Author Topic: Did Phil Heath cash his check? (Read 30261 times)

240 is Back · « **Reply #25 on:** May 24, 2006, 05:20:46 PM »

Quote from: divcom on May 24, 2006, 05:16:45 PM

Banks dont pay crap on $10K as far as interest goes...esp for a couple of months. Have to get a better one than this.

At the very least, ppl sue for tbill rates, right? that's 3% or something. Or maybe inflation. I hated finance class. but i think i remember there are flat interest rates for suits like this.

pumpster · « **Reply #26 on:** May 24, 2006, 05:22:23 PM »

Don't laugh, it's at least $20 worth of interest.

LuciusFox · « **Reply #27 on:** May 24, 2006, 05:23:57 PM »

Quote from: 240 is Back on May 24, 2006, 05:20:46 PM

At the very least, ppl sue for tbill rates, right? that's 3% or something. Or maybe inflation. I hated finance class. but i think i remember there are flat interest rates for suits like this.

This could be meaningless or meaningful, depending on the time period we are talking about.

onlyme · « **Reply #28 on:** May 24, 2006, 05:25:27 PM »

Quote from: divcom on May 24, 2006, 05:16:45 PM

Banks dont pay crap on $10K as far as interest goes...esp for a couple of months. Have to get a better one than this.

It's not $10K is was the total purse. And it was for almost 8 months. And the money goes into the IFBB account which has allot more than $10K or $50K in it. So YES the interest can be something. And NO matter what their is no reason why the money shoudl go into the IFBB account. NONE at all. SImply put it is an escrow account to be released on whatever date. SImple

ARMZ · « **Reply #29 on:** May 24, 2006, 05:25:42 PM »

Quote from: pumpster on May 24, 2006, 05:22:23 PM

Don't laugh, it's at least $20 worth of interest.

In some parts of the world, people kill for $20..

pumpster · « **Reply #30 on:** May 24, 2006, 05:27:26 PM »

Quote

Don't laugh, it's at least $20 worth of interest.

In some parts of the world, people kill for $20..

Something tells me they aren't on getbig right now..

240 is Back · « **Reply #31 on:** May 24, 2006, 05:28:10 PM »

Quote from: onlyme on May 24, 2006, 05:25:27 PM

It's not $10K is was the total purse. And it was for almost 8 months. And the money goes into the IFBB account which has allot more than $10K or $50K in it. So YES the interest can be something. And NO matter what their is no reason why the money shoudl go into the IFBB account. NONE at all. SImply put it is an escrow account to be released on whatever date. SImple

yeah, 50 grand at 8 months at 3% annual... that's like a grand, right?

LuciusFox · « **Reply #32 on:** May 24, 2006, 05:28:15 PM »

Quote from: onlyme on May 24, 2006, 05:25:27 PM

It's not $10K is was the total purse. And it was for almost 8 months. And the money goes into the IFBB account which has allot more than $10K or $50K in it. So YES the interest can be something. And NO matter what their is no reason why the money shoudl go into the IFBB account. NONE at all. SImply put it is an escrow account to be released on whatever date. SImple

Since when has the IFBB said that they will pay interest on money in their accout?

240 is Back · « **Reply #33 on:** May 24, 2006, 05:31:07 PM »

Quote from: LuciusFox on May 24, 2006, 05:28:15 PM

Since when has the IFBB said that they will pay interest on money in their accout?

they don't.

but if mike won a suit for 8 months worth of use with $50k that the ifbb took from him in violation of the law, they do.

LuciusFox · « **Reply #34 on:** May 24, 2006, 05:34:27 PM »

Quote from: 240 is Back on May 24, 2006, 05:31:07 PM

they don't.

but if mike won a suit for 8 months worth of use with $50k that the ifbb took from him in violation of the law, they do.

What violation of law are you referring to?

240 is Back · « **Reply #35 on:** May 24, 2006, 05:40:28 PM »

Quote from: LuciusFox on May 24, 2006, 05:34:27 PM

What violation of law are you referring to?

it'll be hard to prove, as the IFBB has the right to require any contract they want with different promoters. The biggest damage won't be in the courts for that $1000- it'll be in the eyes of all those promoters who read getbig who are now saying "No way in hell am I pre-paying the IFBB for my show, as VYO didn't have to!". As the ifbb is a canadian nonprofit, laws mean squat in this situation and collecting is more trouble than its worth.

They now lose all the interest from monies paid early by other promoters who just learned they don't HAVE TO pre-pay. (if these ppl stand up for themselves).

Vyo/shawn's little paycheck "snafu" just cost the IFBB a lot of trust and goodwill among its promoting partners.

LuciusFox · « **Reply #36 on:** May 24, 2006, 05:42:55 PM »

Quote from: 240 is Back on May 24, 2006, 05:40:28 PM

it'll be hard to prove, as the IFBB has the right to require any contract they want with different promoters. The biggest damage won't be in the courts for that $1000- it'll be in the eyes of all those promoters who read getbig who are now saying "No way in hell am I pre-paying the IFBB for my show, as VYO didn't have to!". As the ifbb is a canadian nonprofit, laws mean squat in this situation and collecting is more trouble than its worth.

They now lose all the interest from monies paid early by other promoters who just learned they don't HAVE TO pre-pay. (if these ppl stand up for themselves).

Vyo/shawn's little paycheck "snafu" just cost the IFBB a lot of trust and goodwill among its promoting partners.

This being bodybuilding, no one will care if malfeasance occured

getfast81 · « **Reply #37 on:** May 24, 2006, 05:43:19 PM »

haha VYOjoke

240 is Back · « **Reply #38 on:** May 24, 2006, 05:45:34 PM »

Quote from: getfast81 on May 24, 2006, 05:43:19 PM

haha VYOjoke

VYObroke.

bigdumbbell · « **Reply #39 on:** May 24, 2006, 06:16:25 PM »

25 thousand is really nothing actually

phyxsius · « **Reply #40 on:** May 24, 2006, 06:20:47 PM »

Am still wondering if Darrem managed to cash his check from his Toronto win few years back..

ieffinhatecardio · « **Reply #41 on:** May 24, 2006, 06:21:25 PM »

This whole situation stinks of rotten fish.

The so called problem with the bank, the supposed letter that Chick posted, Shawn Ray staying as far away as possible and now Ron deleting valid posts, especially the post Keith pointed out from the guy that promoted a show last year and his prize money had to be secured prior to the show.

This whole thing stinks.