OPEN LETTER to Donald, Patrick & Amir RE: Bitcoinica

[tseale]

On behalf of the Bitcoinica investors and customers, I direct this message to Donald Norman, Patrick Strateman and Amir Taaki.

Gentlemen, I do not have to remind you of the calamities that have befallen Bitcoinica since April 24. The universal dissatisfaction surrounding the events has been discussed at length elsewhere.

In your absence, Bitcoinica's investors and others have been pursuing options to minimize loss and move the refund process forward. Unfortunately, there are no efficient ways to do this without your cooperation.  

I'm writing now to ask you to support the needs of the customers.

Attached you will find a company resolution that authorizes formal liquidation under New Zealand law. As you know, your legal authorization as owners is required to take this step.

If you continue refusing to act, the only way forward is court. This will add months of additional delay and drain significant funds that would otherwise go toward repaying customers.

I thank Patrick Strateman in advance for your promise to assist the liquidator. Words are a good start. What's needed right now is action, from each of you.

It's important that you return the signed resolution before the weekend.

----

[dancingnancy]

Thank you for trying to advance this along. 

[greyhawk]

Isn't Amir tied up all weekend with organizing the London conference?

[repentance]

You should probably fly to London and place it in their hands in front of an audience.

[malevolent]

I think you should at least call them / email them in case they don't browse the forums.

[Phinnaeus Gage]

You should probably fly to London and place it in their hands in front of an audience.

Tihan wouldn't have to fly there at all. Whoever is attending should have three copies on their person to present to them at the conference in front of witnesses with a camera rolling for our viewing pleasure. Walmart has a sale on caramel popcorn this week and I'm planning on stocking up.

~Bruno~

[Phinnaeus Gage]

Reading this http://www.mvp.co.nz/profile/our-people/iain-mclennan I see no reason why he shouldn't/wouldn't look into Zhou Tong as well, seeing that he's worth his salt. That said, I like this guy.

~Bruno~

[dancingnancy]

Tihan-

Do you have any idea, after paying for this entire process, what will be left over for the rest of us?  Any idea at all would be nice.

Thanks

[julz]

From my limited experience with liquidation lawyers here in Australia, the administrators and lawyers will rip into the carcass like hyenas by gouging the wide-eyed puppies on the sideline for the privilege of picking over the merest scraps of what was once theirs.

Good luck though.

[smoothie]

I'm waiting for the version of this for pirate's BTCST to happen...oh wait...

[Phinnaeus Gage]

Tihan-

Do you have any idea, after paying for this entire process, what will be left over for the rest of us?  Any idea at all would be nice.

Thanks

I don't know how to read one of these things, but it looks like it's not that bad. http://www.mvp.co.nz/media/reports/11260+Limited+(In+Receivership)/112603report.pdf

A $472 fee to recover $6,221. I like that.

Here's another example: http://www.mvp.co.nz/media/reports/Water+Systems+Treatment+Specialists+Limited+(In+Liquidation)/watersystems2ndreport.pdf

[dancingnancy]

Tihan-

Do you have any idea, after paying for this entire process, what will be left over for the rest of us?  Any idea at all would be nice.

Thanks

I don't know how to read one of these things, but it looks like it's not that bad. http://www.mvp.co.nz/media/reports/11260+Limited+(In+Receivership)/112603report.pdf

A $472 fee to recover $6,221. I like that.

Here's another example: http://www.mvp.co.nz/media/reports/Water+Systems+Treatment+Specialists+Limited+(In+Liquidation)/watersystems2ndreport.pdf

u r gud at teh internet

[Capital One Corporation]

Isn't Amir tied up all weekend with organizing the London conference?

Think and take a look at the paper work and decision for 60 seconds.
print it 60 seconds (print machine needs some warm up)
sign it 3 seconds.
tell people that they have sighed and mail the hardcopy, 300 seconds.

So, it will take 423 seconds from them.

[vampire]

Tihan-

Do you have any idea, after paying for this entire process, what will be left over for the rest of us?  Any idea at all would be nice.

Thanks

I don't know how to read one of these things, but it looks like it's not that bad. http://www.mvp.co.nz/media/reports/11260+Limited+(In+Receivership)/112603report.pdf

A $472 fee to recover $6,221. I like that.

Here's another example: http://www.mvp.co.nz/media/reports/Water+Systems+Treatment+Specialists+Limited+(In+Liquidation)/watersystems2ndreport.pdf

$472 fee? It's the balance that was after all fees.

$6221 recovered - 3150 receivers fees - 1380 salvage payment - 1219 legal fees = 472 balance to pay to creditors.

[Nefario]

Why is this being posted on the forums? It's something to be sent to and between lawyers. This is just stiring the shit.

Really this SHOULD go to court, not just for the liquidation but for the theft and for other laws broken.

To ask or even expect this jpeg to be signed before the weekend is beyond wishful thinking.

[repentance]

Tihan-

Do you have any idea, after paying for this entire process, what will be left over for the rest of us?  Any idea at all would be nice.

Thanks

Liquidators typically charge $200+ per hour, but they also charge for the time of their support staff.  There is oversight by the Registrar of the Insolvency and Trustee Service and creditors can request review by the Official Assignee if they're really unhappy with the liquidator, but liquidators have considerable liability in respect of the estates they administer so it's not in their professional best interest to pad the charges. 

In this particular instance, there aren't a ton of different assets to be sold, so that part of it should be relatively straightforward.  Verifying the claims might be time-consuming given that the records have had to be reconstructed.  The more co-operative the principals are, the less it's going to cost.

[repentance]

Why is this being posted on the forums? It's something to be sent to and between lawyers. This is just stiring the shit.

Really this SHOULD go to court, not just for the liquidation but for the theft and for other laws broken.

To ask or even expect this jpeg to be signed before the weekend is beyond wishful thinking.

The liquidation and the other matters are separate legal issues.  Failure to liquidate the company can be an offence in itself.  When the liquidator establishes the cause of the company's failure, he is bound to determine if any criminal offences have occurred and refer them to the Serious Fraud Office.

Yes, there are issues which should go to court.  Beginning the liquidation should not be one of them.  The only people who benefit by the liquidation being delayed are those who may be found to have personal liability in respect of Bitcoinica's failure.

[proudhon]

Why is this being posted on the forums? It's something to be sent to and between lawyers. This is just stiring the shit.

Really this SHOULD go to court, not just for the liquidation but for the theft and for other laws broken.

To ask or even expect this jpeg to be signed before the weekend is beyond wishful thinking.

If they're not going to cooperate then I want them to have to publicly state that.  Why these guys are still running around in this community and the project is beyond me.

[jimbobway]

Why is this being posted on the forums? It's something to be sent to and between lawyers. This is just stiring the shit.

Really this SHOULD go to court, not just for the liquidation but for the theft and for other laws broken.

To ask or even expect this jpeg to be signed before the weekend is beyond wishful thinking.

Seems like it is a setup by tseale.  Doesn't seem like they will sign it, just ignore it.

Lotta blame to go around.

[jed]

 Nefario: Do you not think tihan *has* mailed them and many times? He is posting this here so everyone can see how uncooperative these guys are.
There is no reason in the world for them not to sign this. All it says is that they don't want to run the business anymore. And they clearly don't want to.