Steps BAP, PHASE II, Selling final shares and taking reserves!

[ryne16]

Introduction

I am a long-time poker player. I have been entrenched in the poker world for the last 6 years as a player and as a dealer, including dealing at the 2009 WSOP. My user name on AP is ryne16 and on UB is turkdigler.

Cereus Steps Overview

Opening up this BAP for Absolute Poker/UltimateBet steps structure. For those unfamiliar, the steps on Cereus run for 10 steps starting at 11 cents for step 1 up to $2250 to buy directly into a step 10. The steps feature differing payout structures, but basically always involve the top 2 out of 9 moving to the next step, and almost always have the 3rd and 4th place finishers receiving a replay. There are also various prizes for finishing below 4th including getting demoted to a lower step or just getting a cash prize. This top 4 "freeroll" structure along with the varying structures along the way are the essence of the source of the edge in these tournies. I absolutely shred these steps on the Cereus network as most that I run into do not apply proper strategy at all. I have played at least a couple thousand of these steps tournies on Cereus and have a great feel for them and generally know how to dominate them.

PHASE II

As this is phase II of the plan, investors will be buying into the current inventory which at the beginning of the 2nd BAP will be:

$110.45
13 Step 1 tickets
50 Step 2 tickets
89 Step 3 tickets
64 Step 4 tickets

THE PLAN

The objective of this BAP is to accumulate as many step 5 tickets as possible through direct buy-ins at step 4 and below while playing a total of $880 worth of action. The only exception is described 5 paragraphs down under the "exception" heading.

This will be a very high volume BAP as the amount of time it takes to complete a long Steps run is staggering. Recognizing this, I will run this as a series of short (approximately 1 month) BAPs, with each successive BAP paying off the previous BAPs, so as to give investors maximum flexibility in either increasing or eliminating their investment. I will be playing through the bankroll in a maximum of 45 days, predominately in steps 3 and 4, but also in steps 1 and 2 in order to maximize volume if step 3's and 4 aren't running at a high rate at any given time.

I will not be allowed to direct purchase into any step higher than 4, unless polling stakers.

Just to reiterate...I will be buying into as many step 4's as I comfortably handle in a session. I am comfortable with running up to 12 tables, but will run smaller steps if the 4's are not filling fast enough to offer enough volume OR if I am forced to play a smaller ticket as a result of being demoted. ANYTHING TO KEEP THIS MOVING. I have the right to run any "alternative steps" that they may offer if I feel it's in the best interest of the BAP. The alternative steps that would most likely be applicable to this BAP are the step "1A" and the step "3A". These two tournament have nearly identical structures, they are 18-man instead of the regular 9 man, and allow you to move up two steps instead of 1.

Any packages won through steps or any satellites obtained through steps will be added to the BAP. If it is a must play travel package, then absolutely minimal travel expenses will be deducted never to exceed the amount of money designated for travel by the site awarding the package.


EXCEPTION (Changes in red)
I will also usually run the largest ticket in the inventory and try to run it straight through while I'm grinding the smaller steps to try to provide a low risk/high reward quick return to the BAP and to keep it exciting for you...and me! This will only be one ticket at a time, therefore there will only ever be one step 6 (or larger) ticket in the inventory at any given time. This will not cost the bankroll very much at all, and in fact could lead to a very large, very quick score. This will be a slow process as I can only ever possibly play one large ticket at a time, but will likely be 12-tabling step 4's and below to replinish those 5's. Also, most importantly, this will only be done if the BAP is currently in profit, and would still be in profit in the absence of this "runner" ticket.

Rail will include a comprehensive spreadsheet that is uploaded to GoogleDocs regularly and will include tourny ID numbers and the results.

Duration

I will provide $699 worth of action through this stake as soon as possible, with a binding guarantee that I will bonus this BAP $100 if not completed within 45 days.

