HashFast announces specs for new ASIC: 400GH/s

[MrTeal]

Went to attend the HashFast auction only to find that there was no auction or it had been moved to another location.  My bid was denied as not qualified.

Did you put up the 10% deposit?

[duncwa]

Went to attend the HashFast auction only to find that there was no auction or it had been moved to another location.  My bid was denied as not qualified.

Did you put up the 10% deposit?

Nope.  Because my bid was denied there was no need for me to remit a deposit.  The attorney at Four Embarcadero was in no way connected to the law firm where the auction was to be held.  They were allowing Siddiqui and company to use there conference room to perform the auction. 

[starsoccer9]

My bid was not considered a qualified bid. Even tho in an email I was told a 10% deposit would not be required for my bid.

[raskul]

a qualified bid = a certain amount, or some other reason?

[perezoso]

C'mon folks, I gotta know.  How much did claims against Simon Barber go for, and who bought them?

Legal paperwork I got in the mail, slightly glanced at, and then thrown in the recycling indicated around $700,000 in attorney's fees, roughly equal from both sides, although the envelope from the HF lawyer was so thick that it barely fit in a conventional American mailbox.  I'd guess 400 pages.  If the paper had been slightly more absorbent, I might have saved it to place beside the toilet.  But, unfortunately, it wasn't even good for that.

[iCEBREAKER]

is there any document stating how the revenue of the auction will be distributed?

33% to defendants' lawyers
33% to plaintiffs' lawyers
33% to govt lawyers
1% to taxes & fees

[raskul]

is there any document stating how the revenue of the auction will be distributed?

33% to defendants' lawyers
33% to plaintiffs' lawyers
33% to govt lawyers
1% to taxes & fees

that would be almost humorous if it wasn't true. 

[stan258]

C'mon folks, I gotta know.  How much did claims against Simon Barber go for, and who bought them?

Legal paperwork I got in the mail, slightly glanced at, and then thrown in the recycling indicated around $700,000 in attorney's fees, roughly equal from both sides, although the envelope from the HF lawyer was so thick that it barely fit in a conventional American mailbox.  I'd guess 400 pages.  If the paper had been slightly more absorbent, I might have saved it to place beside the toilet.  But, unfortunately, it wasn't even good for that.

Oh Shit 400 Pages! I have been busy with work, I havent checked my mail in over 2 weeks.  F***.

[smoothie]

C'mon folks, I gotta know.  How much did claims against Simon Barber go for, and who bought them?

Legal paperwork I got in the mail, slightly glanced at, and then thrown in the recycling indicated around $700,000 in attorney's fees, roughly equal from both sides, although the envelope from the HF lawyer was so thick that it barely fit in a conventional American mailbox.  I'd guess 400 pages.  If the paper had been slightly more absorbent, I might have saved it to place beside the toilet.  But, unfortunately, it wasn't even good for that.

Oh Shit 400 Pages! I have been busy with work, I havent checked my mail in over 2 weeks.  F***.

563 pages lol

[stan258]

C'mon folks, I gotta know.  How much did claims against Simon Barber go for, and who bought them?

Legal paperwork I got in the mail, slightly glanced at, and then thrown in the recycling indicated around $700,000 in attorney's fees, roughly equal from both sides, although the envelope from the HF lawyer was so thick that it barely fit in a conventional American mailbox.  I'd guess 400 pages.  If the paper had been slightly more absorbent, I might have saved it to place beside the toilet.  But, unfortunately, it wasn't even good for that.

Oh Shit 400 Pages! I have been busy with work, I havent checked my mail in over 2 weeks.  F***.

563 pages lol

  

[starsoccer9]

http://arstechnica.com/business/2014/12/mysterious-politician-steps-in-to-buy-bitcoin-startup-hashfasts-assets/

guess we can all buy more boards or wait for our small refund

[raskul]

http://arstechnica.com/business/2014/12/mysterious-politician-steps-in-to-buy-bitcoin-startup-hashfasts-assets/

guess we can all buy more boards or wait for our small refund

that's just a total farce.

[cedivad]

guess we can all buy more boards or wait for our small refund

Code:

# python
Type "help", "copyright", "credits" or "license" for more information.
>>> 400-700 > 0
False

[ninjarobot]

So Guido bought everything? Isn't that Eduardo's buddy?

Such a move baffled the veteran bankruptcy judge, Dennis Montali.
"What troubled me was to read that Mr. Ochoa will allow the debtor to buy mining boards?" he said from the bench.
"This is like a patient that is going to die from three different things and now you're suggesting a fourth surgery," he added. "Now they want to do a hip transplant? Why?"

What is going on?

[vokain]

Shortly before the hearing adjourned, Montali expressed his puzzlement in the entire affair and wondered why the company simply didn't just convert its Chapter 11 bankruptcy protection into a Chapter 7, which allows a company to liquidate under American bankruptcy law.

"The observation that I’ve had since Day 1: I've expressed the unusualness of this new business called Bitcoin coming into our old familiar bankruptcy world, and I find it beyond belief that someone who understands Bitcoin wouldn't have the slightest interest under the bankruptcy code," Judge Montali said. "I'm going to defer to the judgement of the committee and the judgement of the debtor."

