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tempestb
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June 03, 2014, 04:22:38 PM |
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Ken does not know what the deal is yet. The MSD are waiting for their (Ken and his lawyer) idea of what it should be. The MSD is likely to change it and submit their own plan and this will go back and forth for awhile. Until the MSD accepts the deal and outlays that for everyone, a lot of what is happening with reimbursement is guessing.
Ken does not know what the fines will be. He's guessing (or his lawyer is telling him) that the maximum fine is $100,000. That is a guess based on a single infraction. The MSD can fine him multiple times and even put him in jail if they want to. Though they probably won't unless Ken fails to pay or tries to deceive them. They can also charge him a lot less than $100,000. It really depends on how they see it.
Keep in mind, this is a State investigation. It does not clear Ken from a potential federal investigation which would be a lot worse.
The MSD said that Ken would not be allowed to sell shares. Those of you with shares could end up with nothing. If Ken deploys funds to your shares, such as a dividend payout, he will be in violation of his agreement with the MSD. And he could face severe fines or jail time.
Your best bet is to get out.
Honestly, Ken should liquidate the company. There is no money left for anything. Just sell off while the hardware can fetch a profit and distribute to shareholders.
Liquidate.
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kleeck
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June 03, 2014, 04:52:35 PM |
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100 Gold Rush boards just left stock.
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thefunkybits
Legendary
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Activity: 1218
Merit: 1000
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June 03, 2014, 04:57:45 PM |
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Why we can't have the dividens ?
They have to be used to pay a large fine from the Missouri Securities Division. It will likely be 75% of the mined coins for the fine. And the rest will be used to pay back some pre-orders. Why keep shares? No point. There will be no profit from this company before it is closed down by the CEO. If he thinks otherwise he should be on here explaining fully his 3 month plan. But he isn't, so there is no plan. This whole ordeal is 4-6 months out, think about where BTC will be at that point. We are just hearing about this now. As long you Amerikkkans don't push for liquidation then there is still hope for this situation IMO. |
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chsados
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June 03, 2014, 05:32:48 PM |
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Oh yea of little faith.
Mark my words and someone please post my quote within a month when shares are trading at 0.003+ because I'm not the 'I told you so' kind of guy.
LOL |
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drawingthesun
Legendary
Offline
Activity: 1176
Merit: 1015
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June 03, 2014, 05:34:07 PM |
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Oh yea of little faith.
Mark my words and someone please post my quote within a month when shares are trading at 0.003+ because I'm not the 'I told you so' kind of guy.
LOL Zum never believed any of that crap anyway, otherwise he would buy up the shares. |
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knybe
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June 03, 2014, 06:02:28 PM |
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Jasun7211
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June 03, 2014, 06:10:07 PM |
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With all the mis and dis info around I forgot. Ken did the state stop ops, or is the issue just with the shareholder reimbursment? |
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HardwareReviewer
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June 03, 2014, 06:15:52 PM |
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Is anyone speaking with Woodlake atm? I'm just wondering if that's an avenue I should look down..
Yes, but as a customer. He is still gathering info |
Prepare to enter a world of stress
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shaofis
Member
Offline
Activity: 106
Merit: 10
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June 03, 2014, 06:21:52 PM |
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100 Gold Rush boards just left stock.
Fell off the truck... who knows I'm guessing Ken has no records of anything... |
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chsados
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June 03, 2014, 06:30:57 PM |
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The situation and how it progresses from here is pretty clear if you think about it. Ken will be instructing his lawyer to make sure everything is done to protect his own personal interests and assets. This means that Ken's lawyer is now being paid by Ken using our money to protect Ken from our lawsuits and claims. Funny huh?
Not only is Kens TOP priority his own interests (isn't that the same for everyone?) he will also want to close ACTM down as quickly and satisfactorily as possible. That will mean he has to, foremost, abide by the MSD ruling on reimbursement. He must then tackle the pre-order refund issue. Once he gets as far down that road as possible by exhausting company savings (75% of the mining coins are going to the MSD) the company will go into liquidation and Ken will wrap it up so that he as ex-CEO has no responsibility for the company's liabilities.