BAP EQUITY

BAP Equity will be updated frequently and will be computed by the following formula. Any Cash balance from the BAP, plus the value of all steps tickets in the inventory, plus the value of any must play tournies/packages. The reported value of the tickets will be as follows

Step 1 ticket = $.11
Step 2 ticket = $.34
Step 3 ticket = $1.10
Step 4 ticket = $3.23
Step 5 ticket = $11
Step 6 ticket = $32.35
Step 7 ticket = $97.15
Step 8 ticket = $270
Step 9 ticket = $800
Step 10 ticket = $2350


Caveat on Subsequent BAP
As described earlier, a new BAP will be listed at the completion of this BAP. I anticipate that most investors will at a minimum roll over their shares and/or increase their investment into the new BAP. If for some reason, there is not enough interest in the new BAP to cover this BAP, then no investor will be able to cash out unless utilizing the SAP feature on PTP. In this case, all cash step buy-ins will cease. Any remaining cash belonging to the BAP will not be touched and all tickets will be played to completion with any cash earned by the tickets being added to the BAP cash inventory. All cash and profits would then be shipped to investors.

Also, in the extremely likely event that this BAP earns a 15% ROI, then the backers cut on the 2nd BAP will be reduced to 60%

In addition, in the UNLIKELY event that a step 10 is won during this BAP, cut will be 50/50. If this happens to be a must-play travel package, travel expenses will be kept to absolute minimum, and not in any case to exceed the portion of the package that exceeds the actual live tourny buy-in.

[SNGWizard]

rsv 60

[PTP Staker]

res $100

[mattprosk]

20 dollars please.

[ryne16]

Got some solid backers getting in on this guys. Take a look!

[richany2]

any of the step tickets can be converted into cash? how do you end up with cash in the end?

[ryne16]

Originally Posted by richany2

any of the step tickets can be converted into cash? how do you end up with cash in the end?

Thanks for the question...I will clarify both here and in the original post. Currently AP/UB will not cash out tickets and they are non-transferable, meaning I would not even be able to sell them. So, for liquidation purposes, all tickets would have to be played to completion. The most rewarding way to cash out is to win a step 10, which is worth an average of $15k, though it has been as high as $17,500 depending on how they are structured.

Sometimes there are alternative ways of cashing out...the most obvious one I can think of is winning multiple "alternative" steps. Alternative steps give you a chance to "exit" the steps system without running all the way through a step 10. The first alternative step victory will usually yield a very nice satellite seat, the value of which and any prize resulting being added to the BAP, and subsequent alternative step victories will yield TDs which can then be liquidated in regular SNGs.

This is a long-duration BAP and liquidation will take time as well as the original grind. However, you will be able to utilize SAP to unload shares based on the value of the equity of the tickets in inventory.

[richany2]

thanks for the well thought out explanation.

[ryne16]

Originally Posted by richany2

thanks for the well thought out explanation.

No problem, keep me in mind!

[ryne16]

Additional clarification added on liquidity of tickets

[ryne16]

bump

[ryne16]

bump

[SynSid]

Am I reading this correct? You want about 2,500 buyins for Step 3s - and will play about 100 per week: so in 6 months time you'll have played through the BR once?

[ryne16]

Originally Posted by SynSid

Am I reading this correct? You want about 2,500 buyins for Step 3s - and will play about 100 per week: so in 6 months time you'll have played through the BR once?

The goal is to play at least 100 per week, especially when the bankroll is predominately step 5's and lower. I will be putting in volume, that will not be an issue.

Though this is a long duration steps grind, you will not be required to keep your money in. You will be able to sell your shares through SAP with your shares valued by the formula listed in the BAP ad.

Thanks for writing. It appears I do need ot go back and re-write some of my BAP ad to clarify some things.

[ryne16]

bump

[sportsjb2]

res $35

[mattprosk]

Originally Posted by mattprosk

20 dollars please.

Unreserve please.

[ryne16]

Okay, bumping this ad, hasn't been bumped since New Years Eve. It's an old ad, but completely new content.

[Czar Chasm-PF3]

Rollover

[PTP Staker]

rollover