HashFast announces specs for new ASIC: 400GH/s

[cedivad]

Judge to adjourn and allow Mr. Sadikis' and group,of creditors to sign off on uses of funds document.  To resume at 3pm today.  May extend to tomorrow.  Referencing documents not in my procession.   Two orders:  1) remain in confidence sources and uses funds documents,  2) group is meeting to review.

Translation please? Who is Sadikis? Can't find him on the creditors list. What is this group reviewing? Funds documents, what's that? A summary of their finances?

[1714793330]

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[1714793330]

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[perezoso]

Judge to adjourn and allow Mr. Sadikis' and group,of creditors to sign off on uses of funds document.  To resume at 3pm today.  May extend to tomorrow.  Referencing documents not in my procession.   Two orders:  1) remain in confidence sources and uses funds documents,  2) group is meeting to review.

Translation please? Who is mr. Sadikis? Can't find him on the creditors list. What is this group reviewing? Funds documents, what's that? A summary of their finances?

I don't know, but I believe that a "sources and uses of funds" document is basically a cashflow statement.  What's coming in, and what's going out.  Except maybe they are using it here in the future tense, as in a plan.  I dunno.  Hopefully we can get an audio file or briefing from Entropy_UC.

On the CRO:  https://en.wikipedia.org/wiki/Chief_restructuring_officer

I assume a Trustee has a binding obligation to report any financial misconduct discovered at the company. If it's a CRO rather than a Trustee, does the CRO have similar obligations?

[cedivad]

I'm waiting for the audio to understand what's going on, but I don't like it. The CRO is a bad joke imho. Since that they came out with it, they certainly won't  present their chapter 11 plan today, so they are gonna make us wait until next week for that. What a bad bad bad joke. Thank you HashFast! Much appreciated.

The result won't change, anyway. They can buy time, dissipate assets, but it won't work.

I'm not even sure to understand why we should give a damn about their current cashflow... Composed basically of Pepperming and VMC...

[perezoso]

Wow, no update yet?

[cedivad]

Wow, no update yet?

6 PM over there and nothing on the damn pacer yet. Meh...

[pmorici]

Who is Sadikis?

He is Hashfast's bankruptcy lawyer

[armyof1ne]

Someone needs to make a new thread with a weekly summary of what's going on with Hashfast or something, this thread is at almost 500 pages and is way too time consuming to follow.

Maybe we should call it "Extreme Makeover Hashfast Edition" or "Hashfast Episode II, A New Hope".

LOL... and then "The Hashfast strikes back... with more failure"

[cedivad]

Alleged debtor my ass. They are paying a $200k retainer to a CRO. How many boards would have they built with that money?

Everything seems to be going on privately, I find it really difficult to understand what's going on.

http://hashfast.org/14-30725.29.mp3

[VinceSamios]

Alleged debtor my ass. They are paying a $200k retainer to a CRO. How many boards would have they built with that money?

Everything seems to be going on privately, I find it really difficult to understand what's going on.

http://hashfast.org/14-30725.29.mp3

Um, they have paid $2500 retainer, not 200k... no wonder you're having difficulty understanding what's going on.

[cedivad]

Um, they have paid $2500 retainer, not 200k... no wonder you're having difficulty understanding what's going on.

Meh... And I listened to it like five times because I couldn't believe it... Did I won something?

[perezoso]

It seems fairly easy to understand to me.  I don't have any extra sources, but listening to the conversation, this is my interpretation:

We're not dealing with the Chapter 11 plan yet.  We're just dealing with the chip sale.  Hashfast is very eager to make this chip sale, of up to 1000 chips (probably VMC or Peppermining, or both).  I assume that is because they desperately need the money.  I don't know, but I can guess, that they might need to meet payroll and/or they need the money to present a remotely credible Chapter 11 plan (pay the lawyers?).

To secure the consent of the creditors to the chip sale plan Hashfast agreed to appoint a CRO.  Gallo suggested the guy, and Hashfast immediately hired him - before the other creditors had actually signed off on Brinko.  So Brinko's assistant has been hired for a few days, but it's not decided that Brinko will actually be the CRO, since all creditors have not agreed.

Assuming that the creditors agreed yesterday afternoon on a price, the judge entered an order permitting them to make the sale.  The CRO question, however is unresolved.  Further, there is no agreed plan, as yet, for how the proceeds of the chip sale will be spent.  That will require another order, apparently, and will require Hashfast's cashflow document.  

So, in sum (my best guess):

1. Hashfast will probably sell "up to 1000" chips at prices the creditors can accept.

2. Hashfast has agreed to hire a CRO, and has hired Brinko (Gallo's suggestion), but Brinko may not stay, since he was not approved by all the creditors.  

3. How Hashfast will spend the money it earns with the sale is undecided (but I bet it will be allocated between payroll, lawyers' bills, and the forthcoming Chapter 11 plan).

4. We're still waiting for the Chapter 11 plan.  

[bkminer]

So IF (big IF) what I was told was true, that the timeline laid out in the posted plan was "on track," and Batch 3 would have been completed shipping by tomorrow, this proceeding has basically halted everything.  Have any Batch 3 customers received anything this month?

