OPEN LETTER to Donald, Patrick & Amir RE: Bitcoinica

[repentance]

If they don't sign it, it will take an order of the New Zealand High Court to put Bitcoinica into liquidation.  I'm sure Bitcoinica's creditors will be thrilled about paying lawyers for that.  One way or another, the actions of everyone associated with Bitcoinica are going to be examined by a liquidator sooner or later.  Delaying that process or making it more complicated than it need be ultimately only disadvantages the people who are owed money by Bitcoinica.  Nobody's liability is going to be lessened by delaying the liquidation process.

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[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

$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.

Yep! I knew that when I posted it, but opted to present it as I did to see if anybody else would catch it. There's a whole slew more just like it on the net. I found those via Iain's (iain--not an L) full name in quotes.

Sorry for the ruse, but I wanted the info out there. I truly do like the guy, though.

~Bruno~

[MemoryDealers]

For the record,  I have pleaded with the Intersango trio, both in person to Patrick Strateman,  and electronically to all three of them to sign something like this.
All three of them have refused to date.
I hope they reconsider, and do the right thing.

I still want my 23,000+ Bitcoins back!

[jimbobway]

Side topic:  why is this paper work taking weeks when it should be days?

[Maria]

I still want my 17,000+ Bitcoins back too!

If I get paid in full before the end of 2012, I will DOUBLE my total donation list. The ellet or the magazine are no longer on the list.

Tihan, good luck!

Liberty Maria.

[flower1024]

intersango team does not learn

now they are angry and hiding like childs... just refusing to talk.

would be amusing if no many people (me included) didn't lost that much money.
for me phantomcircuit is the reason why i am not in london now.

[DarkEmi]

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.

Rofl. It was their responsability to claim theft as bitcoinica owners yet they just did nothing

[RicePicker]

Seriously why are these guys still even allowed to talk at the conference in London. These guys should not even be related to bitcoins anymore. I still do not understand who still uses intersango after all this BS.

[repentance]

I think people forget just how much Bitcoinica still owes its users. 

[flower1024]

Seriously why are these guys still even allowed to talk at the conference in London. These guys should not even be related to bitcoins anymore. I still do not understand who still uses intersango after all this BS.

+1
i dont understand it either... there are good alternatives.

[labestiol]

Nobody's liability is going to be lessened by delaying the liquidation process.

This

I think people forget just how much Bitcoinica still owes its users. 

and this...

Come on guys, do what's right for bitcoinica customers, it's never too late.

[Transisto]

On behalf of the Bitcoinica investors and customers, ............

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

NO COMMENT.

[greyhawk]

Seriously why are these guys still even allowed to talk at the conference in London. These guys should not even be related to bitcoins anymore. I still do not understand who still uses intersango after all this BS.

Amir "genjix" Taaki is RUNNING the conference. What do you think he's gonna do: "Oh, hey guy in the mirror, you can't go to the conference you're running." "Damn.   And I so wanted to go too."

[repentance]

Seriously why are these guys still even allowed to talk at the conference in London. These guys should not even be related to bitcoins anymore. I still do not understand who still uses intersango after all this BS.

Amir "genjix" Taaki is RUNNING the conference. What do you think he's gonna do: "Oh, hey guy in the mirror, you can't go to the conference you're running." "Damn.   And I so wanted to go too."

Maybe Patrick's tracked down the hacker/s and will reveal their identity during his presentation.

[muyuu]

For the record,  I have pleaded with the Intersango trio, both in person to Patrick Strateman,  and electronically to all three of them to sign something like this.
All three of them have refused to date.
I hope they reconsider, and do the right thing.

I still want my 23,000+ Bitcoins back!

By refusing, do you mean they have failed to reply or simply that they have replied "no"?

[makomk]

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

Yeah. I actually wonder if this very public request was deliberately timed to be difficult or impossible for the people named to actually fulfil by the deadline stated.

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.

I think getting the legal advice required to make an informed decision about company operations in a completely different country may take a bit longer than 60 seconds.

[BadBear]

Side topic:  why is this paper work taking weeks when it should be days?

For the record,  I have pleaded with the Intersango trio, both in person to Patrick Strateman,  and electronically to all three of them to sign something like this.
All three of them have refused to date.
I hope they reconsider, and do the right thing.

I still want my 23,000+ Bitcoins back!

[repentance]

I think getting the legal advice required to make an informed decision about company operations in a completely different country may take a bit longer than 60 seconds.

They should have obtained legal advice about liquidating the partnership two months ago.  They know that it can be put into voluntary liquidation immediately with their agreement or forced into liquidation without their agreement by court order.  It's not like this issue has only just arisen.  Creditors lose out twice over if the liquidation has to be ordered by the High Court.  Firstly from yet another unnecessary delay, and secondly because all legal costs associated with obtaining that ruling will be deducted from the insolvent estate before distributions to creditors are made.

[El Cabron]

i hope they sign, but then again why would they?

they have nothing to lose at this point and clearly they do not care about the community and the people who lost money or it would have been resolved by now:(

[repentance]

i hope they sign, but then again why would they?

they have nothing to lose at this point and clearly they do not care about the community and the people who lost money or it would have been resolved by now:(

It's not entirely true that they have nothing to lose.  There will be lawsuits regarding Bitcoinica and the findings of the liquidator are bound to be introduced into those proceedings.  It's never a good thing to have evidence that you have failed to act in good faith presented in litigation against you.

The liquidator is obliged to investigate the totality of the circumstances surrounding Bitcoinica's failure.  His investigation will not be limited to what took place between 24 April and 12 July - it will certainly look at the state of the business when Bitcoinica Consultancy assumed control and whether it was on the brink of collapse at that time.  Given the very short life of the company, it is highly probable that it's financial history since it was formed will be reviewed.  People other than the directors can be found to have personal liability in respect of the failure of the business, and to the extent that Bitcoinica Consultancy claims that they were not totally to blame for the failure of Bitcoinica (a stance with which I happen to agree), the liquidator can determine any other parties who may have civil or criminal liability.