Lab Rat Data Processing, LLC (LabRatMining) Official Announcement II

[smracer]

I just thought I would start a new thread so that we could have a place to put all of the information from LabRat's lawsuit and Bankruptcy proceedings since Zach locked the original thread.

A link to the bankruptcy filing.

https://www.scribd.com/doc/268740142/Lab-Rat-Voluntary-Petition-for-Bankruptcy?secret_password=9yPmEXYPHeZHA6n8qHFo

Labrat's final post on his thread:

The very first discussion was that I would scoop 25% as my personal share of which I intook on average $60k a year when working 100 hour weeks.  That averages about $10/hr.  This is before Uncle Sam's 30-35% cut of it.  The company paid out a couple million in distributions so my personal cut was less than 10% BEFORE taxes.  The down payment on my house was pretty well solely from a trust fund my father left me when he DIED so please dont go spreading FUD.  Also no fraud was found within my company on the multiple times it was professionally or otherwise investigated.

Thanks,
Zach

I find it interesting that no Bitcoins are listed as assets in the Bankruptcy filing.  What happened to the 500+ BTC that Zach got as a refund from BFL? 

Here is the address that Zach used to receive payments from MegaBigPower and to send out dividends

1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT

It had 20 coins in there yesterday but now they are gone.

[runam0k]

Shockingly bad form from LR (or it would be shocking if all BTC securities didn't end this way).

Zero information supplied by LR to the so-called contract holders. Missing equipment, missing funds.

[a2offrb]

Anyway, doesn't matter what LR say - crashing is totally his fault.

Can someone calculate hashrate that was owned by LR?
And is there any way to make claim for get any hardware/btc from LRM?

[karusloom]

I've just reported to moderators to open the LR's last thread as Zach just tries to avoid answering about companies asset distribution in hope just to keep all the hardware and so on... disappointing.

[btcrealm]

Has anyone received any update at all on this?

a2offrb, I don't know that anyone knows the total but per labratmining.com the bonus hashrate was listed at "135 TH/s *** Private pool live stats not yet available ***".
What was listed in the bankruptcy list doesn't seem like enough hardware to cover that (I don't know all the hardware that well).
NJ Location:

• 20 racks@ $80 each
  11 x 12 port powered usb switches
  47 power strips
  100 box fans @ $5 each
  20 TP-Link 8 Port Switches @ $30 each
  21 Bitfury version 3 M-Boards
  252 Bitfury version 3 H cards
  5 ZeusMiner Thunder @ $2000 each
  144 v5 h-cards @ $1 .50 each
  15 Laptops @ $100 each, 2 x 5 ton A/C units
  4 x 2.5 ton split units
  1 Mushroom vent

At the WA location:

• 8160 v5-h cards @ $8.58
  170 v6 m-boards @ $1.50 each
  170 Raspberry Pi & SD @ $37.50 each
  170 Periph -> USB cables @$6.46
  510 PSUs & Adapter Cables @ $53.98

Should there be a list of contract holders on the bankruptcy?  Does not having them benefit or hurt us?  Not legal, so I don't know.

[CryptoSalad]

Wonder what is going to happen now they filing for it no doubt same situation as mtgox nothing.

[smracer]

Meeting of Creditors:
Date: July 7, 2015 Time: 02:00 PM
Location: Clarkson S. Fisher Federal Courthouse, 402 East State Street, Room 129, Trenton, NJ 08608−1507

There is a meeting for the creditors on July 7.  We will know more after that.

[btcrealm]

Based on the listed bonus and current hashrate and value the business should have been bringing in ~$10k a month.  What were the operating expenses?
http://thedarkrealms.com/images/temp-stuff/temp/btc/labrat_hashing_value.png


<EDIT>
Turned my image into a link as bitcointalk.org made it an invalid image.
</EDIT>

[btcrealm]

I don't know if any of the MegaBigPower was ever counted on the website.  The previously listed bonus hashrate was before the deal was completed with MegaBigPower.  I believe that is where the BFL BTC was going for the "big increase hashrate" that was promised.  Although at least one contract holder posted that they had been paid out of their contracts by labratmining.
Public Note: Payment from MegaBigPower

