Anyone want to buy shares of HarryCaray for LSOP?

[HarryCaray]

OK so I have been thinking about this for awhile now, and I thought I would throw it up here and see what you guys think. If you didn't know I am going to play in the LSOP Millions II tournament next week in Panama on a package I won through 5dimes poker. To win that package I took a $50 deposit, ran it up to 600 playing MTTs, then bought into a $50+5 satellite to this tournament. They gave away 5 seats, 180 or so entered, and I finished in the top 5 winning airfare, entry, and hotel.

So my trip and entry fee are all covered already.

The way I want to play this tournament is very aggressively in the early stages, to try to accumulate a lot of chips early on. I reason there are a lot of qualifiers and others that will just be looking not to bust out, and therefore will only call with the nuts. So if I pick my spots correctly, I can really capitalize on that.

Problem is that this style gives me a pretty good probability of busting out early. Like them, I don't want to go all the way down there to bust early either. I'm not in a position right now to buy a second entry if I make an early exit, so I had the idea to sell shares of myself for down there.

This is how it would work. The entry fee is $750. $750 in pledges buys you a 10% stake in any winnings, plus your pledge back, if I don't have to use it. That is the reward just for allowing me to play aggressively early on by having a 2nd buy-in available. If I do use the 2nd entry, you would now receive a 50% stake in any winnings. This is pro-rated based on how much you pledge; so if you pledge $75, you would receive 10% of the stake pool (either 1% or 5% depending if I use it).

Example of the pledge/payout (using LSOP Millions I payouts from this March), if you put up $75:

If I don't use the 2nd buy-in, but don't cash, you get your $75 back
If I don't use the 2nd buy-in and min cash, you would get your $75 back plus $21
If I don't use the 2nd buy-in and finish 9th, you would get your $75 back plus $165
If I don't use the 2nd buy-in and win the tournament, you would get your $75 back plus $1,750

If I do use the 2nd buy-in, and don't cash, you get $0...you lose the $75 (this is the only way you would lose money)
If I do use the 2nd buy-in and min cash, you would get $105
If I do use the 2nd buy-in and finish 9th, you would get $825
If I do use the 2nd buy-in and win the tournament, you would get $8,750

Note that this is based on $75 pledge to make the math easy...if you pledged 150 you can double all the numbers, etc.

I was somewhat hesitant to post this, because I don't want to come off as a beggar. If no one is interested, I am just fine going down there and playing the one free entry I have. However I know a lot of other poker players do this kind of thing, and I figured it would be kinda cool to have the RX population have a stake in my play. If my numbers don't sound fair, I'm not trying to screw anyone, this is what I came up with off the top of my head and I think it's fair. If this actually happened and I didn't even use the 2nd buy-in and won, I'd be peeling 17k off the top of my winnings which I think is generous.

Obviously this is dependent on you actually believing I have the capability to cash. I am going to be totally upfront that I have not played a live tournament in years. I play a LOT of online poker, and overall am a winning player over the last year. I play MTTs, ranging in buy-in from $5 to $50.

Anyway if anyone is interested post in here or PM me. If not no big deal. :toast:

If I receive pledges, but less than the 750 needed, it's obviously a no-go. Thanks for reading my novel and good luck with your wagers.

 

[Hotpizza]

Let's say you bust out and rebuy into the tournament. You win the tournament. Your backers would get $8,750 for every 10% bought in based on your $75 pledge.

What do you end up winning?

 

[HarryCaray]

Let's say you bust out and rebuy into the tournament. You win the tournament. Your backers would get $8,750 for every 10% bought in based on your $75 pledge.

What do you end up winning?

Because I used the rebuy, the backers would own 50% of the share.

So I would win $87,500 and the backers would win $87,500, distributed based on how much of the 750 you bought. A $75 pledger would win 1/10th of the backers' share (8750) while a $150 pledger would win 1/5th (17500).

 

[HarryCaray]

That is based on a 175k first prize, which was the first place prize at this tournament in March. It is a 1M guaranteed tournament, so I think that is the guaranteed 1st place prize. It could be higher, but not lower.

 

[MattyMatt]

I would prob be interested in a $75 since I hope you do well and take the damn thang home anyways!!

 

[HarryCaray]

Thanks Matty. 675 left to get.

Oh and also I will be posting chip counts and updates each break (or more often), as well as pictures and some hand recaps each night. This is regardless of if I get backed or not.

 

[shdw01]

Hc, id jump in for $75 as well...only stipulation is id like u to text me the chip counts on breaks.

id consider going for another buyin if we are barely short

 

[HarryCaray]

Hc, id jump in for $75 as well...only stipulation is id like u to text me the chip counts on breaks.

id consider going for another buyin if we are barely short

Will definitely do that if my phone lets me text while over there, I'm not sure if I have an international plan (work pays for my phone).

