BTW...
U.K. hasn't read the news yet, expect a second jump when they wake up

Q: Why won't the fund pay dividends?

A: The objective of the fund is to achieve capital growth denominated in Bitcoins, not current income. Potential participants who require current income rather than capital growth should not participate in the fund. Obviously this does not mean the fund will not invest in other businesses which do pay dividends, since it is the total return of portfolio investments that matters to the fund's NAV.

Management and Performance Fees

In line with common hedge fund practice designed to incentivize performance, this fund employs the well known 'two and twenty' structure, whereby the fund issuer will receive an annual management fee of 2% of assets under management and participants share 20% of fund profits with the issuer as a performance fee. Fees will be calculated monthly, with the annual management fee applied on a pro-rata basis; effectively, this translates to 0.17% per month.

For illustrative purposes, the two and twenty structure means that if the per unit NAV of the fund increases by 30%, participants will share 6% in absolute terms (20% of 30% in relative terms) with the fund issuer, while retaining 24% in absolute terms (80% of 30% in relative terms) for themselves. This performance fee is constrained by a rolling high-water mark, which will be tallied on a trailing three-month basis. The high-water constraint means that no performance fee will be paid should the fund's NAV before management fees fail to attain at least its previous highest level reached in any of the preceding three months. The high-water mechanism is intended to ensure that the fund issuer does not profit from simply losing value and then regaining that value.

Hi Eric,

We've taken action against the repository. Thanks for reporting this. Let us know if you find any other projects we should be aware of.

Thanks,

-Austin

Anything updated/changed on the website?

Sorry, maybe it's because english isn't my first language, but what do you mean that they'll "not sell any excess of 25% of shares for 12 months"?
Why doesn't it say that they'll "not sell any shares for 12 months"?

Does that mean they are free to sell 25% of the companies shares (= 2,500,000 shares)? Or they are free to sell 25% of their 3,000,000 shares (= 750,000 shares)?

What if Asia gets up on the wrong side of the bed?

the submariner is the cheapest rolex that they offer... selling off your shares because of nonsense is a good way to buy back in at a loss, id rather sell into the strength of the tied up funds from BTCgarden im sad that I didnt get all 300 coins worth that I originally wanted but we cant all get what we want

Not true, I deposited 100 BTC to my btct account only to buy btcgarden, and I will withdraw them after I get them back. I don't have to invest in something else.

In 12-36 hours a part of these 32064BTC will be reinvested in some BTCT assets. I think LC will be one of them, along with AsicMiner & ActiveMining.

So btcgarden made the IPO sale of 32k originally? Last I saw shares were being sold below IPO signalling they were not selling a lot. I don't think they will be refunding that much Bitcoin. I could be wrong.

IMPORTANT NOTICE

Due to some unexpected legal risks we met last week, we have to, cancel this IPO and buyback/repurchase entire two million shares of BTCGARDEN we issued at btct.co.

We will buy back all shares with the whole price of 32064btc. I.e,we will pay for commissions to let all shareholders get back their Bitcoin with the price of 0.016btc/share.

I would like to say thank you & sorry to all of our investors/supporters/ potential investors in advance before I explain the whole affair. Thank you for all of your trust and support, sorry for the final decision we have made.

Procedures:

We have already confirmed the whole process with Burnside (manager of btct.co),

1 We will lock the trading of BTCGARDEN at btct immediately.
2 We will then send the whole 32064BTC and submit the repurchase request to Burnside from backstage, he will then run the proper script to execute this request ASAP.
3 All current shareholders will get your BTC back into your account immediately,at which point you can withdraw it freely.

All of above will be finished in 24-48 hours from the time you see this notice.

If they wanted to steal our coins, they wouldn't have put out any kind of notice or reached out to Burnside. I'm confident that it'll work out ok.

Locked?

Does Labcoin have a website where they will post updates and hopefully some videos?