[was on GLBSE] LIF.x

[Peter Lambert]

Since the trading on the LIF.* shares has been frozen, I went ahead and paid out to the remaining shares at the price I had on offer.

[1714600543]

1714600543

[1714600543]

1714600543

[brendio]

Since the trading on the LIF.* shares has been frozen, I went ahead and paid out to the remaining shares at the price I had on offer.

Could you also provide closing financial statements and an explanation of how your strategy went wrong?

Thanks.

[sadpandatech]

Since the trading on the LIF.* shares has been frozen, I went ahead and paid out to the remaining shares at the price I had on offer.

Could you also provide closing financial statements and an explanation of how your strategy went wrong?

Thanks.

Thank you, Peter.

And this, please. It will go a long way to keep confidence if nothing else.

cheers

[Nefario]

I would like to thank Peter for fulfilling his obligations while winding up his company. I think he was a valuable part of the GLBSE community.

[LoupGaroux]

That's one opinion. I think he was a criminal jackass who manipulated the game, used disruptive announcements to control the downward trend of his share value, and cashed out massively by abruptly terminating efforts on his various Funds without notice, without investor input and without care for how much damage he wrecked on the market. He didn't fulfill anything, he fleeced a significant number of people of a very real amount of value. This was done methodically and with a carefully managed program of diversion, mis-information and dishonest statements to keep the attention off his actions. Any crumbs he offered at the end were an insult.

And I think he did this while holding himself out as the sanctimonious guardian against fraud and bad investment, when his own Funds were now the single worst collapse in value and lost investment in the history of the GLBSE. Offering pennies on the value by consciously manipulating the value downward and stealing the difference is not ethical stewardship- it is the hallmark of a thief.

If that makes him a valuable part of the GLBSE community, then in this writer's opinion you are embracing the dishonest element, and should be held accountable for that decision. I wonder if the rest of the owners of the GLBSE feel as warm and welcoming to fraud and methodical theft? The last thing the GLBSE needs at this point is to side with the demons, but if that is your choice... the greater community and market will respond with their rapidly decaying trust and use of the GLBSE.

My address is still live- I look for my payout at his earliest convenience. I won't, however, be holding my breath, or pausing in my efforts to defrock this scammer.

[teek]

I would like to thank Peter for fulfilling his obligations while winding up his company. I think he was a valuable part of the GLBSE community.

He didn't really fulfil much, he just paid a dividend equal to the amount he was offering for his shares.  Which is roughly 15% of what they were the day before he made the announcement, a number alot of us were refusing to take.  I BOUGHT some of these shares THAT DAY at 5x as much as he just gave us, due to open orders I had at the time of the announcement.   LIF.CX was trading at .5 BTC, a price the fund had set itself artificially and he was paying dividends up until 2 weeks before this crap, suggesting he still had the whole .5 in the coffers, an estimated 1500BTC or so.  Now the LIF.A, he claims he got scammed, fine, I don't fully believe it, but it is more believable than LIF.CX, what happened to the that?  Zhotuonged?   He still won't give us more than 1 line answers that are 85% bullshit.  I just got back a whole ~25 BTC from his dividend payment, face value of my shares was ~180 BTC, 85% loss?  The last released financials showed ALL funds in a PROFITABLE position, 30 days passes and everything is down 85%, and Peter just says "duurrrr sorrry guys, have a few pennies". 

Peter - you should make some more dividend payments ASAP, and if you really can't, and the money is all gone, you NEED to tell your shareholders what the fuck happened with some numbers to chew on, instead of this BULLSHIT stance you are taking with us. 
   

[Nefario]

If that makes him a valuable part of the GLBSE community, then in this writer's opinion you are embracing the dishonest element, and should be held accountable for that decision. I wonder if the rest of the owners of the GLBSE feel as warm and welcoming to fraud and methodical theft? The last thing the GLBSE needs at this point is to side with the demons, but if that is your choice... the greater community and market will respond with their rapidly decaying trust and use of the GLBSE.

I guess I spoke too soon, I thought that the issue was that he wasn't making any payment at all, my bad.

In this environment it's difficult to discern the difference between fraud and simple failure. Also bear in mind that we're working a lot of anti-fraud measures into GLBSE 2.0

Now I have frozen peters account, here is a list of his current shares held, where the balance is 0 these are shares that he HAS held before. Give me a little time and I will see if I can find his trade history. There were only a few satoishi's left in the account.

