Regarding the contract, please state what is the case if we do not agree with the terms given.
Answered in the bulk questions between daemonfox, BKM, and sparky999. |
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How many Monarchs do you have on order?
How much electricity do you have at your warehouse? How many AMP service?
I can't answer about the Monarch's due to contractual obligations until that order has been fulfilled. Combined between hosting locations there is a total of 2400A 3phase. |
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1.) Why haven't you been able to tell us anything?
2.) What law restricted you from telling us?
3.) Why has it taken so long for your lawyer to give you any information if this issue has been known about for 4+ months?
4.) What happen to the ASIC Project? How much was spent, and from what pot of money?
5.) Will you be firing your lawyer once this legal issue is resolved? If not, why?
6.) Which ASIC manufacturers have you spoken to/signed deals with and are moving forward with? What are your plans for future hardware purchases?
7.)a What have you been doing with the new hardware you've had for months?b When can we expect to receive those dividends?
8.) What's going to happen with the old/new bonds (or shares, or contracts, or whatever they are called now?)
9.) How much work have you put into the trading platform which was your number one priority? How far are you done, and when can we expect it to be finished?
10.)Can you please provide a full list of bitcoin mining address'
11.)What percentage of the 25% is allotted as a management fee? Since it's all the same for LR's pocket, can we replace the management fee with an issuance of "bonds" to LR that equate to the avg fee% instead - say 5-7% of total bonds - this would provide transparency of your FIXED % fee's and give you an increased incentive to produce
12.) Can you please provide photographic evidence of all equipment currently in service for LRM bondholders.
13.) Why has the contract not been provided in a timely manner?
This and, 14. Is there an agreement in place or under negotiation with a State or Federal authority which defines the financial instrument that was originally issued by LRM? If so, what is the legal basis of the financial instrument issued? And, kindly disclose the agreement or a point form summary of the negotiations if an agreement has not been reached 15. Will you voluntarily disclose the financials of LRM and the related companies you have incorporated if there have been any disbursements from LRM to said companies? 16. Would you be prepared to have a private conference call(s) with a group of larger bondholders? Identities would be verified via signed BTC message or RL details if available Also, as a general note, this place is a shit show for this kind of conversation. LRM requires some method which permits disclosure of confidential information to bond holders. kryptokit provides for secure messaging via bitcoin address - there may be others that provide for this function via a defined group - not sure. In any case, I suggest all communications regarding LRM and its confidential business dealings be removed from this forum and set up somewhere else where the participants are vetted bondholders. 1a.) Why can't you even provide a weekly breakdown of dividends anymore??? These^^ 1. Highly unspecific 1a. 100% of the hashrate under the Current Hashrate heading via the website is being paid out. Therefore the coins mined and coins paid out are the same. 2. No legal advice is being given. The consults with our attorney are private. 3. It hasn't been known for 4+ months, and legal work does take time. 4. The ASIC project that you're referring to had great promise, but was purchased by a different company before LRM could or would've become involved. $0 spent. 5. It is LRM's intention to gain additional legal representation for cases where the present legal representation is overextended. 6. Spoken to: All, but Avalon. Signed deals with: Bitfury and (unfortunately) BFL. There are a couple others that seem promising when funds become available. 7a. The BitFury hardware I believe you're referring to has been in just over A month, not months. The hardware is still in the process of being put online as there have been multiple delays. These delays include but are not limited to, AC failure, transformer explosions, fiber cuts, etc. 7b. We expect the distributions payable on the equipment to the current contract-holders in approximately two weeks from tomorrow. 8. People who chose to stay under the original contract will continue under the original contract or switch to the new contract as they chose. Nothing is going to "happen" to the original contract. 9. LRM has determined that running our own trading platform within the US has legal issues we are not willing to undertake. There is a trading platform being developed by a third party that LRM has knowledge of which we find may be beneficial to everyone. 10. Due to security issues involved with providing addresses, this is not something we are willing to do AT THIS TIME. 11. This is something that we will look into, but please be advised that LR has been taking far less than your suggested amount. 12. This can be done, and I will advise when the pictures are being posted. This will likely not happen today. 13. Explained in the AMA starting post. 14. We're not providing any legal advice. 15. I will not disclose the financials of LRM, but will confirm that LRM has not funded any other companies. 16. I have already had calls with most of the large contract-holders. This should not be an issue. |
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I am at my lawyer's office set up and ready to go. We will begin answering questions in the next few minutes. There was an emergency out of town this week that resulted in my not being able to post the contract. It is going out at the beginning of this AMA. Contract: https://drive.google.com/folderview?id=0BwZCh0jtSZkwMUMxUURqdGNGT0k&usp=sharingNo legal advice will be given during this AMA. We are not creating any attorney client relationships. Please try to keep your questions specific to allow for short yet precise answers. Any questions asked after this point will be answered in order of post. Keep your language clean or I reserve the right to skip over it. ----------------------------------------------------------------------------------------------------------------------------------------------------------- |
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The contract is complete and I have the go ahead to release the doc, but there is one question still un-answered to my lawyer that I'm waiting on before finishing the announcement that will go out with it giving a brief overview.
