HashFast announces specs for new ASIC: 400GH/s

[stan258]

YES PLEASE LET US KNOW ABOUT SMALL ORDERS? What must we do, i also cant read law letters, its confusing me 

Only thing you can do is file the claim.

The only positive thing I can see is they filed in San Francisco California.  Very liberal and very keen on consumer protection. They should have filed in another state like Gox did that's pro big business. Our rep will need to be assertive regarding individual funds compared to institutional funds on the hope he can get a higher percentage of the money back compared to the institutions. This committee is every man for himself.  Their is not enough funds left to go around.  They know HF is dead and they will try to recover as much of their investments or outstanding bills as possible. I have been out of this realm for many years because I hate it.  The representatives may be professionals who have a bonus tired to the funds that they recover.


vokain hammer them on the personal aspect please. 



Creditors' Committee definition:
The secured creditors' committee consists of lenders that have a first claim on assets that collateralize their loans. Members within the unsecured creditors committee generally have more or less power depending on the amount they are owed. Although the court will take into account the position of the creditors' committee, the bankruptcy trustee has ultimate power in deciding what is fair to all parties.
   

[RoadStress]

I got the Chapter 11 claim yesterday.

As I got my units, vaguely on time as compared to their contract, I don't plan to complain at the current time. But I hope all of you guys can recoup something.

I so told you so...

[julz]

Anyone waiting for BJ upgrade kits and not seeing their name on the list?

1 fully paid for (with BTC) upgraded BJ and not seeing myself on the list :/

Same.

[stan258]

File the claim. The list is only WHAT Hashfast is claiming. If they have crap accounting or just lazy beekeeping you wont be on this list.

[vokain]

Did you guys file claims?

Please let them know the small orders represents individual people and the capital investments that was committed was individual not institutional funds. Cdavid is correct. Please request a forensic accountant to look at the books as they moved cap ex between the LLCs which is why they want seperate approach to each.

Edit the chaper 11 LLC may have been paying all of the expenses... Wheres the other LLC is all profit. This is legal to an extent. I can have an shell LLC charge rent to the parent company Or lease a paid off vehicle to pay less taxes. US tax code is what it is.

Noted, I'm in the same boat as you individual small orders, just that I (unfortunately) have a bigger order.

Of course it'll be in all us creditors' best interests to have some serious auditing done to claw back as much of what is due to us as possible.

Again, please file your claims if you have a legitimate claim, so that you can be accounted for.

YES PLEASE LET US KNOW ABOUT SMALL ORDERS? What must we do, i also cant read law letters, its confusing me  

Only thing you can do is file the claim.

The only positive thing I can see is they filed in San Francisco California.  Very liberal and very keen on consumer protection. They should have filed in another state like Gox did that's pro big business. Our rep will need to be assertive regarding individual funds compared to institutional funds on the hope he can get a higher percentage of the money back compared to the institutions. This committee is every man for himself.  Their is not enough funds left to go around.  They know HF is dead and they will try to recover as much of their investments or outstanding bills as possible. I have been out of this realm for many years because I hate it.  The representatives may be professionals who have a bonus tired to the funds that they recover.

vokain hammer them on the personal aspect please.  

Creditors' Committee definition:
The secured creditors' committee consists of lenders that have a first claim on assets that collateralize their loans. Members within the unsecured creditors committee generally have more or less power depending on the amount they are owed. Although the court will take into account the position of the creditors' committee, the bankruptcy trustee has ultimate power in deciding what is fair to all parties.
    

Note to future self: avoid any sort of situation that might invite me to deal with courts of law ever again if at all possible.

Stan, to clarify, when you say "personal aspect" you do mean "small orders represents individual people"? I don't quite follow what you mean by "Our rep will need to be assertive regarding individual funds compared to institutional funds on the hope he can get a higher percentage of the money back compared to the institutions." I'm currently interpreting this that this whole debacle probably hurts individual purchasers more than the individuals of an institution that purchased from HashFast. If so, then of course. The trustee is in SF so like you said, hopefully we stand a good chance of her being as fair as possible to those who suffered most from this

[stan258]

Usually the court has compassion towards individuals who are owed money. If its compared to a company that clears millions in profit. The court may award more funds you're way. 

[armyof1ne]

just a small reminder, the US legal system uses MM/DD/YYYY format vs DD/MM/YYYY there were some people freaking out saying the "time to file has passed" which is obviously not true, hell i didn't get my letter until june 14th... since there really isn't much in the way of options anymore (once again, thanks *insert extreme glaring sarcasm*) it would behoove people to file, you have until 10/6/2014 according to the letter.

[stan258]

Did you guys file claims?

Please let them know the small orders represents individual people and the capital investments that was committed was individual not institutional funds. Cdavid is correct. Please request a forensic accountant to look at the books as they moved cap ex between the LLCs which is why they want seperate approach to each.

Edit the chaper 11 LLC may have been paying all of the expenses... Wheres the other LLC is all profit. This is legal to an extent. I can have an shell LLC charge rent to the parent company Or lease a paid off vehicle to pay less taxes. US tax code is what it is.

Noted, I'm in the same boat as you individual small orders, just that I (unfortunately) have a bigger order.

Of course it'll be in all us creditors' best interests to have some serious auditing done to claw back as much of what is due to us as possible.

Again, please file your claims if you have a legitimate claim, so that you can be accounted for.

YES PLEASE LET US KNOW ABOUT SMALL ORDERS? What must we do, i also cant read law letters, its confusing me  

Only thing you can do is file the claim.

