HashFast announces specs for new ASIC: 400GH/s

[defcon23]

hi,
i have 7 babyjets from hashfast to sell.
pm me if interested.
thanx 

[1713560984]

1713560984

[1713560984]

1713560984

[notabtcnuub]

Listening to latest court hearing audio (mp3 attachment in Docket 340), there is $93K in the estate now and $126K coming in imminently.  Since it is in chapter 11 (restructuring), this allows $219K to be split between the administrative claims (more than $1M is due to attorneys) and leaves absolutely nothing for creditors.  Did I understand this correctly?

If this were chapter 7 (liquidation), then would the $222K be split across all creditors including attorneys (attorneys don't get paid first)?

[pmorici]

If this were chapter 7 (liquidation), then would the $222K be split across all creditors including attorneys (attorneys don't get paid first)?

No, the administrative claims would remain and a new set of lawyers would take over appointed by the US government.  Regardless of what path is taken the judge can decide to only allow partial fees if he thinks the lawyers didn't get a great outcome for the creditors.

[notabtcnuub]

Thanks for explaining.

So, what is the difference to creditors between the liquidation trust they keep talking about (staying in chapter 11) vs. changing to chapter 7 and liquidating?  IOW, what value does this liquidation trust being advocated add to the creditors, when it sounds like all hard assets are gone?

If this were chapter 7 (liquidation), then would the $222K be split across all creditors including attorneys (attorneys don't get paid first)?

No, the administrative claims would remain and a new set of lawyers would take over appointed by the US government.  Regardless of what path is taken the judge can decide to only allow partial fees if he thinks the lawyers didn't get a great outcome for the creditors.

[cedivad]

Thanks for explaining.

So, what is the difference to creditors between the liquidation trust they keep talking about (staying in chapter 11) vs. changing to chapter 7 and liquidating?  IOW, what value does this liquidation trust being advocated add to the creditors, when it sounds like all hard assets are gone?

The value of the estate is in the claims, like the one against Marc A Lowe. http://hashfast.org/Marc_A._Lowe
You have an idea of what will happen to those in the next years if you kept the chapter 11 and the current power balances, while you couldn't predict it if you decided to trust the people that would be imposed with the chapter 7.

[pmorici]

So, what is the difference to creditors between the liquidation trust they keep talking about (staying in chapter 11) vs. changing to chapter 7 and liquidating?  IOW, what value does this liquidation trust being advocated add to the creditors, when it sounds like all hard assets are gone?

The current lawyers have identified parties who money can be recovered from for various reasons or erroneous claims which could be disputed.  

For example 'Cypherdoc' the forum user that was pumping Hashfast has been identified and it is know he was paid 3000 Bitcoin to promote the company.  He is still holding 3,000 bitcoin and a lawsuit has been filed against him to have it returned to creditors.  That would be close to a million dollars in recovery right there.

At the same time there are some people who have file questionable claims and those could be disputed which would increase the amount paid out to legitimate claims.

If we vote down the plan and the case converts to chapter 7 we don't know that whomever the court appoints would bother pursuing the claims against people like cypherdoc at all.

[iCEBREAKER]

Motion for Order Allowing Reimbursement of Expenses of Koi Systems

https://cases.processgeneral.com/cases/document/case/5/hashfast-technologies-llc/120879/

Applicants have the burden of proving their entitlement to administrative expenses. The expenditures must benefit the bankruptcy estate as a whole rather than just Applicants.

OK class, who can explain exactly how Koi's expenditures (filing for HF bankruptcy and traveling to SF) have benefited "the bankruptcy estate as a whole?"

Anyone?  Bueller?   

This motion should be denied, and Koi should wait in line like the rest of us for our pennies on the dollar scraps remaining from the lawyers' feast.

Koi should be last in line, not first.  This whole retarded 'OMG WE'LL SUE YOU FOR WINDFALLS' thing was their idea, and they blew it.  Big time.

Actually it was Davide and Pete's idea too, but they weren't dumb enough to spend $50 grand just to destroy a tiny start-up and screw its creditors.

I will try to come up with a solution, i think i will need to call in some favors.

I'm LMAO listening to the latest hearing!  It's a total shit show. 

Koi must be the most incompetent firm in the world.  What a bumbling ship of fools.

The judge is clearly annoyed and exasperated by their ridiculous demand to prioritize Rob's $500/night 5-star hotels and bar tab therein.

BTW, here is where Rob lived it up at the expense of the rest of us creditors:


http://www.omnihotels.com/hotels/san-francisco/dining/bobs-bar

Nice!  Swanky!  Clearly, drinking here provided as many tons of value to the estate as a whole as having Rob physically present for hearings in which he didn't participate.   

Now all they have to do is figure out who represented who and if they got paid, but that appears beyond their limited abilities.   