Sure Ken could potentially be sued by investors and a claim could be made on his personal assets eg his house and savings but if he acts like a CEO and fills in the correct forms he will protect himself as best he can from a successful claim on his personal assets. By the way behaving like a responsible CEO in the courts eyes would involve saying things like 'the company is in a great position and very strong'. That is PR. If he said 'the company is struggling, about to fold' he could be accused of undermining share performance and not doing his best for shareholders. So no matter how bad things are a CEO is usually expected to say positive things in public.
So right now Ken's lawyer will be focusing on protecting his client as any good lawyer does while this company is wound down.
What does Ken get out of this closure? Well you would think getting out of this mess with no financial liabilities and retaining his personal assests (in effect making nothing for his efforts over the past 12months) would be a good result right now. He is facing massive fines, individuals lawsuits, a class action suit. Closing the company (properly and legally) would for anyone I think seem to be the best option.
Is there anything else? Well you might not believe this but be cynical for a minute, almost every start-up CEO when they can get away with it will take some profits for their back-pocket. It's natural, it's simply self-preservation especially when you don't know if the company will make it past year 1. You would do it so why hasn't Ken? Well I think the lack of accounts and the ability to easily move BTC would say he definitely has a large number of coins somewhere. He could have 500, or 200. Both are significant amounts and will be worth a lot of money in a few years. He may have taken the coins underhanded or he may have paid himself the money as wages. Either way it's his coin now and nothing we can do about it. So put yourself in his position and think, what you would do?
Situation - 2-500 coins in the bank, a company facing huge fines and court cases, very little company savings.
It's more than obvious where this is going.
Well it looks like he has successfully done this with 3 or so previous companies, so I guess we can say he has the experience. Good lord what a shit fest.
Keep in mind, this is a State investigation. It does not clear Ken from a potential federal investigation which would be a lot worse.
I think the possibiilty of the SEC getting involved is almost a certain. They just went after Erik Voorhees, ACTM is now fully on the radar and a state is already involved. |
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noah tall
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June 03, 2014, 07:08:14 PM |
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I think the possibiilty of the SEC getting involved is almost a certain. They just went after Erik Voorhees, ACTM is now fully on the radar and a state is already involved. Erik sold SD a year ago, and they go after him now? I guess Ken has another year at a minimum before they get their act together. That's assuming they care enough which is doubtful. "fully on the radar"? Odds are slim. |
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hobbymd
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June 03, 2014, 08:19:13 PM |
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The situation and how it progresses from here is pretty clear if you think about it. Ken will be instructing his lawyer to make sure everything is done to protect his own personal interests and assets. This means that Ken's lawyer is now being paid by Ken using our money to protect Ken from our lawsuits and claims. Funny huh?
Not only is Kens TOP priority his own interests (isn't that the same for everyone?) he will also want to close ACTM down as quickly and satisfactorily as possible. That will mean he has to, foremost, abide by the MSD ruling on reimbursement. He must then tackle the pre-order refund issue. Once he gets as far down that road as possible by exhausting company savings (75% of the mining coins are going to the MSD) the company will go into liquidation and Ken will wrap it up so that he as ex-CEO has no responsibility for the company's liabilities.
Sure Ken could potentially be sued by investors and a claim could be made on his personal assets eg his house and savings but if he acts like a CEO and fills in the correct forms he will protect himself as best he can from a successful claim on his personal assets. By the way behaving like a responsible CEO in the courts eyes would involve saying things like 'the company is in a great position and very strong'. That is PR. If he said 'the company is struggling, about to fold' he could be accused of undermining share performance and not doing his best for shareholders. So no matter how bad things are a CEO is usually expected to say positive things in public.
So right now Ken's lawyer will be focusing on protecting his client as any good lawyer does while this company is wound down.
What does Ken get out of this closure? Well you would think getting out of this mess with no financial liabilities and retaining his personal assests (in effect making nothing for his efforts over the past 12months) would be a good result right now. He is facing massive fines, individuals lawsuits, a class action suit. Closing the company (properly and legally) would for anyone I think seem to be the best option.
