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Author Topic: Fund Closed  (Read 3057 times)
BitcoinMint.US
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November 28, 2011, 05:07:07 PM
 #21

Unfortunately, I have a sad announcement to make.  After numerous attempts to contact nefario have failed, I've decided to close this fund.  I will not be selling any more shares.  This decision is not one that I'd like to make, and if I had it my way, I would not be ending this (what I now consider to be) failed experiment.  I have no exact date for liquidating the fund, but it will be happening sometime before the end of this year.

The main reason I have decided to close this fund is due to the contract never being updated once I took over ownership.  After several emails back and forth with nefario, I provided him with my identification and all other information he requested, and never received a response.  I provided a new contract and no response.  I worry that running a fund using an outdated and no longer accurate contract opens me up to possible legal issues that I'm not willing to combat.  It's unfortunate that nefario decided to ignore me after receiving my identification documents and even more unfortunate that he was willing to expose me to potential legal issues rather than update the contract to the new terms provided by new ownership.  I purchased this fund with high hopes and was a large investor in the GLBSE.  That doesn't appear to mean much to their management however.  I apologize to all those who had faith in me to run this fund and hope that you can understand that I really did make many attempts to get the contract issue resolved before coming to this decision.  If this angers anyone, I'm sorry.  Know that I am equally frustrated and I can only hope that after the dividends and liquidation, all my investors end up with a profit.

That being said, I am not going to leave my current shareholders holding onto an empty bag.  I will liquidate the fund and will be paying out a final dividend to shareholders once all taxes and fees have been accounted for.

Again, I apologize.  I know this makes me look bad.  I'm a huge supporter of bitcoin and I hope the GLBSE can thrive one day when ownership decides to put in the effort.  I just can't take the risk that a shareholder will buy a large amount of shares by only reading the contract and then becoming angry once they realize what happened when I took the fund over and made some changes.  I just can't afford to take the legal risk.  Good luck to all and I understand that you will be frustrated.  Please at least try to understand my position and know that I am truly sorry.  This was not my intention.
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