HashFast announces specs for new ASIC: 400GH/s

[cedivad]

No. Among many other things, undercapitalisation is a reason to pierce the corporate veil; iow, hold the people directly and personally responsible for the company's liabilities.

And that must have something to do with the people claiming to be broken, not to have enough to pay for the expenses of his family, and at the same time taking a month long vacation at the opposite side of the world.

[RoadStress]

Is the law that permissive?

No. Among many other things, undercapitalisation is a reason to pierce the corporate veil; iow, hold the people directly and personally responsible for the company's liabilities.

Good. Now let's see that going in court!

[iCEBREAKER]

You guys are getting to aggressive. They weren't that incompetent.

So the US law lets companies that can't ship stuff to customers to increase the salaries of the whole management without a reason? If that's the case then what's holding companies to issue a $1M or $10M wage per month for the management? Give that wages and in 2 months you declare bankruptcy. Is the law that permissive?

Your aggressive herp-derp interrogations are amusing, because all the answers to your questions have already been provided.

If you would bother listening to the court hearings, you wouldn't have to look like an ignoramus under the delusion that he's asking tough questions!  

[RoadStress]

You guys are getting to aggressive. They weren't that incompetent.

So the US law lets companies that can't ship stuff to customers to increase the salaries of the whole management without a reason? If that's the case then what's holding companies to issue a $1M or $10M wage per month for the management? Give that wages and in 2 months you declare bankruptcy. Is the law that permissive?

Your aggressive herp-derp interrogations are amusing, because all the answers to your questions have already been provided.

If you would bother listening to the court hearings, you wouldn't have to look like an ignoramus under the delusion that he's asking tough questions!  

I have something more important to do with my free time than hear some court hearing for a scam fail and bankrupt company. I was interested in the regular US law. As usual you are avoiding answering at sensitive questions. Do you consider fair that a company that can't deliver its shit to increase its manager's wage? Do you?

[jjiimm_64]

soo..... I haven't been here for about a month..  judging from the last few posts.. not much has happened...

Well at least I can take a tax write off... huge loss this year for a bitcoin miner involved in hashfast!!!

[iCEBREAKER]

Your aggressive herp-derp interrogations are amusing, because all the answers to your questions have already been provided.

If you would bother listening to the court hearings, you wouldn't have to look like an ignoramus under the delusion that he's asking tough questions!  

I have something more important to do with my free time than hear some court hearing for a scam fail and bankrupt company. I was interested in the regular US law. As usual you are avoiding answering at sensitive questions. Do you consider fair that a company that can't deliver its shit to increase its manager's wage? Do you?

The CTO is not a "manager" and since he's the brains behind their product, yes, I consider it fair to pay a market-based wage that will retain him.  And the court agrees with me.  

So now your aggressive questions are "sensitive?"  Oh brother...

If you going to bark out long streams of inquiry, then insult the person considerate enough to repeat the answers already provided in this thread or in court transcripts, you can expect that person to stop being nice enough to provide further responses to your interrogations.

[Ilan123]

No company would increase staff / management pay when It is struggling with cash flow and can not deliver product to customers as they should, unless they are trying to squeeze as much money out of a business as possible before it goes bust! This is wrong in every sense and I am surprised people are not in jail already over this incompetence / theft / embezzlement call it what you may but it wasn't the ethical thing to do and I still haven't got any money back yet! Should this case really need to drag out this long!!! What the heck is going on? Beggars belief

[iCEBREAKER]

No company would increase staff / management pay when It is struggling with cash flow and can not deliver product to customers as they should, unless they are trying to squeeze as much money out of a business as possible before it goes bust! This is wrong in every sense and I am surprised people are not in jail already over this incompetence / theft / embezzlement call it what you may but it wasn't the ethical thing to do and I still haven't got any money back yet! Should this case really need to drag out this long!!! What the heck is going on? Beggars belief

Retaining the key person behind the company's product is a valid reason to raise their wage to the prevailing market rate.

Having the CTO responsible for their only product leave for financial reasons isn't in anyone's interest.

That's why the Judge let it pass.

There was no "incompetence / theft / embezzlement" so do yourself a favor and free your mind of that harmful delusion.

This isn't hard to understand, once you stop jerking your knee and assuming you know better than those in possession of all the facts.

[Minor Miner]

There was no "incompetence / theft / embezzlement" so do yourself a favor and free your mind of that harmful delusion.

There has been no real investigation to prove that one way or the other.   Personally, I think the MOST interesting assets in this auction will be the estate's claim rights.   These rights to go after any recoveries different people actually owe the estate for money they have taken that they should not have.
Perhaps we all should pool some money together and see how high the bidding goes by individuals that want to bid on the claims directed at themselves?   You do not have to prove embezzlement in order to win a judgement against someone as owing money to the estate....

For people interested on bidding on these assets as a group, please PM me and let me know how much money you would be interested in bidding.   

[bitndx]

can anyone post the date of the auction and and any details on bidding? It is time to put this lame horse down

[itod]

can anyone post the date of the auction and and any details on bidding? It is time to put this lame horse down

Exactly. All these trolling in this thread and not a single post where exact dates of legal proceedings, one by one, with corresponding conclusions reached by the court and other interested entities can be found. Can someone please log what was/is happening? Disproportion of how many people have interest in this, and how few useful info can be found is amazing.

[pmorici]

can anyone post the date of the auction and and any details on bidding? It is time to put this lame horse down

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

That information along with every other public document and audio from the case is available on the creditor's information website.