This will likely be answered Monday with it (now) being Easter. Either way the AMA is Fri. and any questions you may have will be answered as complete and specific as is possible.
*** PS Should I start a separate thread for the AMA or should it just be added into this thread? ***
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Is it only me or ...., every time we read anything about Gox we hear a litle from Rat and now that Gox has filed for liquidation suddenly Rat has the documents in hand  I seriously hope that i'm wrong about this but may god give us strength if im right and all our funds are flushed and that 18TH is all we ever going to see. Mt. Gox did not effect LRM.
The trading platform is still being worked on. It's in Alpha testing, but it is not owned, operated, or affiliated with LRM.
I can assure you I wasn't stupid enough to hold funds on any exchange and I'm still not. I manage all priv keys used. I believe you understand if I don't take your word very seriously only because you have had all our funds in hand from the day 1 but we do not see the gear that was promised months ago mining for us, not to mention that bitfury still has equipment in stock ready to ship over night. So....yeah. And to clarify, the majority of the funds that were pulled in were when the bitcoin price was between $80-120, so the millions they'd be worth today was only a few hundred thousand. On top of this, equipment pricing was much steeper back then. |
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I just got off the phone with my lawyer. We're working on final editing and I hope things will be done. I've informed him of the importance, but I cannot force him to work on a holiday weekend if things are not complete and ready for release by days end.
The AMA has been scheduled for Friday 4/25/14 between the hours of 2 and 4 PM Eastern Time.
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Is it only me or ...., every time we read anything about Gox we hear a litle from Rat and now that Gox has filed for liquidation suddenly Rat has the documents in hand I seriously hope that i'm wrong about this but may god give us strength if im right and all our funds are flushed and that 18TH is all we ever going to see. Mt. Gox did not effect LRM.
The trading platform is still being worked on. It's in Alpha testing, but it is not owned, operated, or affiliated with LRM.
I can assure you I wasn't stupid enough to hold funds on any exchange and I'm still not. I manage all priv keys used. |
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There is literally zero chance missing this self-imposed deadline is good news for bond holders
My self imposed timeline says I'll be adding the business side of the document this week...... Where did I slip up? And it also said SHOULD be done over the weekend. It wasn't done til late Monday so I'm hurrying to keep the timeline. |
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I do have a document in hand, I'm still editing it. I said it should be completed by weeks end (meaning Saturday) and that is still the plan. He input almost all of the legal information and is working on a couple things to add. I'm working on adjusting the wording to better fit the Bitcoin community and adding in business information.
I was hoping to have a scheduled date for the AMA by tues and it still hasn't been scheduled. My goal has been to set this up for next week.
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A little more to grnbrg's post.
The legal side of the contract SHOULD be done this weekend and I will be adding the business side this coming week. I'm figuring a 2 hour period that I'll give some advance notice to so that people can prepare questions sounds good.
Please keep your questions specific and your language appropriate and your questions will be answered. Blanket questions covering broad topics are very time consuming and I would like to get as many answered as possible.
More info by Tuesday.
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Hello everyone. I understand your frustration as I'm almost completely fed up with the speed at which my lawyer is getting this done. I have called and emailed him every day trying to rush the situation. He's in court today with another client so I can't expect much today, but I am hoping for a date of completion from him today.
To the comment that BarGraphics made, I have known him for quite some time and had many meetings with him in person. He has witnessed that I'm trying to get everything done ASAP. He has witnessed my hard work for this company. He has even met my lawyer.....
To those of you planning legal action, please just reconsider until all information has been produced. Legal action will help no one and get us nowhere.
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LRM complies perfectly fine with the IRS. I figured it'd have to be reported this way. There is one thing I didn't expect but it doesn't effect the company as it just doesn't pertain.
I've had 2 long phone calls with my lawyer and things seem to be coming together. Please understand I'm waiting on this too. I don't like being a human punching bag on the forums. If the results of this are not agreeable. Please feel free to sue. Just stop arguing and threatening over conspiracy theories.
P.S. Be nice to grnbrg. He's always been nice to you guys and he's helped LRM in a couple times of need.
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"Working on it"
"Working on it" I've been extremely busy but have been keeping up on the forums. I was supposed to have a meeting with the lawyer yesterday, but he had a health emergency. Today I may or may not have more info. |
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OK. Just out of a meeting with my lawyer and things look very very good in respect to how they have looked. I can't give time frames as things in the real world operate 9-5 m-f (NOT INCLUDING LUNCH HOURS) and my lawyer stated this loud and clear to me. When I asked for an estimate on time he said it will come when it's done and it's a priority.
What he specified I can share is that there will be an announcement that will provide some clarification followed by a contract to be presented. More info will come when it is available and no sooner. It is the intention of LRM to provide further than 300MH/s per contract and is apparent that the way this will be done is legal.
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No he didn't. He said he'd attempt to find a way to benefit us. Maybe he'll offer us a 25% discount on future bond purchases. That would also qualify as an attempt to benefit us. As of right now he has not once said he would honor the original agreement of our shares growing proportionally with the company's hashrate.
