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Author Topic: HashFast announces specs for new ASIC: 400GH/s  (Read 865013 times)
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June 03, 2014, 06:57:59 PM
 #9701

It counts from the date they were served and they already told the judge they would take every single day allowed.
They should do something today or tomorrow.   If they take bankruptcy, then they only have a certain number of days (I think 15 but maybe 21 again) to produce ALL of the court ordered financials and transaction documents to account for the money.   


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June 03, 2014, 07:14:32 PM
 #9702

They were served the 13 of May, so this is the twenty-first day...
Is there any news about what will happen to HashFast LLC? Apart from the judge saying that he expected it to be putted into bankruptcy as well, I haven't seen anything written.

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
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June 04, 2014, 03:27:27 AM
 #9703

They were served the 13 of May, so this is the twenty-first day...
Is there any news about what will happen to HashFast LLC? Apart from the judge saying that he expected it to be putted into bankruptcy as well, I haven't seen anything written.

Okay, so they moved to convert to Chapter 11.  So at least that's finally completely settled.  They will go into Chapter 11.  But no plan yet.

They say they have over 1,000 people to notify in case - presumably mostly creditors - and are asking the judge to allow them not to notify everybody of everything. They want to limit notice to the court, the lawyers, the companies and people who are named in the suits that have been filed (the "creditors mailing matrix"), its 20 largest creditors, and various government agencies with an interest.  Just sayin'.  I'm pretty sure anything important will appear here.


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June 04, 2014, 04:23:38 AM
 #9704

They were served the 13 of May, so this is the twenty-first day...
Is there any news about what will happen to HashFast LLC? Apart from the judge saying that he expected it to be putted into bankruptcy as well, I haven't seen anything written.

Okay, so they moved to convert to Chapter 11.  So at least that's finally completely settled.  They will go into Chapter 11.  But no plan yet.

They say they have over 1,000 people to notify in case - presumably mostly creditors - and are asking the judge to allow them not to notify everybody of everything. They want to limit notice to the court, the lawyers, the companies and people who are named in the suits that have been filed (the "creditors mailing matrix"), its 20 largest creditors, and various government agencies with an interest.  Just sayin'.  I'm pretty sure anything important will appear here.
I am not sure that means what you think it means.   Let me check.   I would assume they only want to make public the top 20 but everyone needs to be informed in these cases so they can exercise their rights to vote and appoint a committee to represent their interests.


                  ,'#██+:                 
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June 04, 2014, 06:49:59 AM
 #9705

If I understood it correctly, they only want to limit the amount of paperwork they would have to send out every time someone files something.
This is their motion, that was granted: http://hashfast.org/14-30725.38.pdf

And this is them trying to move to chapter 11 without a hearing: http://hashfast.org/14-30725.35.pdf
If they are trying to push a chapter 11 without a hearing I suppose it to be because they don't have a viable chapter 11 plan to present? The part where they paint themselves as saints is funny, though.

I don't see anything substantial here. They took the whole 21 days and did nothing so far, basically.

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
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June 04, 2014, 10:44:09 AM
 #9706

I don't see anything substantial here. They took the whole 21 days and did nothing so far, basically.

It's my understanding there are negotiations behind the scenes.
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June 04, 2014, 12:24:42 PM
 #9707

It's my understanding there are negotiations behind the scenes.
I never doubted that, but those negotiations should have resulted in something that we mere mortals can read by now. And no, I don't like the idea of being excluded by those negotiations. Everything could be happening as far as I know.

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
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June 04, 2014, 02:51:34 PM
 #9708

They were served the 13 of May, so this is the twenty-first day...
Is there any news about what will happen to HashFast LLC? Apart from the judge saying that he expected it to be putted into bankruptcy as well, I haven't seen anything written.

Okay, so they moved to convert to Chapter 11.  So at least that's finally completely settled.  They will go into Chapter 11.  But no plan yet.