[cedivad]

iCEBREAKER wonder how much you could recoup there. Are they not suing him as well?

I would. You know, nothing to lose.

[iCEBREAKER]

iCEBREAKER wonder how much you could recoup there. Are they not suing him as well?

Ah good old Bitchnellski.  So completely clueless, as usual.  

Remember when you were begging ASIC companies for free chips?

Why don't you just buy dev kits, like a normal non-freeloading person?

You sure do hold grudges against ASIC firms which deny your stupid failed WASP charity 'collective' products paid for by others.

[iCEBREAKER]

iCEBREAKER wonder how much you could recoup there. Are they not suing him as well?

I would. You know, nothing to lose.

Be nice to wipe that shit eating grin off his face as well right?

Not gonna happen Bitchnellski.   

Even an aggressive panhandler like you should know better than to trust Davide's infamously terrible internet lawyer skills. 

                                              
                                              
                                              
                                              

[iCEBREAKER]

Sue iCEBREAKER... why not indeed.

What about it are they looking into his ill gotten loot?

You are so hilariously clueless.

No wonder your WASP Project never went anywhere.

You are actually stupid enough to think ASIC companies would just give you free dev kits, even though their customers payed for them.   

What a freeloader.  Get a job and buy ASICs if you want some.  Stop expecting the rest of us to carry your poor broke lazy ass.

Hashfast never did anything to you except deny your many, many, many requests for free chips.  Build a bridge and get over it!   

[Bicknellski]

How many more shills will the group try to sue to recoup the HashFast payments to them?

Be interesting to see how many more people are involved. I know that the was a contract for shills to promote HashFast posted it up in the past. Shouldn't be that hard to track these people. Probably subpoena this forum be a good idea the logs will clear show enough.

[Gyrsur]

so any news from/about HashLast and Barber?

[Minor Miner]

I would not be so sure that Icebreaker, (what is his real name? Ralph Crowder? Would have to search the forum to remember) is not shilling for someone.
Are you employed now Ralph?  I thought you were doing IT in the bay area.   Keep shooting your mouth off and I will call your employer with all these posts I have now downloaded and ask him if he approves of this behavior and language.   I will also give him the spreadsheet with the dates and times of your posts to see if they correspond with working hours.

You have provoked me enough to make copies.   Keep pushing and I will take the hour to find your real name from when you were a tech schmuck at HF and then I will look for where I saw that you worked now.

What a waste of a great public education.   I am pissed off that my tax dollars I paid in CA paid for you to obviously, not learn an ounce of class in four years.

You have been warned.   Govern yourself accordingly.

[RoadStress]

 Keep pushing and I will take the hour to find your real name from when you were a tech schmuck at HF and then I will look for where I saw that you worked now.

What a waste of a great public education.   I am pissed off that my tax dollars I paid in CA paid for you to obviously, not learn an ounce of class in four years.

You have been warned.   Govern yourself accordingly.

Would you be able to find out if he received any money from HF for shilling so hard for them?

[dropt]

 Keep pushing and I will take the hour to find your real name from when you were a tech schmuck at HF and then I will look for where I saw that you worked now.

What a waste of a great public education.   I am pissed off that my tax dollars I paid in CA paid for you to obviously, not learn an ounce of class in four years.

You have been warned.   Govern yourself accordingly.

Would you be able to find out if he received any money from HF for shilling so hard for them?

Would be interesting to know.  Although, I have a feeling that iB is so full of himself that any "investment" he deems worthy is the best thing since sliced bread. And, as well know, when iB has an opinion on something, he'll shout it from the rooftops at the tops of his lungs for all eternity and anyone that disagrees is an idiot.  So I imagine that HF would have taken advantage of him as an asset, a pro-HF mouthpiece free of charge.

[iCEBREAKER]

You have been warned.   Govern yourself accordingly.

Nobody cares about your "warnings" (a.k.a. threats) Little Timmy.  Do your coworkers know you try throw your (minimal) weight around online?

I'm sorry you have to live with your parents (or are they in-laws?).  That must suck big time!   

You sound mad bro.  Is it because Koi completely bungled not only its case against HF, but even their Motion for Order Allowing Reimbursement?

Consider getting a therapist and working through your hostility issues.  Your obsession with other people's biographies and personal details is not healthy.

[cedivad]

You have been warned.   Govern yourself accordingly.

I would say that the warning was ignored, and that you can send me the excel that I will format for hashfast.org along with his full name so that I can start a page on him as well.

I certainly wouldn't want to have a psychopath as an employee.

[iCEBREAKER]

You have been warned.   Govern yourself accordingly.

I would say that the warning was ignored

The warning wasn't "ignored."  I responded to it with all the mockery Little Timmy's internet-tough-guy BS deserves.   

[Gyrsur]

so any news from/about HashLast and Barber?

so what is barber doing with his company HF right now?