He also indicated he is having a detailed report on the issue produced and that "I'm doing what's necessary and I believe that the end result will be something everyone can live with." While it might be nice to have all the information on everything related to LRM the instant it is available, that's just not how business works. I expect we'll have something concrete within a week or two. grnbrg. I don't need, or even strongly desire, a concrete answer right now. I, and I think most people here, would be perfectly satisfied if he simply committed to continuing the original intent of the "bonds". All he needs to do is reassure us that we are not stuck with 300 mh permanently, but rather our hash rate value will continue to grow with the company's. I don't understand why he would suddenly say your bonds are now a fixed hashrate, and then not clarify any of the details, if he intended for us to benefit from the future hashrate growth. Why say anything at all, he clearly had no problem being silent before now. I hope he does come back with something better in a couple of weeks. That would be terrific. I just don't have my hopes up very high. I can't provide reassurance without giving information that I can't give until things are in place. All I can say is that I'm working on the permanent solution and believe I have found a reasonable and legal way to provide over 300MH. |
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I will make an attempt to clarify #4 in one quick sentence but the rest you can read a little more for. Everyone who has contracts at this point in time is an "early purchaser" of contracts. The company is still young and people should not be looking at this like it's all going to end in 3-4 months. I can't count how many times I've stated Bitcoin is not a sprint it's a marathon. For over 2 years people said that graphics cards were not profitable and in 4-6 months people will stop mining so much, but every time someone said that the price went up and they remained profitable. Change =/= Death.
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Zach can't tell you what the end solution is because legally he MUST NOT until his lawyers have put to rest any chance that THIS pending change might still violate the law.
I know you were responding to someone else. And on what you wrote here, I agree with what you are driving at. Labrat can only do what he can only do within the law. However, he could at least answer some hardware questions or express his intentions better. Especially, if his intentions are seeking to honor the spirit of the original agreement. It doesn't have to be expressed in the sense that "this is how the end solution will be", but it can be "this is the KIND of end solution I want to find. And I will fight to find if such a solution is possible". .... That is not an end solution, but it is a commitment to fight or work for a kind of end solution (if it's possible). This would resonate well with people, especially if it's seeking to honor the spirit of the agreement. That really wouldn't be hard to ask. In the meantime, however, people have to read in between the lines and observe his very defensive posturing. I really don't want to be unfair to Labrat's intentions or misrepresent him. If I ever did, then I was wrong. But the importance of investors questions & concerns should not be so easily dismissed. And I find it ironic that he said he was advised to stop answering questions, when he really didn't answer any questions. Correct me if I'm wrong, because I'm willing to be corrected on that. Orbit please read the last 10 pages, I answered the 3 questions you asked. I read every page therefore anyone asking questions should be doing the same. EDIT: also the order of those 3 entities did not signify importance. Thanks. I have been tracking. It was actually a total of four questions in blue lettering (or did you not read that?). But I'll go back and re-read your comments to double check. If it was 4 I apologize but I believe it covered them. I recall the Blue writing followed by red writing almost immediately after demanding an answer in the middle of the night.  |
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Zach can't tell you what the end solution is because legally he MUST NOT until his lawyers have put to rest any chance that THIS pending change might still violate the law.
I know you were responding to someone else. And on what you wrote here, I agree with what you are driving at. Labrat can only do what he can only do within the law. However, he could at least answer some hardware questions or express his intentions better. Especially, if his intentions are seeking to honor the spirit of the original agreement. It doesn't have to be expressed in the sense that "this is how the end solution will be", but it can be "this is the KIND of end solution I want to find. And I will fight to find if such a solution is possible". .... That is not an end solution, but it is a commitment to fight or work for a kind of end solution (if it's possible). This would resonate well with people, especially if it's seeking to honor the spirit of the agreement. That really wouldn't be hard to ask. In the meantime, however, people have to read in between the lines and observe his very defensive posturing. I really don't want to be unfair to Labrat's intentions or misrepresent him. If I ever did, then I was wrong. But the importance of investors questions & concerns should not be so easily dismissed. And I find it ironic that he said he was advised to stop answering questions, when he really didn't answer any questions. Correct me if I'm wrong, because I'm willing to be corrected on that. Orbit please read the last 10 pages, I answered the 3 questions you asked. I read every page therefore anyone asking questions should be doing the same. EDIT: also the order of those 3 entities did not signify importance. |
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I am taking advice of many folks and stopping answering any questions. I'll poke my head in at least once a day or two to say "Still here" and that is all. The next time you receive anything of substance it will be a full report on the subject which will take time to produce. There are 94 pages of NJ Laws that pertain to this matter, let alone the federal laws. Contained in this report will be all legal matter as well as a pheonixed contract. If you don't like it, sue LRM. But I must warn you, that you will lose, and cost yourself money twice because the money used to fight the legal battles will be that of the company's. This is the last thing any of us want, but it seems to be a trend in Bitcoin lately to sue over everything.
I'm looking out for my interests, as well as those of the company and all those involved. To those of you who have known me going on 2 years now, you know I'm not some evil thief. I'm doing what's necessary and I believe that the end result will be something everyone can live with.
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