Party Monster Cash Conversion

[Soulman]

Just to let everyone in MTT know:

http://forumserver.twoplustwo.com/showfl...e=0#Post7651956

Cliff Notes:
$100 for each weekly entry
$350 for each monthly entry
$1800 for each Grand Final entry

[NewGuy]

IMO, they butchered it and we got screwed

Party held back most of the prize pool thread

[NewGuy]

For those of you happy with the Party conversion of Monster seats to $s, I respectfully disagree.

Unless I miscalculated, they held a LARGE portion of the $s back, since they calculated it based on 8,000 Grand Final seats. Since there were only 1,000 won so far, and only 10,000 monthly seats + some unknown # of weekly seats this was grossly unfair.

What they paid
1,000 Grand Final x $1,800 = $1.8 Million
10,000 Monthly x $350 = $3.5 M
~10,000 Weekly x $100 = $1.0 M

Total =$6.3 M paid (out of $14.5M pool)




Here is a draft of the email I am planning on sending to vip@partypoker.com / info@partypoker.com / whatever emails anyone suggests, as well as following up with phone call(s) to VIP. If anyone thinks I'm off, please correct me.



To: Whoever is in charge of distributing the PartyPoker Monster prize Pool
Subject: Actual “fair value” calculation methodology for Monster seats

Executive Summary:
A large group of players in the 2+2 community agrees that the approximate “fair” expected value of Monster seat payouts are as follows below.

Grand Finale (May 2007) seats value = ~$5,000
Monthly seats value = ~$750
Weekly seats value = ~$200

Please note that these estimates are based on final prize pool of $14.5 Million and 10,000 weekly Monster seats left outstanding. To the extent there are fewer weekly seats, these values would increase correspondingly.


Detailed Calculation methodology:

Let W$ = Weekly seat $ value
M$= Monthly seat $ value
GF$ = Grand Final seat $ value

- 8,000 Monthly seats -> 1,000 Grand Final seats + $1 Million , therefore M$ = (GF$ x 1,000 + $1,000,000) / 8000 = 1/8 GF$ + $125
- 8,000 Weekly seats -> 2,000 Monthly seats + $100k, therefore W$ = (M$ x 2,000 + $100,000) / 8000 = 1/4 M$ + $12.50.
- Substitute 1/8 GF $ + $125 for M$ into above and you get W$ = 1/4 (1/8 GF + $125) + $12.50 = 1/32 GF$ + $43.75

So to sum up values that we know:
W$ = 1/32 GF$ + $137.50
M$ = 1/8 GF$ + $125
Total Prize Pool = ~$14.5 Million
# of Grand Final seats outstanding / to be paid = 1,000
# of Monthly seats to be paid = 10,000 (9 weekly qualifiers x 2,000 – 8,000 for 1 monthly run)
Weekly Seats outstanding / to be paid = ?

Formula for total prize pool distributed should be:
Total = Grand Final seats * GF$ + Monthly seats * M$ + Weekly Seats * W$

$14,500,000 = 1,000 * GF $ + 10,000 * (1/8 GF $ + $125) + WeeklySeats * (1/32 GF $ + $43.75)

Solving for GF $, we get:
$14,500,000 = GF$ * (1,000 + 1,250 + 1/32 WeeklySeats) + $1,250,000 + WeeklySeats * $43.75

$13,250,000 - WeeklySeats * $43.75 = GF $ * (2,250 + 1/32 * WeeklySeats)

GF $ = ($13,250,000 - WeeklySeats * $43.75) / (2,250 + 1/32 * WeeklySeats)


Final calculation
Plugging in a value of WeeklySeats = 10,000

Grand Final seat value = ($13,250,000 - $875,000) / (2,250 + 10,000 / 32) = $5,000
Monthly seat value = $750
Weekly seat value = 200

If weekly seats outstanding are only 4,000, then we get
Grand Final seat value = ($13,250,000 - $875,000) / (2,250 + 4,000 / 32) = $5,505
Monthly seat value = $813
Weekly seat value = $216

If weekly seats outstanding are 20,000, then we get
Grand Final seat value = ($13,250,000 - $875,000) / (2,250 + 20,000 / 32) = $4,304
Monthly seat value = $663
Weekly seat value = $173

[MGM]

had I known the true value of these freerolls I would have played a LOT more of the 10 STT's. In effect 10 monster STT's had a prize pool of 115.00. I guess the jackpot table players were making up the difference??

[EndPlay]

Anyone got a response from PP in relation to the under payments?

[Hyperion]

Dear Timothy,

As mentioned in our PartyAccount section we have refunded the complete $14,405,786 to our players who have Monster freerolls available.

If you had any unused Monster Freerolls, you can log in to your PartyAccount to convert them into cash and see how the amounts were calculated.

We came up with what we thought was a fair and equitable distribution for each unused freeroll. Thus the determined values of the monster freerolls will not be changed

Praful
PartyPoker Customer Care

--------------------

So yeah, they stole our money we won't get it back I'm never playing there again even though I'm Aussie. From reading Party Gaming's financial reports and infering what damage recent events have done to them, there are actually in quite a [censored] financial position at the moment. They needed to cancel the monster (and steal our money) and then cancel their shareholder's dividends to maintain their cash liquidity. I never knew Party doesn't keep players funds seperate and they don't even have enough cash to pay all their players immediately. With their awesome cash generating ability gone, they are not a good place to play at.

Honestly, I hope they go bust.

[NewGuy]

[ QUOTE ]
Anyone got a response from PP in relation to the under payments?

[/ QUOTE ]

One of the 4 form letter responses I got. Typical Party.

Hi xxx,

I completely understand the apprehension and the displeasure expressed
over the entire issue related to the Monster payouts, please understand
a lot of thought and understanding has been put in to make the payout
of the freerolls as close to the utmost degree of accuracy and fairness.

I also understand that the previous response has affirmed the same
however, I am sorry but the determined value will not be changed.

However, it has and will be a constant endeavor from our end to provide
our players with the best of the online gaming and services, hence
please understand, the significance of your concern is important for us to
address the issue in the most comprehendible manner, at the same time
the breakup listed for the Monster Freeroll refund has been finalized
after a lot of thought.

We appreciate your understanding in this matter.

Regards,

Shashidhar
PartyPoker Customer Care

Quick hijack, but didn't want to start my own thread:

When does Party officially "shut its doors" to US customers? Is playing the Sunday Million this week still kosher?

[Soulman]

[ QUOTE ]
Quick hijack, but didn't want to start my own thread:

When does Party officially "shut its doors" to US customers? Is playing the Sunday Million this week still kosher?

[/ QUOTE ]
Sorry man, you're shut out as of now [img]/images/graemlins/frown.gif[/img]

[ QUOTE ]
[ QUOTE ]
Quick hijack, but didn't want to start my own thread:

When does Party officially "shut its doors" to US customers? Is playing the Sunday Million this week still kosher?

[/ QUOTE ]
Sorry man, you're shut out as of now [img]/images/graemlins/frown.gif[/img]

[/ QUOTE ]

Whoa. Link to annoucnement/info?

edit: And can I still cash out my chump change that I accidentally left behind?