Title: Re: {Bakewell} Get an equitable stake in a transparent & growing mining company Post by: ianbakewell on September 29, 2012, 07:36:14 PM Those of you following along will remember that not to long ago CPA had started talking about potential problems.
I have had my doubts about their ability to honour our agreements from that time on, CPA has openly admitted to being in a liquidity crunch, and other community members have pointed out the held assets will not cover current liabilities. [CLOSED] [CPA] [BMF] [NYAN] Liquidity Loan Request (https://bitcointalk.org/index.php?topic=110122.0) [GLBSE] CPA - No Dividends for the month of August, 2012 (https://bitcointalk.org/index.php?topic=85444.msg1167715#msg1167715) In the last little bit, much drama has surrounded Usagi and CPA, cumulating in a scammers accusations thread: Usagi: falsifying NAVs, manipulating share prices and misleading investors. (https://bitcointalk.org/index.php?topic=113708.0) I am not the type of person to walk away from a commitment, however at this time I think it would be best to stop payment on the CPA account until this is resolved. I have raised a motion this afternoon asking the shareholders to approve the closure of the Shareholder Protection Fund held in trust with CPA. (https://glbse.com/vote/view/152) A few days ago I reached out to Usagi about options on closing the account. I will add that conversation bellow. Mods are welcome to confirm the messages are in my pms and appear here unedited (personal conversation removed, BAKEWELL stuff posted): Hello Usagi, In the time between founding BAKEWELL and creating the shareholder insurance fund with you, and now, the plan for BAKEWELL has dramatically changed. BAKEWELL is a much smaller company than I initially thought I would launch with. We will continue to grow, but on a slow roll out basis. At this time, the dividends from BAKEWELL will not cover the funds fee. As such I am not able to continue with it at this time. I will be utilizing the small dividend I receive to aggressively grow BAKEWELL until the first half of the ipo is sold out. I apologize for any inconvenience this causes you. The fund currently has 4 BTC in it. I would like to work out a refund of this from you, less a small management fee. I would then like to restart this with a larger initial contribution and a payment plan based on dividend income once half of my ipo is cleared out. Thank you, Ian Hi. Working out a refund is not possible because this is an agreement designed to protect your shareholders in case of a default on your end. These funds are held in trust on behalf of your shareholders. Second point (the obvious one) but bears bringing up, there is a non-cancellation clause. The first problem here, on my end, is that whether or not you are experiencing financial difficulties, this is precisely what a scammer would try to do before he defaulted on his contract. He would try to get money such as this returned to him. That is precisely the reason why I cannot return it; this is a shareholder protection agreement. The second problem is on your end. If you fail to pay your premium your contract will be voided and I must announce this publicly since your shareholders would no longer be covered. If you feel the financial difficulties you are experiencing are temporary, I will agree to postponing payments for up to four weeks. Yes, I know I could "just take back" what we signed and it would be easy for me to just absolve you of any liability and return the money. However if I did that I would not be doing my job. If your company is unable to meet the obligations in it's contract as a direct result of having to pay 1 btc per week, you have a problem. Anyways, if you really really feel sour about this I suggest we discuss it openly with your shareholders. The best I can offer you is to have Nefario pay the money as a special dividend, as you wouldn't have met the trust concerns of no default over a 1 year period. Good luck! Usagi, BAKEWELL is fine and sitting cash heavy right now. 110btc and $4k CAN. I will be purchasing the rigs this week. I can expect around 650mhash per 7970, looking at 4-6 of these cards to start, I can estimate my dividends. We are not big enough yet that my portion of earnings would cover the fund contribution. We are equitable, with a small return and utilizing the 7970's as a stop gap until asic tech is available for delivery. I am 737 shares into my second funding round. I will need to sell another 1763 shares before my contract allows for another equipment purchase anyhow. I am aware of the contract clauses, particularly A4 and section D. A4 allowing you to accelerate your portion, and section D pertaining to the expiry date & offering repayment to myself or as a dividend to shareholders. I understand this is a "scammer" move, asking for the refund. But in all reality, the 4btc against the 500+ I have raised to date, is les than 1%. In the event I defaulted right now, I doubt many are going to care about their share of the 4btc. If we are not able to move forward on this privately (and I understand the commitments and reputation you must maintain) then I would ask that we begin working on this option: "The best I can offer you is to have Nefario pay the money as a special dividend, as you wouldn't have met the trust concerns of no default over a 1 year period." Thank you, Ian I changed my mind and decided to wait a few days more, see how things would play out over the next little bit. Maybe Usagi is all good and trolls are trolls. I send them this: Usagi, Another idea: Would you be willing to move the minimum contribution down from 1btc to 50% of my dividends (as pledged here (https://bitcointalk.org/index.php?topic=104489.msg1146521#msg1146521)) I would be happy to continue on with CPA as we grow. Ian Ok, I have confirmed that's ok here: https://bitcointalk.org/index.php?topic=104489.msg1223276#msg1223276 Although if you do want the money back that's fine, I just want to see that your shareholders agree (motion). As you may guess I've been busy as can be recently and I haven't had a chance to look at the new securities in greater depth, but glancing thru the thread I'm happy to see your shareholders are excited ^^ That's a good sign. Ok so to recap, moving forward, we're lowering the minimum payment to 0.1/week (or 50% of div or whatever) -- the idea I think should be to show investors the fund is increasing every week by something. If it's a small amount thats probably fine, since you don't have your ASIC units yet. |