Is there anything else? Well you might not believe this but be cynical for a minute, almost every start-up CEO when they can get away with it will take some profits for their back-pocket. It's natural, it's simply self-preservation especially when you don't know if the company will make it past year 1. You would do it so why hasn't Ken? Well I think the lack of accounts and the ability to easily move BTC would say he definitely has a large number of coins somewhere. He could have 500, or 200. Both are significant amounts and will be worth a lot of money in a few years. He may have taken the coins underhanded or he may have paid himself the money as wages. Either way it's his coin now and nothing we can do about it. So put yourself in his position and think, what you would do?
Situation - 2-500 coins in the bank, a company facing huge fines and court cases, very little company savings.
It's more than obvious where this is going.
Well it looks like he has successfully done this with 3 or so previous companies, so I guess we can say he has the experience. Good lord what a shit fest.
Keep in mind, this is a State investigation. It does not clear Ken from a potential federal investigation which would be a lot worse.
I think the possibiilty of the SEC getting involved is almost a certain. They just went after Erik Voorhees, ACTM is now fully on the radar and a state is already involved. Truly what a shit fest this company turned into!!! Well now it is time to congratulate ken for his achievements over the past year. Indeed ken should be proud of this, I mean it takes certain skills to waste so much money in a year and run the company to the ground. simply SHAME ON YOU especially for taking monthly salary while almost most of investors lost 99% of their investment. I can't believe how you sleep at nights, with all the money you stole from people, with the lies you have told your shareholders. Yet you have the gut to come and say " it's a bump in the road" . Define "bump" in your dictionary because I'm baffled with how you simplify things. I really wish SEC comes after you for all your fraudulent actions/ false updates/NDAs etc etc over the past year since you started this sham of a company called AMC/VMC, after all what goes around, comes around ken unless you run away to Belize  If you think you can get out of this mess without losing any of your own personal assets you better think again. I can't believe the fact that you would use investors money to hire a lawyer to protect yourself would sit well in a court of law, those expenses has to come out of your pocket not the investors. |
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damiano
Legendary
Offline
Activity: 1246
Merit: 1000
103 days, 21 hours and 10 minutes.
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June 03, 2014, 08:29:59 PM |
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I think the possibiilty of the SEC getting involved is almost a certain. They just went after Erik Voorhees, ACTM is now fully on the radar and a state is already involved. Erik sold SD a year ago, and they go after him now? I guess Ken has another year at a minimum before they get their act together. That's assuming they care enough which is doubtful. "fully on the radar"? Odds are slim. Doubtful? This is going to be big. SEC will be all over this by next year. |
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zumzero
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June 03, 2014, 08:55:47 PM |
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We all knew this day would come. I'm actually glad it's here because once the dust settles we can move on with the company and continue without the MSD cloud hanging over us. It's the same old pattern with ActM. Suddenly we get what should be the coup de grace, we go down but don't stay down. I fact we seem to rise from the ashes a little bit stronger from the ordeal. ActM is a remarkably resilient beast and it's my view that we'll weather this storm as we've weathered all the others that have come before. In terms of shareholders asking for refunds there's a lot of chat but in reality it will have an absolute minimal affect on ActM. There will be hardly any shareholders who ask for refunds and those that do will be paid, in fiat, for a pittance. As usual there's a whole load of melodrama, exaggeration, people talking rubbish and pulling numbers out their arses, the usual shit stirrers and trolls resurfacing and the obligatory shareholder or two who finally crack and cross to the dark side. This time next month the share price might not reach 0.003 thanks to Bitcoin traitors but those of us who are holding for as long as it takes, we will have our day in the sun. Cheer up you lot, it might never happen!  |
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shaofis
Member
Offline
Activity: 106
Merit: 10
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June 03, 2014, 09:16:33 PM |
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This time next month the share price might not reach 0.003 thanks to Bitcoin traitors but those of us who are holding for as long as it takes, we will have our day in the sun.
What are the rules on quoting known trolls? I forget. |
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zumzero
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June 03, 2014, 09:19:33 PM |
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You get your knuckles wrapped you bad boy!
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gogxmagog
Legendary
Offline
Activity: 1456
Merit: 1009
Ad maiora!
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June 03, 2014, 09:24:00 PM |
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no wonder ken has been so illusive with the financial reports. he must have several completely different, totally fictional versions for each legal authority who wants to see (MSD, hashfast bankrupcy judge, woodlaw) too bad none of us could have cashed out months ago when only ken could sell ukyo's shares. does MSD know about that fiasco?
there are too many red flags, fuck there is a mushroom cloud over this whole thing. red flags were many months past.