I will be posting chip counts and I am thinking about doing a blog type of thing with live chip updates, photos, hand recaps, etc.

 

[HarryCaray]

If you are considering this and want to see how I play (and actually confirm I do know what I'm doing), I am chip leading the 2k rebuy right now approaching the money. Feel free to rail.

 

[Hotpizza]

If I comprehended your total cost for this tournament is the $55 you spent on the satellite.

You are asking people to buy shares into you for a rebuy at a 100% level but return only 50% to the backers and minor awards of thanks if you strike the gold and don't use the rebuy.

This tournament in March attracted 1290 entrants with a prize pool of $970,000 First place won $175K 130th place paid $2,100.

I ran this deal by my poker connections and no offense, they asked if the person posting this was serious. The reasoning behind it is that anyone worth their salt is not selling 100% of themselves and keeping 50% of the prizepool. They explained how it should work is you would be selling 50% of the entry fee and you covering the other 50%. This shows your backers that you aren't freerolling on their money and anyone that is somewhat decent should have the funds available to rebuy with backers.

In any event it's your deal but I'll pass. Suggestion from the guys that looked at this deal, is to just play your game, the opening levels are pretty loose with a lot of limp ins. Don't go in with a one style approach because you will need to adapt early or you will be out with your second buy in by the end of day 1. Typically no household name pros but a lot of regional pros and some US pros that aren't as well known but are a slight cut below top tier level.

Good luck.

 

[HarryCaray]

I understand what you're saying, maybe what you or your poker connections are not factoring in is I am covering the first buy-in. The "backed" money would not come into play unless I bust early enough to rebuy, and if I don't use the rebuy then the backers get 10% stake in my winnings absolutely free, just for sticking their neck out and saying they WOULD HAVE put up the money.

I don't see how you can say I would be freerolling this tournament. And you can't calculate my investment as $55, I could have sold the package for over 1k but didn't. So my investment is much higher.

Either way I do appreciate the input. :toast:

 

[RoofTop]

I'd sell the package

 

[pocketrockets]

This is not a bad idea.

 

[Akillies]

"You just might be walking around lucky"

 

[loomis41973]

A $750 rebuy is something you can't swing? :think2:

 

[Defying]

If you guys follow any poker players on twitter or FB youll see poker guys selling a stake in their tourny's constantly...

 

[HarryCaray]

A $750 rebuy is something you can't swing? :think2:

I'm a tad extended at the moment. 2 plane tickets, spending money, 194 fantasy leagues...I have never claimed to be a wealthy man. I could swing it but I would be uncomfortable risking a 2nd buy-in, and I'm not going to play scared cause I'll just lose.

Also thought this would be a fun way to get people involved.

 

[Hotpizza]

HC -

Your total investment is $55 and nothing more. You can't factor what you "could" sell it for. That's not how it works. If I invested $50,000 into stock ABC and it goes to $100,000. I could sell it for $100,000 but my amount bought in still remains $50,000.

The people that looked at this offer are people that back some big names in tournaments. They know what they are doing and made the comments. I mistyped one part it should've have read anyone worth their salt can rebuy without backers not with backers as I posted.

It is true that there are tons of players pro and semi pro that sell pieces of themselves in tournaments but nowhere near this. Sites such as Chipmeup are great sites to use to get people to back you but you aren't going to see a deal like yours because it just isn't worth the investment. The potential Thank you for pledging isn't a selling point at all for serious money backers because they want to see you put at risk your own money and at least 50% of it.

If you truly can't cover a rebuy of $750 for a million dollar tournament as some said then you should sell the package because you are in over your head.

My own thoughts are this: you made a thread about 5 dimes tournaments and how well you have done there. You cashed in this tournament, that tournament and others, you should be well ahead and $750 you should be able to cover with ease without anyone backing you. The players on 5 Dimes are like home players, you aren't going to see that low level of play in this tournament. Sure you will run into qualifiers like yourself but in all reality the level of players is going to be extremely higher.

Not trying to bust balls here, so don't take it that way. As a person that does heavy investing and does extremely well, I have no choice but to examine things from all perspectives and angles to make the best decision on investments as possible.

I hope you take it down if you end up playing it, if you sell then you are still a winner because you can sell it right now for about $900 which is the going rate on the major poker forums right now. As the event gets closer the price will go down drastically. Don't sit on it.

 

[pocketrockets]

Having played in a similar tournament myself. I can assure you I have played some of the players you'll play live. Brandon Cantu usually plays in Panama, so does several latin american pros such Humberto Brenes (and his 2 brothers), Jose Rosenkrantz, etc. These are WSOP bracelet winners. Send me your table player list if possible, I'll see if I know something about a certain player.

The level is extraordinary and the pressure before the bubble is overbearing. I finished 24th out of 156 players back in 2010.

 

[slapshot]

take the tourney down tonight I'm sure some people will need a 5 dime transfer after tomorrow