6/1/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.72897958	BTC
5/31/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.71115541	BTC
5/30/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.71266705	BTC
5/29/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.71471159	BTC
5/28/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	3.1779119	BTC
5/27/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.7241685	BTC
5/26/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.866026	BTC
5/25/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.86602634	BTC
5/24/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.7151333	BTC
5/23/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.71873353	BTC
5/22/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.71301428	BTC
5/21/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.7174317	BTC
5/20/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.71636589	BTC
5/19/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.7219792	BTC
5/18/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.72746767	BTC
5/17/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.72443155	BTC
5/16/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.73934985	BTC
5/15/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.74986531	BTC
5/14/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.74511965	BTC
5/13/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.742663	BTC
5/12/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.74459844	BTC
5/11/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.71012581	BTC
5/10/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.7157602	BTC
5/9/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.73205942	BTC
5/8/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.74916571	BTC
5/7/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.74297895	BTC
5/6/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.74421802	BTC
5/5/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.74168722	BTC
5/4/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.73736282	BTC
5/3/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.73401927	BTC
5/2/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.7441043	BTC
5/1/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	1.12234263	BTC
4/30/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	1.12107959	BTC
4/29/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	1.11162851	BTC
4/28/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	1.07517596	BTC
4/27/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	1.1091137	BTC
4/26/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	1.12496068	BTC
4/25/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	1.12724642	BTC
4/24/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	1.13012901	BTC
4/23/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	1.10574719	BTC
4/22/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	1.11439979	BTC
4/21/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	1.05576245	BTC
4/20/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	1.04880521	BTC
4/19/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	0.94280318	BTC
4/18/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	1.08331628	BTC
4/17/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	1.08357566	BTC
4/16/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	1.09339964	BTC
4/15/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	1.08143225	BTC
4/14/2015-19:00	1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT	1.08745866	BTC
	TOTAL	44.94775827	BTC

Spam payment: Public Note: SPECIAL OFFER ! SEND NOW 0.01 TO THIS WALLET AND GET 0.02 INSTANT ! OR SIMPLY CHOSE ANY MUTIPLIER & BTC AT XmyBTC.COM - ( this offer is valid one time only )

5/25/2015-22:25

1NvW5bx9TzK86vgP8bPEkDuEapH4poEqvT

0.0001

BTC

[karusloom]

So has anybody heard anything about LRM or Zach or will one just walk away with all of our funding and hardware in hand??

[btcrealm]

Meeting of Creditors:
Date: July 7, 2015 Time: 02:00 PM
Location: Clarkson S. Fisher Federal Courthouse, 402 East State Street, Room 129, Trenton, NJ 08608−1507

There is a meeting for the creditors on July 7.  We will know more after that.

smracer, have you heard anything else about this or is there a site that is tracking this?
Thanks

[btcrealm]

Does anyone know Zachs associations with CoinSeed.  I was looking for info on the bankruptcy and found this.  Multiple sites agree:"As part of infrastructure development efforts, CoinSeed has hired Zach Dailey, founder of LabRatMining, to lead their technical deployment."

http://www.businesswire.com/news/home/20140123006299/en/CoinSeed-Invests-5-Million-BitFury-Bitcoin-Mining#.VbBqW53n_x4
http://www.coindesk.com/coinseed-5m-investment-bitfury-mining/
http://imaginarymarkets.com/bitcoin-and-financial-entities/
http://bitcoinnewsboard.com/tag/coinseed/

CoinSeed on bitcointalk.org
https://bitcointalk.org/index.php?topic=795954
Looks like it was a failed coin.

[smracer]

I think once they saw his mickey mouse operation, they terminated his position.

The bankruptcy trustee has been appointed and she is taking $375 an hour for her work.

There will be nothing left for any of us unless they can find the coins Zach has hidden from the BFL refund and the miners he was pointing to other pools that we do not know about.

The only people that will see any money are the lawyers and hopefully Zach sees a prison cell for defrauding all of us.

[spuushie]

I think once they saw his mickey mouse operation, they terminated his position.

The bankruptcy trustee has been appointed and she is taking $375 an hour for her work.

There will be nothing left for any of us unless they can find the coins Zach has hidden from the BFL refund and the miners he was pointing to other pools that we do not know about.

The only people that will see any money are the lawyers and hopefully Zach sees a prison cell for defrauding all of us.

Do you know is she is trying find those coins?

And what will happen to that LRM lawsuit against BFL?

[pontikis13]

Does anybody have any news?

[mOomOo]

Bump...  Has everyone given up?
Any news from the litigation?

Does anybody have any news?

[smracer]

Nothing much has happened.  I have been watching www.inforuptcy.com but nothing has really happened.  The liquidation attorney has no idea what she is selling and all of Labrat's equipment will sell for nothing and she will never find the coins that Zach siphoned off for himself.

I just hope he goes to prison.

[mOomOo]

Bump.  Everyone given up?   any news?

[btcrealm]

I've looked around but haven't found anything on it.  I've looked at inforuptcy.com multiple times like smracer had said but didn't find anything there either.

Bump.  Everyone given up?   any news?

[btcrealm]

I just did a quick google search and came back with this link from 06/20/16:
https://casetext.com/case/gordon-v-zachary-dailey-lab-rat-data-processing-llc
and this link from 06/22/16:
http://www.njlawjournal.com/id=1202760704493/Bitcoin-Investors-Lawsuit-in-Jurisdiction-Limbo?slreturn=20161027173054