@LorenzoMoney - any luck with that phone call to MSD? I would be interested to hear what they have to say, although I really have no faith that it will be anything approaching positive news.
@kslaughter - when do you think you might level with your shareholders? are you simply too busy cooking books and hiding funds? (also not holding my breath)
shit show indeed.
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knybe
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June 03, 2014, 09:31:54 PM
Last edit: June 03, 2014, 10:48:42 PM by knybe |
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the MSD supposedly reads this thread… so for all intents and purposes we should keep a running commentary of the facts as to how shady this whole operation has been running.
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chsados
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June 03, 2014, 09:32:36 PM |
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We all knew this day would come. I'm actually glad it's here because once the dust settles we can move on with the company and continue without the MSD cloud hanging over us. It's the same old pattern with ActM. Suddenly we get what should be the coup de grace, we go down but don't stay down. I fact we seem to rise from the ashes a little bit stronger from the ordeal. ActM is a remarkably resilient beast and it's my view that we'll weather this storm as we've weathered all the others that have come before. In terms of shareholders asking for refunds there's a lot of chat but in reality it will have an absolute minimal affect on ActM. There will be hardly any shareholders who ask for refunds and those that do will be paid, in fiat, for a pittance. As usual there's a whole load of melodrama, exaggeration, people talking rubbish and pulling numbers out their arses, the usual shit stirrers and trolls resurfacing and the obligatory shareholder or two who finally crack and cross to the dark side. This time next month the share price might not reach 0.003 thanks to Bitcoin traitors but those of us who are holding for as long as it takes, we will have our day in the sun. Cheer up you lot, it might never happen! Good god man, you have your head in fairy land! Give it up! I am starting to ponder if Ken pays you for this blind faith. More likely you are just trying to doop new investors so you can dump shares. I bet you already have it all planned out at what price you were going to dump X amount of shares. Too bad the share price will never see anywhere near 0.003 you predicted "within a month." This company is dead, end of story. Can you not see the pattern we now know from Ken's past businesses? I implore you to take a few minutes and just read what you have posted over the last few months, and my question is to you - why are you always so freaking positive and only see the rosy side of this godforsaken mess? I am being serious. I mean just a few days ago you said " Mark my words and someone please post my quote within a month when shares are trading at 0.003+ because I'm not the 'I told you so' kind of guy." Where do you get this insane confidence in Ken from? And Zum, I would like to see how you can spin the multitude of past businesses failures and liquidations Ken has been apart of into a positive. |
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zumzero
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June 03, 2014, 09:42:46 PM |
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We all knew this day would come. I'm actually glad it's here because once the dust settles we can move on with the company and continue without the MSD cloud hanging over us. It's the same old pattern with ActM. Suddenly we get what should be the coup de grace, we go down but don't stay down. I fact we seem to rise from the ashes a little bit stronger from the ordeal. ActM is a remarkably resilient beast and it's my view that we'll weather this storm as we've weathered all the others that have come before. In terms of shareholders asking for refunds there's a lot of chat but in reality it will have an absolute minimal affect on ActM. There will be hardly any shareholders who ask for refunds and those that do will be paid, in fiat, for a pittance. As usual there's a whole load of melodrama, exaggeration, people talking rubbish and pulling numbers out their arses, the usual shit stirrers and trolls resurfacing and the obligatory shareholder or two who finally crack and cross to the dark side. This time next month the share price might not reach 0.003 thanks to Bitcoin traitors but those of us who are holding for as long as it takes, we will have our day in the sun. Cheer up you lot, it might never happen! Good god man, you have your head in fairy land! Give it up! I am starting to ponder if Ken pays you for this blind faith. I implore you to take a few minutes and just read what you have posted over the last few months, and my question is to you - why are you always so freaking positive and only see the rosy side of this godforsaken mess? I am being serious. I mean just a few days ago you said something along the lines "mark my words ACTM to the moon within a month!" Where do you get this insane confidence in Ken from? Calm down. I'm expressing an opinion. It is not invalid because you don't share it. it is my own and 100% honestly how I feel. If you can believe that I am getting paid, God only knows what other shite you are capable of believing in. |
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