker · #**133** 03-11-2005, 03:46 AM

Quote:
wow, thats not my understanding of what backing is at all...i thought it was a 'free shot', as i said before, just like Kanish offered Mike McD....'50% of your winnings, you lose, its on me'

why in the world would somebody offer half their winnings if they have to pay the money back even if they lose??? thats the most ungodly interest rate in the world

WD

I'm new and ask a hell of a lot more than I answer, so this is my first advice reply.

If Mike lost Kanish's roll but walked down the street, found a grand, went over and beat KGB for 10 large, and then ran into Kanish later, What do you think he would do...

He would pay it back.

Have courage, don't let people get to you, and do the right thing. Pay the money back.

p.s. everyone else-don't mock me because I openly like Rounders...

citanul · #**134** 03-11-2005, 03:47 AM

can we openly mock you for posting the same thing twice?

citanul, who likes rounders.

SuitedSixes · #**135** 03-11-2005, 03:49 AM

[ QUOTE ]
[ QUOTE ]
wow, thats not my understanding of what backing is at all...i thought it was a 'free shot', as i said before, just like Kanish offered Mike McD....'50% of your winnings, you lose, its on me'

why in the world would somebody offer half their winnings if they have to pay the money back even if they lose??? thats the most ungodly interest rate in the world

WD

[/ QUOTE ]

I'm new and ask a hell of a lot more than I answer, so this is my first advice reply.

If Mike lost Kanish's roll but walked down the street, found a grand, went over and beat KGB for 10 large, and then ran into Kanish later, What do you think he would do...

He would pay it back.

Have courage, don't let people get to you, and do the right thing. Pay the money back.

p.s. everyone else-don't mock me because I openly like Rounders...

[/ QUOTE ]

Actually, I'm thinking of changing my name to "Gramma" and buying the debt from Irie.

Djangopoker · #**136** 03-11-2005, 03:51 AM

Please. Be my guest. Don't make me highlight 'new' in my post, though-that would make three...

lol

citanul · #**137** 03-11-2005, 03:53 AM

hey hey, i'm the nice guy around here. welcome to the forums.

citanul

GauchoFish · #**138** 03-11-2005, 04:10 AM

so Turk, are you saying that you are of the understanding that if you lose the roll that Irie has provided for you, that you will then owe this money to him?

WD

curtains · #**139** 03-11-2005, 04:16 AM

Gaucho I believe both of you involved in this deal made some assumptions that were incorrect. Without these assumptions I don't believe either party would have agreed to the deal.

If I were you I'd consider paying at least $500 out of goodwill. Yes I know that according to your belief on the backing arrangement, you don't owe him anything. However you both didn't properly understand each other's view of the arrangement you were agreeing to. I don't think Irie should take all the loss here, while you have lost nothing.

Mr_J · #**140** 03-11-2005, 04:47 AM

I guess they both just had different ideas of what the arrangement was. Irie saw it as a loan, Gaucho saw it as an investment.

I remember Irie did post that the arrangement was to continue until the backee bought him out. If you read that post, then I think you have to pay him back, along with the 50% of profits.

Maybe you didn't read that post. I'd think that Irie would've mentioned it in a PM/email anyway. If he didn't, then you don't owe him money according to the contract. However, any decent person would pay him back anyway if they were in a position to.

So whether he mentioned that the arrangement was to continue until being bought out or not, you should really pay him back the stake. If he did mention it, you owe him his cut of your winnings as well.