Should ActM shareholders try and get a lawsuit going?

[Mabsark]

Based on Ken's update from 30th November:

PROGRESS REPORT

As of November 30th 2013

...

Shipping:

We have this last week shipped our first products to customers.

Based on Ken's last update, ActM are months behind schedule for having working miners and by the time ActM do have miners they're going to be useless:

Weekly Update: 1/8/13

Question From VinceSamios:

Update Requests:
When and Where will we be able to trade shares?

Crypto-Trade and ChromaWallet (colored Coins).  As soon as we get time to finish the
verification interface; however, our core business comes first and working on Intellihash.

When is the first batch of chips/boards supposed to arrive at VMC Assembly?

Our engineers are still designing our board. We had to change our engineering firm, and
learn a few lessons about hiring an engineer firm.  We don't have a date at this time.

What do you estimate the ActM hashrate be at the end of January, February and March?

Due to our inexperience with design, we have had a few set backs; however, we have hired
the most competent RTL design team to make sure that when we spin up our chip it will work.  They are
very competent at Low-Power and getting the most speed from the chip.

Do you have any more accurate energy efficiency figures yet? w/GH?

Not at this time.

Comment From The CEO

How I see us going forward is we will get our chip and boards into production as soon as possible.  Active Mining is in one of the best positions to take advantage of the Bitcoin network.  Once we have our chips and boards in production this year we will be one of only two companies in the world which manufactures Bitcoin mining hardware and also mines.  With this combination we have unlimited availability to bitcoin mining hardware only limited by our resources.  What I see in the future is bitcoin's exchange rate for USD going to over $10,000 in the next year.  If this happens Active Mining with its own chip, our current resources which will be increasing with the exchange rate, and eASIC as our partner will put us in an excellent position to dominate our market.  Intellihash will just be an added boost should it turn out to be a game changer.

Kenneth E. Slaughter, CEO/CTO


Forward Looking Statements:

This press release contains forward-looking statements, including, without limitation, statements related to VMC’s future sales and the value of bitcoin and future hashing rates. Words such as "expects" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon VMC’s current expectations. Forward-looking statements involve risks and uncertainties. The company’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, economic conditions, customer business environment and inventory levels, government and technological factors outside of our control, adoption and roll-out of products, risks related to ability to capitalize on growth opportunities and markets, risks related to our ability to manage our growth and other risks that may cause our business, industry, strategy or actual results to differ materially from the forward-looking statements. VMC expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein.

Active Mining PR-Staff

[SebastianJu]

And the result? Everything blocked for months. Wheres the advantage?

I think Ken is acting stupid profit wise but a court blocking everything for months or years and getting pennies back in some years is no alternative.

[Stuartuk]

Give it a go. Why not.

It will cost you a fortune and when the Judge sees Ken's lawyer and Ken's lawyer shows the Judge receipts that show Ken is still trading and awaiting suppliers and contractors to deliver, the Judge will tell you to FO and to not bother him again. He might even pass all the costs for the case over to you.

And justice will be served as you need to sell your house to pay for court fees and I'll be sitting counting my ACtM divs in March 2014.

[redmetal]

Why would you? what would you gain from this? A trading stop, a stop in all vital business activity, zero return for shareholders as VMC/ActM has very little in the way of assets as its all been spent on development and costs.

This would ruin ActM and shareholders will gain nothing, the people who pre-paid for their miners may receive 50% but sending this company bankrupt so early on will leave you with a huge legal bill and no return.

[minerpart]

Are you even a shareholder Mabsark?

I can't see how when the company is still trying to create success that this would do any good for anyone.

[mannybitcoins]

Give it a go. Why not.

It will cost you a fortune and when the Judge sees Ken's lawyer and Ken's lawyer shows the Judge receipts that show Ken is still trading and awaiting suppliers and contractors to deliver, the Judge will tell you to FO and to not bother him again. He might even pass all the costs for the case over to you.

