Again, here is an information extract from last dozens of Labcoin main thread's pages:
New updates from TheSwede75:
UPDATE:
As usual by now I am very sorry for the lack of updates. I do however at this time have an update for actual hashing.
Though the launch of the mining operation has been delayed and the team is still tweaking miners
we now have around 800gh hashing at btcguild at:
http://www.btcguild.com/index.php?page=rankings§ion=teams
The Labcoin team is currently listed as 24 Labcoin.
According to Sam, more hash rate will be deployed daily. I do not have any goals or hash rate estimates to communicate right now but as soon as I do, I will of course communicate this.
I hope that I can provide more timely updates on a lot of open questions shortly, and I hope everyone is having a good weekend.
UPDATE:
Even though I don't like making promises but Sam has assured me that 20TH is a goal that will not be missed within 2 weeks.
I am also working on having the "warning" removed from the security as Sam assured me that the team has not to sell any significant amount of shares and the ownership is still far above the 75% that was communicated as the holding limit.
I don't think the locked shares thing is a big deal, but that warning needs to be cleared up ASAP.
I am in contact with burnside regarding resolving this ASAP. Since the team has separate accounts with BTCT.CO we are trying to find a smart solution to locking a certain amount (75%) of founder shares across several accounts.
I can only reiterate that the same statement as issued is still true and 75% of founder shares are, and will be held for 12 months from the date of the announcement.
Wise from my mistakes I am not giving a deadline, but I hope and think that we can resolve this "warning" very soon.
burnside have changed the wording of the warning at btct:
WARNING -- This asset has been flagged for potential violation of their Stockholder Agreement. More information is available here. Please place your orders accordingly.
and linked it to this post of his:
The day before Lehman Bros collapsed the CEO told investors in a conference call that the company was in no danger of insolvency. He knew exactly what was happening.
His defense was that if he had told investors the true state of the company that it would have immediately collapsed due to share selling.
You are correct and I agree 100%.
The exchange does not know the facts behind the situation and made a public statement.
Statements should be coming from LabCoin.
-Ukyo
The statement the exchange made was 100% factual. Though it could have been worded differently, the warning needed to be made. Attempts at communication prior to the issuance of the warning had not been successful.
I have updated the warning.
For those that are curious about what we are currently trying to figure out, it's this clause:
General shareholder contract and IPO information
Labcoin.com aims to raise 7.000 Bitcoin (BTC) through the issue of 7.000.000 shares in the IPO. The shares will be issued at a price of 0.001 BTC per share. The total amount of shares in labcoin.com will be 10.000.000 shares, with labcoin employees, representatives and owners will hold 30% of outstanding shares.
We have asked for verification of the withholding of 30% of the shares.
Some other users have pointed out, correctly, that other issues have had contract violations. This is true, but I should point out a couple of things. First, the ability to put notices on individual assets is a relatively new feature in the site code. Second, we've also recently placed warnings on other issues elsewhere and we have documented these. Third, we can only place warnings where we are aware of the contractual issues. That is to say that we have to get notice from people familiar with the particular issue and then look into it ourselves.
We'll refine and improve on the process as we have done with most things.
Cheers.