They say they have over 1,000 people to notify in case - presumably mostly creditors - and are asking the judge to allow them not to notify everybody of everything. They want to limit notice to the court, the lawyers, the companies and people who are named in the suits that have been filed (the "creditors mailing matrix"), its 20 largest creditors, and various government agencies with an interest.  Just sayin'.  I'm pretty sure anything important will appear here.
I am not sure that means what you think it means.   Let me check.   I would assume they only want to make public the top 20 but everyone needs to be informed in these cases so they can exercise their rights to vote and appoint a committee to represent their interests.

Maybe I missed something but seems to me that the Delaware based Hashfast is notably missing from any mention in these documents.

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June 04, 2014, 05:26:14 PM
 #9709

Maybe I missed something but seems to me that the Delaware based Hashfast is notably missing from any mention in these documents.

That's a good point that should be clarified.
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June 04, 2014, 07:51:38 PM
 #9710

Just to confirm, so they are going into chapter 11 which basically means what?

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June 04, 2014, 08:14:35 PM
 #9711

Just to confirm, so they are going into chapter 11 which basically means what?

It means they are trying to reorganize and continue the business as an ongoing enterprise.  They need to file a plan on how they would do so, and how they would fund themselves in the interim.  We were expecting to see that yesterday but they seem to have failed to file anything of substance.
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June 04, 2014, 08:16:50 PM
 #9712

http://en.wikipedia.org/wiki/Chapter_11,_Title_11,_United_States_Code

They are reorganizing their busness, while maintaining their possesions

1)They do not have to sell everything and divvy it up to creditors

2)They can acquire new loans without paying the old ones off.

3)They are protected from some other litigation

4)They have to propose a plan within 120 days.  Interested creditors can also submit plans.  Then any creditors who are interested can vote on a plan.

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June 04, 2014, 09:01:56 PM
 #9713

Just to confirm, so they are going into chapter 11 which basically means what?

it means instead of mining you get an education in bankruptcy laws...  perhaps that will pay off more in the end

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June 04, 2014, 10:09:37 PM
 #9714

We were expecting to see that yesterday but they seem to have failed to file anything of substance.

Par for the course from them unfortunately.

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June 04, 2014, 10:09:54 PM
 #9715

Just to confirm, so they are going into chapter 11 which basically means what?

it means instead of mining you get an education in bankruptcy laws...  perhaps that will pay off more in the end

 Smiley

Prepare to enter a world of stress
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June 05, 2014, 02:04:51 AM
 #9716


Does anyone know if customers due refunds are still due money after a chapter 11?  or do the little guys just stiffed.

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June 05, 2014, 02:41:57 AM
 #9717

You become a creditor. sucks.

Warning about Nitrogensports.eu
https://bitcointalk.org/index.php?topic=709114.0
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June 05, 2014, 02:45:33 AM
 #9718

You become a creditor. sucks.

better than a poke in the eye!

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June 05, 2014, 04:03:20 AM
 #9719

You become a creditor. sucks.
better than a poke in the eye!
you will become a creditor and you can PM entropy_uc to get information on what you should do to make sure your refund request becomes a registered "claim" against the company.    It is not that complicated and does not require that much effort to ensure you get a fair part of any settlement of the claims.


                  ,'#██+:                 
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             .███████████████;            
                `+███████#,               
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June 05, 2014, 02:11:21 PM
 #9720

You become a creditor. sucks.
better than a poke in the eye!
you will become a creditor and you can PM entropy_uc to get information on what you should do to make sure your refund request becomes a registered "claim" against the company.    It is not that complicated and does not require that much effort to ensure you get a fair part of any settlement of the claims.
only if there is a settlement, beware of signing up with any lawyers, sadly alot of small players will probably have to end up owing the lawyer in the long run due to fees, or get little to nothing back. once the restructuring is completed and minimal sales increase(if any) there might be a chance at reconciliation but sadly, because the involuntary doofs decided to make a decision for everyone, we have to sit a long time to wait for our money, and still probably not get it.
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