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Author Topic: AMHASH swap offer for final payment - Posted for Visibility  (Read 818 times)
havelock
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March 25, 2015, 10:37:08 PM
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Dear AMHash Contract Holders,

https://www.havelockinvestments.com/fund.php?symbol=AMHASHLC

ASICMINER has prepared a contract offering on HaveLock with the ticker symbol AMHashLC. AMHashLC is a contract to offer final settlement for current holders of contracts AMHash. AMHash is a bitcoin mining contract, which is currently not performing due to unforeseen events. AMHash is a complex product which was provided through the collaboration of 4 different parties ( Operator(confidential), ASICMINER, ROCKMINER, Havelock). Each party provided certain guarantees and made certain representations. The continuation of the AMHash contract is currently uncertain due to structural problems in some of the participating companies. Furthermore, it is not clear how the resulting liability should map to the contractual framework and would need to be discovered through formal proceedings.

With AMHashLC, AMHash contract holders will now have an option to accept a default on their contract and transfer any rights for claimed damages arising out of the non-performance of AMHash to the issuer of AMHashLC. The issuer of AMHashLC is ASICMINER. Please note that this offer is not an assumption of liability. It is a proactive offering to allow people to discharge of their AMHash contracts. Please study the specific details for the AMHashLC offering before you make a decision.

HOW TO SWAP YOUR AMHASH UNITS TO AMHASHLC UNITS:

Log into your Havelock Account and click on the xfr button to issue the units back to the issuer. By sending AMHash units back to the issuer your account will receive an equivalent amount of AMHashLC units in return. There is a potential time delay due to this process having to be performed manually.


For AMHash contract holders who have no account with HL: Please contact ROCKMINER for further instructions on how to migrate the contracts to Havelock. We expect ROCKMINER to make a corresponding announcement which contains the necessary details on migration procedures.

Yours truly,
ASICMINER management

AMHashLC offering:
==================

AMHashLC is a liquidated amount contract in exchange for damages and liabilities arising out of contracts AMHash. It can only be obtained by contract holders of AMHash via a swap of AMHash for AMHashLC contracts at a 1:1 ratio. AMHashLC is not tradable otherwise.

Carefully read the terms and conditions before executing the swap.

Introduction
============

AMHashLC is a contract to offer final settlement for current holders of contracts AMHash. AMHash is a bitcoin mining contract, which is currently not performing due to unforeseen events. AMHash is a complex product which was provided through the collaboration of 4 different parties ( Operator(confidential), ASICMINER, ROCKMINER, Havelock). Each party provided certain guarantees and made certain representations. The continuation of the AMHash contract is currently uncertain due to structural problems in some of the participating companies. Furthermore, it is not clear how the resulting liability should map to the contractual framework and would need to be discovered through formal proceedings.

With AMHashLC, AMHash contract holders will now have an option to accept a default on their contract and transfer any rights for claimed damages arising out of the non-performance of AMHash to the issuer of AMHashLC.

The issuer of AMHashLC is ASICMINER.

AMHashLC terms
==============

1) DEFINITION: Each AMHashLC unit represents a total of 0.0003 BTC (0.3 mBTC) payable to the holder of the contract.
2) ACQUISITION AND IRREVERSIBILITY: AMHashLC can be obtained by holders of AMHash contracts only. Each unit of AMHash can be exchanged for one unit of AMHashLC. The exchange is irreversible.
3) COMPLETE AND FINAL TRANSFER: By executing the swap of AMHash for AMHashLC, the owner transfers all prior, existing and future rights and privileges arising out of holding the AMHash contract to the issuer of AMHashLC.
4) NO RECOURSE: By executing the swap of AMHash for AMHashLC, the owner relinquishes the right for any direct or indirect claims arising out of holding the AMHash contract against any party involved in the creation, performance or sale of the contract AMHash.
4) NOT TRANSFERABLE: AMHashLC shall not be traded.
5) GUARANTEED FUNDING: Sufficient funding for all AMHashLC contracts is provided prior to the offering and is secured in BTC address 1FU3uhBR4bKTavbeiJXdHHs13W5bRjM7DA.
6) SCHEDULE: The swap will be offered until April/20/2015. After April/20/2015 the swap offering will be closed and no further swaps will be possible. The total payment to units of AMHashLC will be split into 5 equal installments paid on a weekly schedule. The first payment will be provided after April/20/2015 and prior to April/24/2015 and the combined total will be paid out before May/29/2015.
7) FURTHER OFFERINGS: We reserve the right to do additional rounds of AMHashLC offerings with the same conditions after May/29/2015, should it be deemed necessary.

Q&A
===

Q) Why should you choose to swap your AMHash for an AMHashLC contract?
A) Piece of mind and closure. You're exchanging an uncertain and difficult to enforce contract for a fully funded and scheduled payment plan.

Q) Do I have to perform the swap?
A) No - you do not have to. You have 3 choices: a) Wait for the parties to fix the product and start performing on it again b) Look into litigation or alternative enforcement options c) accept the swap

Q) Is this a scam?
A) No. It's a non-performing contract due to unforeseen events. The issuer of AMHashLC will look into the legal enforcement options against what they consider the responsible parties. By offering AMHashLC as a swap, the issuer of AMHashLC will hold the corresponding contract rights.

Q) I am not satisfied with the amount I get back on the contract.
A) The amount is chosen from practical considerations. The issuing party is currently heavily undercapitalized, the contractual situation and enforcement is difficult and the prospect for recovery of damages is limited if not to say nil. Your lawyer will likely confirm that the offer is in fact attractive.

Q) Who failed and who was responsible for AMHash?
A) The answer to that question is not easy. An important key person is missing and cannot make any statement. The only thing which is clear by now is that basic risk coverage was not considered, which makes all liabilities arising out of any of the contracts effectively unsecured claims.

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