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BGonline.org Forums
What is the Fair Settlement here?
Posted By: Nack Ballard In Response To: What is the Fair Settlement here? (Charlie Raichle)
Date: Monday, 23 November 2009, at 9:34 p.m.
Assuming all four semi-finalists have an equal chance, your equity was (1100 + 470) / 4 = $392.50. He gave you $200 in cash, so the equitable settlement would be to give you an additional $192.50 in equity (for the rest of the negotiated forfeiture).
One way to settle this $192.50 would have been to give you $385 if he won the final round and nothing if he lost. This is the same structure that was actually chosen, except that you agreed to only $250 on the win side, which means that you got $135 / 2 = $67.50 (in equity) the worst of it even if your opponent held up his end of the agreement.
I recommend that you send this analysis (generated by your own expert), plus the terms of the original agreement (so that they cannot be mangled in a verbal explanation) to your opponent, encourage him to have the logic verified by the best mathematician he knows (or some such phrasing), and propose that he either pay you $150 (the remainder of the agreed-upon $250, the amount you were expecting), or if he really believes that it is fairer to renegotiate and settle the proper equity (in the event he won) then instead to send you another $285 (i.e., $385 minus the $100 he already sent).
Perhaps a better alternative, if you will be seeing him at a tournament again, is to present this analysis to him with at least one other person present who understands equity.
It is possible that your opponent believes he is acting in good faith (and the so-called experts he consulted were overconfident of their knowledge of equity and/or may have misunderstood the details and thought you had agreed to retro-settle), but even if he is taking a shot, there is still a chance to retrieve the money that is rightfully yours.
In the future, it is always a good idea to go up to the TD together (and the prize payer, if it’s a different person, should be present as well), explain your agreement, and ask that the if-win portion (in this case $250) be sealed in a separate envelope and taped/banded to the main envelope (so that it is not accidentally paid to the winner in the if-win scenario) and then sent to you directly by check/whatever. Some TDs do not want to be involved in if-win adjustments, but I believe most are willing (I certainly would be). It's a service they can provide their players without cost.
I hope that helps.
-Nack
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