BTCWEB:0
XID.ALPHA:0
SDM:0
IBB:0
LIF.B:1180
BTCNSC:6
BTCBOND.FEB2012:30
BitPonzi:0
CL:0
PBJ:247
BTCBOND.MAY2012:30
BitCoinTorrentz:0
UBTC:91
MESC:10
USGOLD:10
SIN:0
BSF:12
bitdedi:20
TyGrr:0
IMCEX:0
BB:0
SMM:1451
BIB.goat:0
JLP:0
LIF.CX:2172
LIF.M:962
BitFlowSys:0
DISHWARA:0
GEM:4
Bond-RonGross:19
CheaperinBitcoins-Stocks:0
JLP-BMD:0
CM400:0
ENjan16:0
CIB-Solutions:9
SLV:0
MergedMining:0
FPGA.contract:0
CC:0
LIF.A:9170
OPTIMALBITCOIN:0
bit.inc:0
BMMO:0
UBX:0
LIF:671
BCL:11
OTF:0
SDM.LEVA:161
BID:100

[Nefario]

Give me a while, I will also prepare a list of all withdrawals or transfers of bitcoin and the btc addresses. We should be able to determine quickly enough if this is a case of outright fraud, of attempts to cover up mistakes or plain stupidity.

[sadpandatech]

LIF.B:1180
BTCNSC:6
BTCBOND.FEB2012:30
PBJ:247
BTCBOND.MAY2012:30
UBTC:91
MESC:10
USGOLD:10
BSF:12
bitdedi:20
SMM:1451
LIF.CX:2172
LIF.M:962
Bond-RonGross:19
CIB-Solutions:9
LIF.A:9170
LIF:671
SDM.LEVA:161
BID:100

Man, that's ugly. One would hope that a lot of the ones zero'd out were sold recently. But, that should have returned a lot more value back. :/ sooo disheartning. The biggest ones left are his own and SMM, which tanked back in Oct.

Am definetly very curious to see the recent sales...  I've got a sour feeling in the gut that says the good ones were cashed in earlier to put into something much higher risk..? *sighs*

And yes, investor confidence is going to be rocked by the loss of the market leader, and one can only wonder what message it sends to legit asset developers?

this x1000..

[Nefario]

Well having a quick look at his account now and he's not made any BTC withdrawals for some time. Will report more, digging deeper.

[Nefario]

Withdrawal history

Amount(BTC) || Address                                               ||Date(YY-MM-DD)
-20.00000000 || 1Mo2hJjX4nxrFgSKYAvefeH96Smw43zpqo || 11-08-07
-1.50000000 || 1JtPtQTh5yNsCg2y6ywEzqfU5BrYeUjRuW || 11-08-10
-1.74000000 || 1C6xMKmPtgncJ8baiGLKwcmfo5nm2m233w || 11-08-11
-49.99500000 || 1LSCXP7JxJHPLrXZ3TWcAYLqaFFPr8R1tg || 11-10-19
-9.99500000 || 19BbA9cnFVMYtDFGHe9taaaUdvQTaEFQTL || 11-10-21
-17.49500000 || 1EroAsyvhDFoVqnFUB7hxVKmKYFDxFiU64 || 11-10-22
-37.49500000 || 1EoD2BUh4NVvYYXdZaPBXdM8UfwbjLBiwg || 11-10-22
-21.49500000 || 1HMYix5bPp4wzRYdhAHuneh3frAtwNHXBH || 11-10-23
-4.49500000 || 1GoQMU5hDAJPHvfh7bXoQhSacBMbY4MP5U || 11-10-25
-45.99500000 || 12LhAnKRpWpdVBPSyStQ5VBKBR4ZrDpaQf || 11-10-27
-31.49500000 || 148EBg2328sjqWPuizX4YZK3fHmLZNP6GH || 11-10-28
-25.99500000 || 1C4LpUVf6FkibWhKf7dnzVN637bydYf7nz || 11-10-29
-19.49500000 || 1C4LpUVf6FkibWhKf7dnzVN637bydYf7nz || 11-10-29
-20.99500000 || 1FeUeCDu4BKHyqadpLrxTpDGZcu36jiDNH || 11-10-30
-24.99500000 || 1FeUeCDu4BKHyqadpLrxTpDGZcu36jiDNH || 11-10-30
-27.50000000 || 15Q1f4q1BGGqAk5UNNGoB6e3sNpgPKG7sp || 11-11-01
-50.00000000 || 15Q1f4q1BGGqAk5UNNGoB6e3sNpgPKG7sp || 11-11-01
-88.50000000 || 15PAvLteWMLV6kZuCwxUFFNV6X1757CyAV || 11-11-04
-35.50000000 || 15pVYohj4q3Uo3StiUnHYZgrEuKyowUwcb || 11-11-05
-20.00000000 || 15pVYohj4q3Uo3StiUnHYZgrEuKyowUwcb || 11-11-05
-48.41000000 || 16iY6oqVTLEhs9z8vmJ73ZFX5eYFGTnGVy || 11-11-07
-30.00000000 || 12HsWorsgARYf3dxscn6aV73fFf3d9hLTP || 11-11-10
-100.04500000 || 1HERo1RNf9tFySH4ZD8igTDBnKnNBpnLzc || 11-11-12
-11.50000000 || 1HERo1RNf9tFySH4ZD8igTDBnKnNBpnLzc || 11-11-13
-60.00000000 || 1BwyAtfLs4Vw6x7QfoHJsoMB1uUdM7FeHC || 11-11-15
-20.50000000 || 1H64ExDApWKgRTynE2hCLsAs3rhNQhDxfn || 11-11-17
-13.94500000 || 1Leq1tTGPWNwujbiFCucdgmy4CRVe4tEb7 || 11-11-19
-155.99500000 || 1EX2xkiLxTAHyCVR18qvzm9v6rZh3FhCfu || 11-11-20
-58.49500000 || 1Mo2hJjX4nxrFgSKYAvefeH96Smw43zpqo || 11-11-22
-43.99500000 || 1Mo2hJjX4nxrFgSKYAvefeH96Smw43zpqo || 11-11-25
-49.99500000 || 13jBAntpDdaWPkA5fqCjqhmUrbjSd5nQfn || 11-12-22