As frustrating as this is, I'm sure this was the only way to proceed, even though it means I will receive no equipment and no refund, *sigh* the lure of what LOOKS like good technical ability, I won't fall for that again...  

[perezoso]

So IF (big IF) what I was told was true, that the timeline laid out in the posted plan was "on track," and Batch 3 would have been completed shipping by tomorrow, this proceeding has basically halted everything.  Have any Batch 3 customers received anything this month?

As frustrating as this is, I'm sure this was the only way to proceed, even though it means I will receive no equipment and no refund, *sigh* the lure of what LOOKS like good technical ability, I won't fall for that again...  

The everything that the proceeding halted was the bleed off of the remainder of Hashfast's resources to any of a number of sharks circling it.  And Simon was happy to feed the sharks, oddly enough, as long as he got a piece of the meal that was his own company.

They might have dripped out a few dozen more machines to the small customers over the last couple weeks without the bankruptcy proceeding (probably including my own Batch 2 upgrade board - still not shipped), but these just would have been little pieces of debris breaking off the Hashfast jet as it accelerated in its terminal spin into the wall that Eddie aimed it at.  There's a greater chance of justice, and of economic fairness to all of us doing it this way.

[LittleD]

And you are putting your faith in a "man" that can't even tell a reflection from a spot on a chip and claims to be an engineer. Wow... you guys are up the proverbial shit creek if that's the caliber of intelligence you can bring to bear upon Hashfast.  Good luck!

Wow the trust rating on you - btw, I am curious, how are your own units coming along?  Why is it that now HF and VMC copied your pcie layout?  

Because I was a miner and I know what miners want.  The other companies don't know shit about actual day to day mining and what's the most convenient, since they've never actually done it.

What about my trust rating?  It looks good to me.  Or are you under the mistaken impression the trust rating means something?

Looking around the forums it doesn't appear that bfl's engineers are going to be moving into offices at nasa anytime soon either.

What, you mean other than the fact that our mining chip is more than 2x efficient than any other chip out there?  

Im quoting a customers post on BFL forum
"@BFL_Josh  Well for starters as the COO of the company you could always abide by the law and refund folks when they ask for it. Keeping their money for an extended period of time means you are acting as a fiduciary and must abide by certian regulations. (I was a broker/trader so trust me on this one) Having your own rules that do not support the law will get you in trouble. (Trust me on this one also) Also, deleting peoples posts in a public forum is attempting to exert a level of control on a populous that always back fires. You just fuel the fire.
 In any case You have a hell of mess on your hands. You developed a product that would have been amazing 2-3 months ago. Now it's an overpriced borderline obsolete piece. There are 1, 2 and 3 Th/s machines on the market that are priced cheaper by the Gh/s. You guys are holding on to the efficiency piece which is all you have left imho. I don't think that there is a good solution left for you. Not where you remain solvent anyhow. My advice - Refund to those customer who want it. Today. Deliver to those that are willing to wait, and give them a fair amount of hashing power for their dollars. Not 600Gg/a and a free one or something of the like, but rather what would actually make them some money. You can't offer what they would have gotten if you had delivered in Jan, Feb, Or March, but at least give them a way to make their money and at the same time create some loyal customers out of them. You need a few of those right now.
 So it likes this to me: You have a hot mess with your production, plagued by delays, a class action law suit already formed against you, several smaller individual law suits, and an angry mob of customers who want their products delivered which you can't fullfill. More than likely you also have a ton of customers demanding refunds which you do not have the cash flow to fulfill either.
 Let's see if I'm right and you delete this post. I'm willing to bet a couple Monarch's that you do.  - Oh wait. They don't exist...."

[starsoccer9]

Just got banned from the BFL forums for "spamming" aka posting what peoples options are. I think BFL didnt like my saying sueing them was an option.

[perezoso]

Here's the order:

http://bit.ly/SiSUHd

It's pretty self-explanatory.  

Hashfast's lawyer didn't remove "alleged debtor" like the judge asked him to.

They can sell enough stuff to meet payroll, pay the lawyers, and pay a CRO.  Everybody awaits the reorganization plan.

[perezoso]

Well, I've been informed that the financial situation at Hashfast is perhaps even worse than we have been told or I personally imagined.  I'll leave it to somebody more directly in the know to say it out loud.  If nobody comes by to enlighten us, I'll post what I've heard later.  I'd rather it be less heresay and more from somebody directly present in the bankruptcy proceedings.

[jjiimm_64]

Well, I've been informed that the financial situation at Hashfast is perhaps even worse than we have been told or I personally imagined.  I'll leave it to somebody more directly in the know to say it out loud.  If nobody comes by to enlighten us, I'll post what I've heard later.  I'd rather it be less heresay and more from somebody directly present in the bankruptcy proceedings.

How could it get any worse.....

spill it mister! 

[cedivad]

"where did all the money go?"

[aasl]

Well, I've been informed that the financial situation at Hashfast is perhaps even worse than we have been told or I personally imagined.  I'll leave it to somebody more directly in the know to say it out loud.  If nobody comes by to enlighten us, I'll post what I've heard later.  I'd rather it be less heresay and more from somebody directly present in the bankruptcy proceedings.

just say it. it is better than nothing at all.