[Smidge.Com] - A virtual, actively managed, multi-asset digital currency fund

[Smidge]

What about any "fair" market price possibily reached into 2-3 months?
The fund will be closed already.

Hi ft73,

We will still be handling the distribution of funds to the then ex-shareholders. We made the decision to close the fund and cannot wait for a (more or less up in the air) listing of some security with this. I hope you understand this. But once it happens, we will take care of things as promised.

I'm glad you appreciate my feedback.
I was very cautios till now, too much actually, leaving things go from bad to worse.

To be sincere, i completely miss the "care" applied to both fund performance and current wind down.
What i see is shareholders spoiled and then put into a corner, with the fund closure notice.

I hope no scamming is involved, but the way you are operating is indeed suspect to me (especially the hurry), so i definetely won't exclude scamming until some proof.

Keeping an eye on this.

There are a lot of (possible) scams out there, and everyone is very sensitized on anything that does not go "according to plan". I understand that and I am in the same situation quite often. But it is not our fault that the BTC/LTC stock markets and the exchanges more or less imploded. Investors were able to cash out at any time during the funds operation. Nevertheless, we have already paid out more than 70% of all investors and are taking care of things.

Edit: Regarding the "hurry", we estimated the buybacks of all shares to progress rather slowly. This is why we even increased the timeframe to Dec 31st. Because more than two thirds of shares have been processed in two days, we decided to shorten it to Dec 9th, but still comply with the 30 day timeframe stated in the contract. No hurry at all.

[Vexual]

Your spreadsheet subtracts the current week management fee from NAV, are you using this calculation for your buybacks?

Can you answer this?

Edit: Regarding the "hurry", we estimated the buybacks of all shares to progress rather slowly. This is why we even increased the timeframe to Dec 31st. Because more than two thirds of shares have been processed in two days, we decided to shorten it to Dec 9th, but still comply with the 30 day timeframe stated in the contract. No hurry at all.

You changed the date to dec 9 on nov 17, so thats not 30 days.
The plan is so vague and inconsistent, yet you call on the very part of the contract that states it is to be handled in a clear and defined manner.

You have deleted the contract from the public record and depart from it at every opportunity.
It is becoming increasingly difficult to accept that nothing underhanded is going on.

[Smidge]

Hi Vex,

Can you answer this?

The mgmt fee has never, ever been paid out to mgmt. It has been reinvested to increase the fund NAV for all shareholders since day 1. This will of course be continued until the wind down is complete.

You changed the date to dec 9 on nov 17, so thats not 30 days.
The plan is so vague and inconsistent, yet you call on the very part of the contract that states it is to be handled in a clear and defined manner.

You have deleted the contract from the public record and depart from it at every opportunity.
It is becoming increasingly difficult to accept that nothing underhanded is going on.

wat?

The announcement for closure was made on Nov 10th, that is why Dec 9th is precisely 30 days.

Also, your accusations posted here are annoying to say the least. The contract is being followed precisely and we are doing everything to pay out all shareholders, wind down is almost 90% complete as of today.

[Vexual]

The mgmt fee has never, ever been paid out to mgmt. It has been reinvested to increase the fund NAV for all shareholders since day 1. This will of course be continued until the wind down is complete.

I'm not saying it's been paid to management, but NAV calculated on your spreadsheet, subtracts the management fee.
If you are using this calculation from the spreadsheet for the buy back price, then the management fee is effectively being charged for the last week.
Yes, it is returned to the fund, to the disadvantage of those investors who have politely cashed out at your request.

The announcement for closure was made on Nov 10th, that is why Dec 9th is precisely 30 days.

Also, your accusations posted here are annoying to say the least. The contract is being followed precisely and we are doing everything to pay out all shareholders, wind down is almost 90% complete as of today.

Then you changed the date. The contract calls for a defined timeline.

[Smidge]

The mgmt fee has never, ever been paid out to mgmt. It has been reinvested to increase the fund NAV for all shareholders since day 1. This will of course be continued until the wind down is complete.

I'm not saying it's been paid to management, but NAV calculated on your spreadsheet, subtracts the management fee.
If you are using this calculation from the spreadsheet for the buy back price, then the management fee is effectively being charged for the last week.
Yes, it is returned to the fund, to the disadvantage of those investors who have politely cashed out at your request.

