A question: The fundamentals of backing

GauchoFish · #1 03-10-2005, 03:06 PM

Greetings,

I recently accepted backing from a member of this forum, and an odd situation has presented itself now, and i'd like to turn the issue over to the members of this forum for some feedback and a possible resolution:

Unless he wishes to make himself known in this thread, I will leave the backers identity anonymous:

I was to play SNG's with the backing and chop the winnings 50/50 for the length of the arrangement. I could stop the arrangment whenever i liked by returning the roll i had been provided. Other than a couple of small other detials not pertaining to the issue at hand, that was the extent of our verbal and written (emails) agreement.

Well to make a long story short, from the moment i began playing on the roll, i caught cards from hell. Every big pair lost to one over card, all KK vs. 77's went down in flames etc. The money was gone within 72 hours.

I sent an email to the backer sniveling about by beats and apologizing for losing all his money. He made a very simple reply: "thats poker"

I took a week of and gathered myself and am now back in action, placing in over 50% of tourneys since my comeback, on my own bankroll.

I never heard from the backer again, until this morning:

He checked me out on Poker Prophecy and sees that i'm winning nicely again and wants his cut. He says he is entitled to half my winnings and his original backing.

Whoa whoa whoa whoa!

[img]/images/graemlins/ooo.gif[/img] [img]/images/graemlins/ooo.gif[/img] [img]/images/graemlins/ooo.gif[/img] [img]/images/graemlins/ooo.gif[/img]

You want what? [img]/images/graemlins/ooo.gif[/img] [img]/images/graemlins/ooo.gif[/img] [img]/images/graemlins/ooo.gif[/img] [img]/images/graemlins/ooo.gif[/img] He says that he is entitled to this, as his backing was 'eternal' and that i am not out of this deal unless i repay the stake or 'die forever'.

hmmmmmmmm

any thoughts, suggestions? Am i a bone head to think that when i dropped his roll and came back on my own i was ON MY OWN?

WD

The Yugoslavian · #2 03-10-2005, 03:13 PM

Wouldn't you be on your own *after* paying back the roll? And not merely after losing it?

[img]/images/graemlins/confused.gif[/img]

You even said yourself the aggreement entailed that:

[ QUOTE ]

I could stop the arrangment whenever i liked by returning the roll i had been provided.

[/ QUOTE ]

Otherwise you could just take the money, play whatever limit you felt like gaammmboooooling it up and once his/her role was depleted, just take your own money and play the right way. It's like a freeroll into -EV games.

Now. If you lost the roll and quit poker, then I'd assume that you don't owe him anything. If you're playing again and winning you owe him.

Also. Variance *is* part of poker. If I was your backer I'd be pretty pissed that I chose a poor horse to back who can't get his mind right. I'd be kicking myself even harder that my horse burned my money and won't make good after the variance turned around.

I'd also like to see exactly how your backer used the world 'eternal' in his/her communications to you.

Yugoslav
I imagine that there is other pertinent information here that has not been included. I assume this b/c, well, the chances are too high that you're leaving something out unintentionally or intentionally...

1C5 · #3 03-10-2005, 03:15 PM

Why did you get backing and only get 50% of the profits if a week later after losing that you can now afford to play with your own money? [img]/images/graemlins/confused.gif[/img]

GauchoFish · #4 03-10-2005, 10:05 PM

i had the money, just wanted to use it for other things...and the roll was not a large one, at least not enough to withstand a cold 50 SNG stretch

eastbay · #5 03-10-2005, 10:08 PM

[ QUOTE ]
the roll was not a large one

[/ QUOTE ]

Oh good. Then it should be easy to pay it back.

eastbay

GauchoFish · #6 03-10-2005, 10:20 PM

so you are saying, if you were backed, in this scenario...you would feel you owed it?

eastbay · #7 03-10-2005, 10:25 PM

[ QUOTE ]
so you are saying, if you were backed, in this scenario...you would feel you owed it?

[/ QUOTE ]

I would have never been in that situation because I would have clarified the terms of the arrangement before accepting the money. And frankly, I wouldn't accept the money even if the terms had been clarified. It's a poor business decision for me because I can always generate a stake cheaper than I can get one on 50/50 profit deal. But that's neither here nor there.

In some parallel universe where I was thrust into your position: yes, I would repay it. See my post below about a possible compromise.

eastbay

jah0550 · #8 03-11-2005, 02:19 PM

Where is my damn money? LOL

Apathy · #9 03-10-2005, 03:16 PM

Its hard to be able to tell what the real aggrement is but after *only* hearing you side of the story it sounds like are probably on your own after you repay the roll.

[ QUOTE ]
I could stop the arrangment whenever i liked by returning the roll i had been provided.

[/ QUOTE ]

You have not done this yet so I don't see how you think you are on your own.

Or maybe I'm missing something.

Also I think that issues like this don't belong in this forum and should be resolved in the fairest way possible in private, but that's just my style I guess.

GauchoFish · #10 03-10-2005, 10:14 PM

just looking for feedback...not judge and jury, but if people think its not cool to bring this out in the open, i probably wont do it again...

the roll was gone..how could i repay it? so when i start playing poker again, i'm to look at this as my roll, from the backer is now at 0...and all wins now pay back this roll, not go in my pocket?

what if i was to lose? should i be sending the backer a bill?