And justice will be served as you need to sell your house to pay for court fees and I'll be sitting counting my ACtM divs in March 2015.

Fixed that for you.

[kingcrimson]

Exact same responses people gave during the Labcoin scam...'don't get authorities involved it'll just cause more trouble and we'll end up with nothing'. Turns out that delay cost everyone big time. Hope people learned something between then and now.... we need to pressure Active Mining until they give us real info, and don't take no for an answer.

[hobbymd]

Exact same responses people gave during the Labcoin scam...'don't get authorities involved it'll just cause more trouble and we'll end up with nothing'. Turns out that delay cost everyone big time. Hope people learned something between then and now.... we need to pressure Active Mining until they give us real info, and don't take no for an answer.

^^^^

this is labcoin 2.0 in progress, unless proven otherwise

[mannybitcoins]

To anyone who might benefit from the info from the thread VolanicEruptor posted that of course got deleted:

http://webcache.googleusercontent.com/search?q=cache:IXOM8sLxhvkJ:https://bitcointalk.org/index.php%3Ftopic%3D361235.20+&cd=6&hl=en&ct=clnk&gl

[joele]

And the result? Everything blocked for months. Wheres the advantage?

I think Ken is acting stupid profit wise but a court blocking everything for months or years and getting pennies back in some years is no alternative.

+1

[canth]

And the result? Everything blocked for months. Wheres the advantage?

I think Ken is acting stupid profit wise but a court blocking everything for months or years and getting pennies back in some years is no alternative.

+1. It won't be of any benefit to shareholders. Do what you will, Mabsark but I won't be funding a lawsuit at this time.

[Vigil]

We should do something. Even if it getting state attorney general's office involved or SEC if that can be done. We don't necessarily need to immediately jump into hiring lawyers.

[thefunkybits]

What would the lawsuit be for? Having unexpected delays? You people are morons
We're dealing with very risky unregulated securities here, there are no rules and this would be damaging to yourself

[Bambifan101]

I'm afraid Ken wins.
He knows you guys pretty well.
He predicted exactly how this will play out - some arm-waving, indignation, empty threats...  Give you a week or two, and you're ready for more bad news.
His timing is awesome - from rationed bits of news he doled out to the way he fed you this heap of dicks.
He knew you'll do nothing,  I'm sure a few months after this dies down, he'll rinse and repeat.
Thanks for being sensible.

[Vigil]

We need someone who can subpoena eASIC to determine whether they delivered chips, etc. 

[kmacri]

i can't believe people are voting no here.

we have shares, being held by ken, and we can't verify them, move them, even ASK him to confirm they exist, and yet you people who invested 1+ BTC don't want to sue?

sue his ***.
of course i am onboard.

volanic eruptor has a bunch of his personal info too.

i will happily pay this guy a visit.

[Vigil]

i can't believe people are voting no here.

we have shares, being held by ken, and we can't verify them, move them, even ASK him to confirm they exist, and yet you people who invested 1+ BTC don't want to sue?

sue his ***.
of course i am onboard.

volanic eruptor has a bunch of his personal info too.

i will happily pay this guy a visit.

Lets just get a group of people together who want their coin back and everyone else can just not have theirs. There may not be enough to pay everyone back but there may be enough to pay some of us back.

[thefunkybits]

Lol none of you could even prove that you have shares. You're also assuming that Ken has ran away with your money (if he did we would all be fucked anyway because no one can prove ownership of their shares)

One of you twelve year olds needs to outline a plan here

[thefunkybits]

Is your name Gerald by any chance?

Yes my name is Gerald Slaughter. That prediction I made was based on everything being on schedule (obviously). But hey I wasnt wrong, there is no share price and none of you even have shares.

Goodluck idiots, you're only hurting yourselves here

[coinfresh]

Based on Ken's last update, ActM are months behind schedule for having working miners and by the time ActM do have miners they're going to be useless:

Do you even have shares? What a drama queen. A lot of whiney bitches that like to just cause drama on this board.