Weren't we first converted from chapter 7 to chapter 11?

[armyof1ne]

Shortly before the hearing adjourned, Montali expressed his puzzlement in the entire affair and wondered why the company simply didn't just convert its Chapter 11 bankruptcy protection into a Chapter 7, which allows a company to liquidate under American bankruptcy law.

"The observation that I’ve had since Day 1: I've expressed the unusualness of this new business called Bitcoin coming into our old familiar bankruptcy world, and I find it beyond belief that someone who understands Bitcoin wouldn't have the slightest interest under the bankruptcy code," Judge Montali said. "I'm going to defer to the judgement of the committee and the judgement of the debtor."

Weren't we first converted from chapter 7 to chapter 11?

Well, technically no, an involuntary petition was put in to try to put them into chapter 7, and if they didn't respond in time, they would have been put into chapter 7... however, they responded and apparently proved solvency... which allowed them into chapter 11.

it was a bold move to do that, but apparently some people had it in their head it was the only move, they will defend their actions til they are blue in the face, but it was a bad decision, especially when they didn't know all the cards on the table... old news i suppose... nothing to be done now but wait to get less than 1% of what we paid back... i mean 0% sorry, typo

[pmorici]

Shortly before the hearing adjourned, Montali expressed his puzzlement in the entire affair and wondered why the company simply didn't just convert its Chapter 11 bankruptcy protection into a Chapter 7, which allows a company to liquidate under American bankruptcy law.

"The observation that I’ve had since Day 1: I've expressed the unusualness of this new business called Bitcoin coming into our old familiar bankruptcy world, and I find it beyond belief that someone who understands Bitcoin wouldn't have the slightest interest under the bankruptcy code," Judge Montali said. "I'm going to defer to the judgement of the committee and the judgement of the debtor."

Weren't we first converted from chapter 7 to chapter 11?

    Yup, anyone looking for a summary of what has happened so far this is my take...  

    After being forced into chapter 7 Hashfast delayed for a month then filed a motion asking the judge to convert the case to chapter 11 which they are entitled to do under bankruptcy law.  Hashfast wanted to transfer all the valuable assets of the company to a new company for a token payment and leave all the liabilities ie: money owed to the customers with the bankrupt entity.  They were calling this the "Liquidbits deal" and that would have only been possible to push through under chapter 11 since under chapter 7 the existing management would have lost all control.  The creditors opposed that because it would have left us customers with exactly $0 and only paid the lawyers and a few key insiders.  Based on this the creditors were able to get a CRO appointed which removed decision making control from the HF management and put it in the hands of a third party who pursued a strategy of selling off the assets.  At this point as the article notes most of the assets have been sold except for some chips.  What's left is to pursue what they call "avoidance, preference, and fraudulent conveyance" actions.  That is what you will see happening next.

[vokain]

Shortly before the hearing adjourned, Montali expressed his puzzlement in the entire affair and wondered why the company simply didn't just convert its Chapter 11 bankruptcy protection into a Chapter 7, which allows a company to liquidate under American bankruptcy law.

"The observation that I’ve had since Day 1: I've expressed the unusualness of this new business called Bitcoin coming into our old familiar bankruptcy world, and I find it beyond belief that someone who understands Bitcoin wouldn't have the slightest interest under the bankruptcy code," Judge Montali said. "I'm going to defer to the judgement of the committee and the judgement of the debtor."

Weren't we first converted from chapter 7 to chapter 11?

    Yup, anyone looking for a summary of what has happened so far this is my take...  

    After being forced into chapter 7 Hashfast delayed for a month then filed a motion asking the judge to convert the case to chapter 11 which they are entitled to do under bankruptcy law.

Not that it matters at this point, but who approved Hashfast's request to convert to chapter 11? Judge Montali? I know I should know this but this question is part rhetoric, part self-prescribed ignorance.

[RoadStress]

Where are you icetard to praise HF? Everything was bought for 400k? That's saying something about the world's fastest chip...

[pmorici]

Shortly before the hearing adjourned, Montali expressed his puzzlement in the entire affair and wondered why the company simply didn't just convert its Chapter 11 bankruptcy protection into a Chapter 7, which allows a company to liquidate under American bankruptcy law.

"The observation that I’ve had since Day 1: I've expressed the unusualness of this new business called Bitcoin coming into our old familiar bankruptcy world, and I find it beyond belief that someone who understands Bitcoin wouldn't have the slightest interest under the bankruptcy code," Judge Montali said. "I'm going to defer to the judgement of the committee and the judgement of the debtor."

Weren't we first converted from chapter 7 to chapter 11?

    Yup, anyone looking for a summary of what has happened so far this is my take...  

    After being forced into chapter 7 Hashfast delayed for a month then filed a motion asking the judge to convert the case to chapter 11 which they are entitled to do under bankruptcy law.

Not that it matters at this point, but who approved Hashfast's request to convert to chapter 11? Judge Montali? I know I should know this but this question is part rhetoric, part self-prescribed ignorance.

    Yes, Judge Montali approved it.  It was of course the decision of Hashfast management to file it in the first place.  This was before the creditors had any collective representation to oppose it.