No disadvantage whatsoever, as the mgmt fee is not deducted (never has been).

The announcement for closure was made on Nov 10th, that is why Dec 9th is precisely 30 days.

Also, your accusations posted here are annoying to say the least. The contract is being followed precisely and we are doing everything to pay out all shareholders, wind down is almost 90% complete as of today.

Then you changed the date. The contract calls for a defined timeline.

Because more than two thirds of shares were bought back in the first two days. It's still precisely the defined 30 day timeline.

[Vexual]

No disadvantage whatsoever, as the mgmt fee is not deducted (never has been).

NAV=SUM(G14:G30) , where G30 is a negative value, the management fee.
Is this public spreadsheet the one you use for your fund accounting?

[kandelawa]

Hi,

As already pointed out several times before, all shares will be liquidated as soon as there is a fair market price for them. This is a separate process from the wind down that we are currently doing.

As soon as ActiveMining and Ciphermine are tradeable again, we will also liquidate those positions and return the proceeds to the respective owners, which are our shareholders. Also, it does not make sense to hold shares until the last day, as the handling of the currently untradeable securities will be processed separately, as explained.

So that means, that the shareholders, who give back there smidgeshares, will get some additional BTC back, when selling the activminingshares, which can't be executet at the moment?

[alexius89]

Correct

[ft73]

So still waiting? Whats happens With the shares rated Art 0

Still waiting.

[Smidge]

So still waiting? Whats happens With the shares rated Art 0

Still waiting.

Nope:

So still waiting? Whats happens With the shares rated Art 0

Hi,

As already pointed out several times before, all shares will be liquidated as soon as there is a fair market price for them. This is a separate process from the wind down that we are currently doing.

As soon as ActiveMining and Ciphermine are tradeable again, we will also liquidate those positions and return the proceeds to the respective owners, which are our shareholders. Also, it does not make sense to hold shares until the last day, as the handling of the currently untradeable securities will be processed separately, as explained.

Which is also the answer to:

So that means, that the shareholders, who give back there smidgeshares, will get some additional BTC back, when selling the activminingshares, which can't be executet at the moment?

[Vexual]

What's happening with CIPHERMINE dividends?

[ft73]

What's happening with CIPHERMINE dividends?

Yes, i'm interested too.

[Smidge]

What's happening with CIPHERMINE dividends?

Yes, i'm interested too.

Hi,

Of course, the before posted process also includes dividends. Which means: Any dividends paid by the securities CM and ActM will be included proportionately when the proceeds from their sale are paid out.

[razerrr]

New informations?

[razerrr]

New informations?

Aaaaaaaaaaaaaaaaand again.
New informations?

[Smidge]

New informations?

Aaaaaaaaaaaaaaaaand again.
New informations?

Hi razerrr,

What kind of information do you expect?

[razerrr]

New informations?

Aaaaaaaaaaaaaaaaand again.
New informations?

Hi razerrr,

What kind of information do you expect?

Are there any shares you hold at this time, which will be liquidated in the future or is the prozess completed and no shareholder will get anything anymore?

[Smidge]

New informations?

Aaaaaaaaaaaaaaaaand again.
New informations?

Hi razerrr,

What kind of information do you expect?

Are there any shares you hold at this time, which will be liquidated in the future or is the prozess completed and no shareholder will get anything anymore?

Pls PM me once there are tradeable shares out there (ActM, CM) to work out a process for that.

[ft73]

Smidge is active on official Ciphertrade thread (reference: https://litecointalk.org/index.php?action=profile;area=showposts;u=15822) and actually trying to withdraw LTC assets.
i'm expecting him to update this thread soon, in order to give clarifications about liquitadion of LTC assets pertaining to this fund.
So far he didn't reply to my PM.

[freedomno1]

Smidge is active on official Ciphertrade thread (reference: https://litecointalk.org/index.php?action=profile;area=showposts;u=15822) and actually trying to withdraw LTC assets.
i'm expecting him to update this thread soon, in order to give clarifications about liquitadion of LTC assets pertaining to this fund.
So far he didn't reply to my PM.

I sent him a PM on that back in June also asked about the activemining lawsuit at that time and did not get a reply
It's good to know that he is trying to do something with those coins now though, since Ciphermine and Activemining were the wildcards worth noting.