Another Unique Holdem Tournament

I don't understand why I'm losing. Maybe I have some kind of tell.
[looks at cards]
Hot mama I'm livin' in flush town! Population: Artie!
--Artie Ziff

No, no, not another post about losing. There have been plenty enough of those! This one is about yet another unique holdem tournament, albeit somewhat more conventional than the last tournament I posted about.

A friend today sent me details of a WSOP Main Event super satellite being run here in NYC. The game is No Limit Holdem, $385+45 entry, food and beverage to be provided, entrants capped at 50. So far, nothing all that out of the ordinary, eh? Here's the prize breakdown:

1st: Entry into 2005 WSOP Main Event ($10,000 value) + $2,000 in cash
2nd: 50% of remaining prize pool
3rd: 30% of remaining prize pool
4th: 20% of remaining prize pool

Still pretty ho hum ordinary. Then comes the fine print:

"If the winner of our satellite wins $100,000 (gross) or more in the WSOP, he/she will pay all of other satellite players (including 2nd, 3rd and 4th) a total of 10% of his/her winnings. Note: Winner will take responsibility for all taxes, to keep this simple."

Personally, I think it's a bum deal. I don't play satellites into bigger events just so I can give the other satellite players their money back (and then some) if I cash in the bigger event. They all have just as much of a shot as me to win the satellite and get the buy-in to the bigger event; why should I subsidize their bad luck / bad play if I am successful at the second stage?

It probably shouldn't come as a surprise that this tournament is being run by investment bankers. Always trying to hedge their bets...