For the auction details look under documents and check out the document labeled Docket222.pdf  It looks like the date is Dec 4th 2014 @ 10:00 in a location in San Francisco TBD.  Procedures for bidding and the items up for auction are also listed.

[pmorici]

Exactly. All these trolling in this thread and not a single post where exact dates of legal proceedings, one by one, with corresponding conclusions reached by the court and other interested entities can be found. Can someone please log what was/is happening? Disproportion of how many people have interest in this, and how few useful info can be found is amazing.

You mean like the website with exactly all that information that has been posted here and also sent via snail mail to all the creditors?

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

[bitndx]

can anyone post the date of the auction and and any details on bidding? It is time to put this lame horse down

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

That information along with every other public document and audio from the case is available on the creditor's information website.

For the auction details look under documents and check out the document labeled Docket222.pdf  It looks like the date is Dec 4th 2014 @ 10:00 in a location in San Francisco TBD.  Procedures for bidding and the items up for auction are also listed.

Thanks!

[notabtcnuub]

+1 Thanks for the link.

Can someone with knowledge for the American legal system explain what in Docket 222.pdf, item e) in Exhibit 1 (Assets to be Sold) is?

It reads "Claims and causes of action against Simon Barber, including preference, fraudulent transfer, and breach of fiduciary duty claims."   Is this really an asset of Hashfast that has value for an auction?

can anyone post the date of the auction and and any details on bidding? It is time to put this lame horse down

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

That information along with every other public document and audio from the case is available on the creditor's information website.

For the auction details look under documents and check out the document labeled Docket222.pdf  It looks like the date is Dec 4th 2014 @ 10:00 in a location in San Francisco TBD.  Procedures for bidding and the items up for auction are also listed.

Thanks!

[dbkeys]

+1 Thanks for the link.

Can someone with knowledge for the American legal system explain what in Docket 222.pdf, item e) in Exhibit 1 (Assets to be Sold) is?

It reads "Claims and causes of action against Simon Barber, including preference, fraudulent transfer, and breach of fiduciary duty claims."   Is this really an asset of Hashfast that has value for an auction?

can anyone post the date of the auction and and any details on bidding? It is time to put this lame horse down

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

That information along with every other public document and audio from the case is available on the creditor's information website.

For the auction details look under documents and check out the document labeled Docket222.pdf  It looks like the date is Dec 4th 2014 @ 10:00 in a location in San Francisco TBD.  Procedures for bidding and the items up for auction are also listed.

Thanks!

As odd as it sounds, legal claims have value. You can "buy  the position" of a creditor or a claimant, and pursue those claims legally. In the end, you might win something, so the legal claim has value. But only you can determine what value such a claim has to you.

[dbkeys]

I don't believe for a second that piles of the fastest 28nm Bitcoin ASIC ever made sat around collecting dust until they're worthless.

Believe it or not, that's exactly what happened and is still happening, thanks to the monumentally ill-advised and self-defeating move of getting courts and lawyers involved.  Some chips are being held hostage by Uniquify/Signetics, with many still in wafers.  

As many predicted, the creditor committee has been about as effective as a car with five steering wheels.  

Yikes ... as usual, the only ones who win for sure, when lawyers are involved... the lawyers  

[Minor Miner]

+1 Thanks for the link.
Can someone with knowledge for the American legal system explain what in Docket 222.pdf, item e) in Exhibit 1 (Assets to be Sold) is?
It reads "Claims and causes of action against Simon Barber, including preference, fraudulent transfer, and breach of fiduciary duty claims."   Is this really an asset of Hashfast that has value for an auction?

If you are a shareholder of a company and you took a salary while that company was seriously undercapitalized, all the money you were paid could be claimed back by the estate.  Any cash you or your family took out of the business could be claimed back by the estate.
If you believe that HF did not honestly waste $20M worth of revenue and that millions of dollars were given to friends and family (and if you think you can get that money back with a court order), then these claims would be worth something to you.

Or, if you want to make sure that Simon has to pay up at the auction to buy back the claim on himself then you should register as a bidder.   
I find this the most interesting asset at the auction.   

I would appreciate it if Pete could direct us to all the 1099s issued by HF (by law any payment over $600 per year MUST be issued a 1099 if they are not issued a W2) because I would think there are lots of interesting claims to bid on and then pursue.   First, you need to run asset checks on all the people to see what you can seize after you get your judgement against them.

Some judgments allow you to garnish their wages (up to 25%) for life (or until they pay you off).   We can thank the health care lobby (and the payday loan lobby) for getting those laws loosened up.

It really becomes interesting to think about how much someone who was a shareholder would bid to get their own claim back.   Even if there is NO other money you received from the company other than your salary, there is a chance that all your salary would have to be re-paid because you never put enough equity in the company to allow you to rightfully draw that salary.    So, if you received $250,000 in pay from HF and were Simon, how much would you bid to make sure some asshole did not buy the claim and get a judgement against you?   You would need to pay lawyers too so would simon bid MORE than he is liable for?   Interesting to try and figure out how people think about these things.

[stan258]

File the asset recovery claim in Clark County Nevada. You can file an extention every 5 Years until they pay up so limiting statutes of limitations also court will put a warrant and extradite at no cost as the county has a exterdition contract service.  If you don't get a resolution in payments. If the sum is large enough they will pick you up overseas.  It's from the casino's that we have this structure here. 

[defcon23]

 Pwewww... it's really is a long and sad story ..
I just would be really happy when simon barber and is  associated will be put in jail..
what a pity...  i really hope that's happend..