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Author Topic: BDK.BND Explanation, Value (no IPO)  (Read 1148 times)
Kluge
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January 09, 2013, 06:42:17 PM
Last edit: March 24, 2013, 07:30:17 PM by Kluge
 #1

BDK.BND is being transferred from the GLBSE datasheet to BitFunder. A modified list of who owns what will be sent to BitFunder on January 22nd (includes requested changes to BTC addresses, and removed info for those who didn't want info sent to BitFunder [their units will be paid manually]).

I'm expecting BDK.BND to "re-launch" on January 28th. However, there will be no IPO. This is merely a way for unit-holders to trade their existing debt-notes for immediate BTC, if they so choose. In addition, the transition to BitFunder makes repayment a bit simpler for me.

BDK.BND units, as of this writing (January 9th, 2013), have a FV of .093139BTC/unit. Keep in mind, BDK.BND (which is effectively a personal loan) is in default. It does not accrue interest, and payment amounts will not be regular. I will post here an expected amount to be paid on the 28th of each month, depending on my income and needs. Repayment will NOT be in the form of buying back bonds, but will instead be in the form of those payments ("dividends") on the 28th of each month. Thus, when a dividend is paid, it reduces the FV of BDK.BND. There is no longer valid expiration or contract regarding BDK.BND, outside of "the .093139BTC/unit will eventually be paid back."

Optimistically, I'll have BDK.BND fully paid off by the end of 2013. Pessimistically, by the end of 2014. It could be anywhere between and possibly even in the future, though. Aside from BDK.BND unit-holders being paid off on January 28th under special conditions, BDK.BND will be "perpetual" in the sense that I intend to make small "tithes" to BDK.BND unit-holders after the FV is paid off. There are absolutely no guarantees on what those amounts may be, nor regularity. It's an apology for making unit-holders have to go through all this.

-----------

Current Face Value (03/24/13) : 0.0911477753BTC/unitBTC/unit
Dividends held in reserve (set aside, waiting to be paid out): $0
(*NOTE* When dividends are paid, FV decreases!)

March 28th expected payment: $319.70 ($180.30 already paid)

If you have questions about the offering, ask me directly (see forum profile for Skype info), but please don't purchase BDK.BND units if you still have unanswered questions. If there are enough of the same questions, I'll make a FAQ.

Local rules: No posts in this thread permitted other than mine (but I don't want it locked). This thread is strictly information-only, and the "contract" section on BitFunder will link here.
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Kluge
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January 19, 2013, 01:18:56 AM
Last edit: March 03, 2013, 11:02:04 AM by Kluge
 #2

Updated OP to reflect sale of Icarus boards, added some info and gave a projection for February.

It's currently expected that $800 equiv in BTC will be paid on the 28th of February, March, and April. In May and beyond, ~$2.5k will be paid on the 28th of each month. No longer valid. See below.
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March 03, 2013, 11:18:12 AM
 #3

March 3rd Update:

Revised payment plan was released to unit-holders of more than 10 BDK.BND units. There will now be a more "flat" payment plan which is more in line with reality. $500/mo minimum payment for next two months, $1,500 each month after if hired on as explained in Feb 28th email update. Only minimum payments will likely be paid until around the end of 2013 to beginning of 2014. After that time, there will likely be significantly higher payments when the BTC price "seems cheap." Should BTC price remain as-is, I won't have this fully paid off probably until 2015-2016.

Currently, there are withheld payments of ~26.8BTC from cash on hand after higher-priority debts were paid. There is an additional $500 USD being withheld from the February 28th payment date, so ~$1350 total waiting to be paid. I'm waiting on Ukyo/Jon from BitFunder, ATM. I turned over the claims sheet, but Nef sent me the data in a different format than he sent others'... I'm not sure if that's what's causing the delay since Ukyo hasn't been replying to me on Skype. If March 28th comes and goes without anything from BitFunder, I'm planning on just doing sendmany transactions for payments. Assuming no launch on BitFunder, there should be a total dividend distributed equal to 26.8BTC + $1000 equiv either at the very end of March, or early April (given my work schedule, it'd probably be between March 30th and March 31st). Should I not list on BitFunder, there is no reason for this thread and it will be locked.

I was unable to get my usual person to regularly sell me BTC in the amount I want for SharedBranchingUSD at CUs. If anyone else in the US has a CU participating in shared branching, a very high reputation (or willingness to send first), and wants to regularly sell me BTC OTC with a minimal (or nonexistent) fee, PM/email/Skype me, please. (I'm generally only around 0-1 hour per day unless it's Saturday night or Sunday morning, in case you message me and wonder if I'm ignoring you)
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March 24, 2013, 07:27:11 PM
 #4

First payment to holders of >10 units sent. 26.76BTC from "Cash on Hand," and an additional 10BTC payment coming from amount owed for February/March. $319.70 still owed for March 28th.

Previous Face Value = .093139BTC/unit
Payment per Share = 0.0019912247BTC
Current Face Value = 0.0911477753BTC/unit

ETA: Removed [BitFunder] tag given it will not be used. However, holders have been provided an appropriately-kludgey method of trading units semi-anonymously amongst themselves via email.
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March 27, 2013, 11:35:09 AM
 #5

Second payment made. 34BTC @ $86.9 GoxLast, covering mandatory minimum payments until September. March, April, May, June, July, August covered - $134.90 credit toward September.

Previous Face Value = 0.0911477753BTC/unit
Payment per Share = 0.0018417204BTC
Current Face Value = 0.0893060549BTC/unit
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