Grand total BTC -1147.56000000

Deposit history
.57000000 ||  11-08-03
5.00000000 ||  11-08-25
.90430888 ||  11-09-30
4.56347366 ||  11-10-07
3.85786629 ||  11-10-14
15.54170000 ||  11-11-04
22.12000000 ||  11-11-11
40.00000000 ||  11-11-30
15.00000000 ||  11-12-01
200.00000000 ||  11-12-03
30.00000000 ||  11-12-10
40.00000000 ||  11-12-11
50.00000000 ||  11-12-15
43.01000000 ||  11-12-31
30.00000000 ||  11-12-31
40.94742400 ||  12-01-05
95.22108000 ||  12-01-05
78.66631980 ||  12-01-06
.90000000 ||  12-01-14
.56000000 ||  12-01-14
1.97290702 ||  12-01-17
10.00000000 ||  12-01-18
3.46929550 ||  12-01-20
8.00000000 ||  12-01-24


Grand total BTC 740.30437515

Dividend payments total 443.42382796

[Nefario]

All peters sells
http://pastie.org/3272210

All his buys
http://pastie.org/3272220

[Nefario]

I don't know, I haven't the time or the necessary skill in working out from these records where the mistake lies. This is why I've made them available in public, for the shareholders to pick through and work out for themselves whether fraud was involved.

I am guessing someone who has some experience trading in stock markets (or other kinds) might be able to work it out.

I have also looked at what accounts were the biggest buyers and sellers of these assets and have come to the conclusion that no foul play was involved, none had made an exceptionally large number of trades in them. That is Peter had not set up another account to secretly buy up his own shares to give the market the impression there was more demand than there really was.

I'm waiting for LIF shareholders to give their verdict on Peters intentions.

Nefario.

[phelix]

Since the trading on the LIF.* shares has been frozen, I went ahead and paid out to the remaining shares at the price I had on offer.

Could you also provide closing financial statements and an explanation of how your strategy went wrong?

Thanks.

+1  for each stock

it looks like something went wrong around december 7th - what happened Peter?

thanks nefario for posting the data

what will happen to the stocks in Peter's account?

[Nefario]

what will happen to the stocks in Peter's account?

I'm not sure, how many of them are there left that are legit shares?

I think either they should be sold at market price, and the proceeds paid to the shareholders, although I would have no idea on how they be distributed across which shares.

You're the shareholders, you guys work out whats left and what you'd like to do with it.

Nefario.

[tablekart]

hey NEF,

- make a new company "XYZ"
- move all abandoned shares from LIF into the XYZ
- proportionaly distribute XYZ shares to LIF shareholders
- sell or manage abandoned shares from LIF and pay dividends to XYZ shareholders

you can use this system for all bad companies

[phelix]

hey NEF,

- make a new company "XYZ"
- move all abandoned shares from LIF into the XYZ
- proportionaly distribute XYZ shares to LIF shareholders
- sell or manage abandoned shares from LIF and pay dividends to XYZ shareholders

you can use this system for all bad companies

he sounds like he does not have the time / motivation. I think somebody with good forum reputation and a lot of lif stocks should get the job.

[sadpandatech]

hey NEF,

- make a new company "XYZ"
- move all abandoned shares from LIF into the XYZ
- proportionaly distribute XYZ shares to LIF shareholders
- sell or manage abandoned shares from LIF and pay dividends to XYZ shareholders

you can use this system for all bad companies

that would work great except there is no holdings left that are worth a shit...

[Nefario]

hey NEF,

- make a new company "XYZ"
- move all abandoned shares from LIF into the XYZ
- proportionaly distribute XYZ shares to LIF shareholders
- sell or manage abandoned shares from LIF and pay dividends to XYZ shareholders

you can use this system for all bad companies

he sounds like he does not have the time / motivation. I think somebody with good forum reputation and a lot of lif stocks should get the job.

Shareholders could appoint a liquidator(who could I would give power to do the above). But as was mentioned, there doesn't seem to be anything there of any worth. Has anyone calculated the current value of the remaining portfolio?

Nefario

[teek]

Shareholders could appoint a liquidator(who could I would give power to do the above). But as was mentioned, there doesn't seem to be anything there of any worth. Has anyone calculated the current value of the remaining portfolio?

Nefario

There is 60 BTC of bonds there that are not yet redeemable, if they aren't a scam that is.