The only positive thing I can see is they filed in San Francisco California.  Very liberal and very keen on consumer protection. They should have filed in another state like Gox did that's pro big business. Our rep will need to be assertive regarding individual funds compared to institutional funds on the hope he can get a higher percentage of the money back compared to the institutions. This committee is every man for himself.  Their is not enough funds left to go around.  They know HF is dead and they will try to recover as much of their investments or outstanding bills as possible. I have been out of this realm for many years because I hate it.  The representatives may be professionals who have a bonus tired to the funds that they recover.

vokain hammer them on the personal aspect please.  

Creditors' Committee definition:
The secured creditors' committee consists of lenders that have a first claim on assets that collateralize their loans. Members within the unsecured creditors committee generally have more or less power depending on the amount they are owed. Although the court will take into account the position of the creditors' committee, the bankruptcy trustee has ultimate power in deciding what is fair to all parties.
    

Note to future self: avoid any sort of situation that might invite me to deal with courts of law ever again if at all possible.

Stan, to clarify, when you say "personal aspect" you do mean "small orders represents individual people"? I don't quite follow what you mean by "Our rep will need to be assertive regarding individual funds compared to institutional funds on the hope he can get a higher percentage of the money back compared to the institutions." I'm currently interpreting this that this whole debacle probably hurts individual purchasers more than the individuals of an institution that purchased from HashFast. If so, then of course. The trustee is in SF so like you said, hopefully we stand a good chance of her being as fair as possible to those who suffered most from this

Individual funds meaning personal assets you used to fund HF orders compared to a large company like Uniquify. Yes the dollar per dollar affect on us as a loss is more harmful and cant be as absorbed as easily. If they claim they have only 5 million left and looks like they didn't put everybody they owed money to on this claim.  

The crazy part about that is technically the orders they didn't add to the claim they will still owe compensation after bankruptcy. If HF knows their wont be a HF after bankruptcy they just do not care. A legitimate company that wants to stabilize after a bankruptcy would have been more attentive to adding all creditors to the filling, pay them off and restructure. I would meet you for lunch if I still worked 2 streets back off Civic Center Bart station.  

[R4v37]

so, whats the good news here...

[armyof1ne]

so, whats the good news here...

Everyone that purchased from them, should be able to whistle from their butt!... it can be entertaining!

[GigaWave]

I'm on the creditors list and have not heard anything. How long ago did you guys receive mail from the court?

I got a letter about 10 days ago.

After receiving this letter, is any action required?

[Legend21]

where can i file my claim? I live in the Netherlands, please someone help me or assist me?? links?? or something?

[BitCoin Operated Boy]

Did you guys file claims?

Yes. I was on original list but adress wasn't full so I filed a claim anyway. I'm from UK

[BitCoin Operated Boy]

where can i file my claim? I live in the Netherlands, please someone help me or assist me?? links?? or something?

Here you go:
https://ecf.canb.uscourts.gov/cgi-bin/autoFilingClaims.pl

You may need to file claim twice as it doesnt process right away. Because of non US address it rejects post code. I typed zip code as CA 00 00

[cedivad]

I was on original list but adress wasn't full so I filed a claim anyway.

You would have need to file a claim even if your address in that list was correct. Everyone needs to do so regardless of the list.

[vokain]

So we sat through ~2 hours of firms pitching their materials this morning and a few hours later, long story short, the majority of us (including me) voted  for Ashley M. McDow of BakerHostetler who will now be representing the creditors' committee as counsel. Tomorrow we are deciding and voting on committee bylaws.

[starsoccer9]

I am a bit curious, so hashfast is at this point more/less dead.

Reading from something that was previously said that hashfast has about 20 million in assets and 15million in more/less debt. Does this mean that about 5million will be dispersed between creditors?

Also for batch one customers who received a batch 1 unit is there any point in filling? I mean at this point they only owe batch 1 customers MPP which is never coming, and I dont expect to get any money for that.

[timmah]

I am a bit curious, so hashfast is at this point more/less dead.

Reading from something that was previously said that hashfast has about 20 million in assets and 15million in more/less debt. Does this mean that about 5million will be dispersed between creditors?

Also for batch one customers who received a batch 1 unit is there any point in filling? I mean at this point they only owe batch 1 customers MPP which is never coming, and I dont expect to get any money for that.

The "debt" that you are referring to is everyone with a valid claim (MPP may be valid or maybe not just depends on how the terms of the MPP were written and what the judge will ultimately decide).  They did not file that they have secured creditors meaning all debt was unsecured, even with their vendors so we are all in the same boat.  There is also more money that can be recovered once everything goes through a fine tooth comb.

So, by doing whatever can be done to make money with existing assets and finding any ill gotten funds will hopefully get more than just the assets.

[cedivad]

So we sat through ~2 hours of firms pitching their materials this morning and a few hours later, long story short, the majority of us (including me) voted  for Ashley M. McDow of BakerHostetler who will now be representing the creditors' committee as counsel. Tomorrow we are deciding and voting on committee bylaws.

Great. What will be your first steps once Ashley is appointed?

[pmorici]

So we sat through ~2 hours of firms pitching their materials this morning and a few hours later, long story short, the majority of us (including me) voted  for Ashley M. McDow of BakerHostetler who will now be representing the creditors' committee as counsel. Tomorrow we are deciding and voting on committee bylaws.

Great. What will be your first steps once Ashley is appointed?

There is a court hearing scheduled for tomorrow (June 27th) where several motions filed by Hashfast will be heard.  The first order of business will be to discuss how to respond to those.