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Author Topic: [Closing]Mining Company Closing with 3.3 GHash/s - JLP-BMD  (Read 30174 times)
memvola
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August 14, 2012, 03:23:18 PM
 #121

With a BitForce Single SC upgrade order, and possibility of another one once they are released, this asset seems to be a bit undervalued. Am I missing something? What do you guys think?
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zapeta
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September 25, 2012, 02:03:26 AM
 #122

Results of motions:

Motion 134: Issue 1,800 more shares for 0.10 BTC each - Failed 2,168 Yea 3,198 Nay
Motion 135: Issue 720 additional shares for 0.25 BTC each - Passed 3,006 Yea 192 Nay

Motion 135 carries. We will issue 720 additional shares of JLP-BMD at 0.25 BTC per share to purchase two bASIC miners from btcfpga.com

I will issue and place a sell order for those immediately.

Thank you for voting!

So what is the backup plan for raising the funds?  JLP-BMD hasn't traded anywhere near 0.25 BTC since the beginning of June.  It looks like someone will have to buy up over 1000 shares before we get there again.  At least at 0.10 BTC we had a shot at actually selling some of the shares. 

 
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September 26, 2012, 06:21:02 AM
 #123

Well, selling at 0.25 now seems hard as the market does walue only mhash/s and not really that this is a company backed with real HW.
Selling at 0.10 would dilute actual shareholders share ... so I personally would prefer a way where current shareholders would pay for the new HW ... but with GLBSE not providing a way how to prove who own what ... that's difficult ...
So if we don't sell at 0.10 it seems that an option could be a loan and use dividends to repay it ... but if we need 180BTC it would take some 25 weeks ... but that's 1/2 year and not taking into account reward halving and ASICs coming ... seems not viable solution ...
I would still prefer to have an option to buy a number of new shares at 0.1 which would reflect my actual share in the company so it stays the same
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September 26, 2012, 07:35:09 PM
 #124

Well there are 2 problems with this ...
1) There is 500 shares offered below 0.1BTC
2) We invest in BTC ... so you can't measure it in USD
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December 03, 2012, 04:44:22 PM
 #125

Okay, I don't think JL421 will just run away, but a status report is long overdue.
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December 03, 2012, 07:28:56 PM
 #126

Update!!!

Sorry, couldn't help myself.

Really there isn't much to update. Still haven't heard anything list wise from Nefario so we're in the same boat as most other people. Currently we have 65 BTC in unpaid dividends, and power cost dropped for the winter to a lovely $0.035 USD/KWh (ie: cheap).

The plan for dividends a couple of weeks ago was to purchase a bASIC as then we could start moving into the future.

I have recently decided that as fun as this venture was it's time to close up shop. As disclosed in the original contract, I will be repurchasing all shares at 75% of their last traded value. This would make each share worth 0.0525 BTC (75% of 0.07 BTC).

As soon as I receive a list of shareholders I will begin dispersing out 5.8 BTC weekly as a dividend split between all shareholders, except myself, until all outstanding shares have been paid off. At that rate the total value should be paid off in exactly 52 weeks.

That's where we currently stand. I appreciate everyone's support through this venture, and while it's been fun, I would rather make a graceful exit now while it won't cost me an arm and a leg to do so.

I will post an update when I receive records of all shareholders.

As for now, so long, and thanks for all the fish.

Just to clarify, how many shares do you hold and how many are outstanding total?

Also to clarify, you'd be paying out the 65 BTC plus whatever else is mined divided by the number of shares, plus 5.8 BTC divided by the number of shares for the next 52 weeks (after you receive the shareholder list)? 

For what it's worth, the mergedmining thing ended up being a huge mess and they are in the process of liquidating.  I'd personally rather have the buyout if I'm understanding it correctly than have the operation sold to someone else.

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December 10, 2012, 10:46:17 PM
 #127

How many BTC have been mined while GLBSE has been offline? Will we receive one big dividend for that?

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December 11, 2012, 03:31:34 PM
 #128

At 1 PM today, I received my list of asset holders from James. I will send an email to each person on my list to confirm that I have received their share count and I will confirm their payment address.
...
Any shares not claimed by noon within one week of today December 10th, 2012 will become property of myself, and will not be claimable.

Again - Any shares not claimed by noon on December 17th, 2012 will become my property. You will not be able to claim shares past this date.

So everyone waited 2+ months to get this list, and now that you have it - you are going to give people 7 days to reconcile?  While I understand your wish to close this thing down as quickly as possible; I think you might want to reconsider. From an outside perspective it looks like a simple share/cash grab.  I know several other issuers are waiting 60 days before doing anything like this.

I only point this out because I 'checked out' of the whole GLBSE & Bitcoin forums after about 3 weeks of watching the sh*tstorm.  I loaded up my coind client just 3 or 4 days ago to discover I had received an eighth of a coin, 2x from an address I didn't recognize.  After trying to get caught up on the forums, GLBSE blog posts, etc, I was just last night able to get in touch with GLBSE.  I sent back the double payment and am waiting to get added to the issuer list.

So if I had been travelling this week, or if I had not decided to upgrade my PC (and thus necessitating the blockchain synch and wallet backup prior to the upgrade), I would not have found out about this at all. Other people may have similar circumstances, or circumstances that end in a similar result.

Certainly one can argue that's my tough luck, I should have been following my investments, blah blah, and that's all fine and dandy, but what's the harm in waiting another 30-45 days before pulling in other people's shares?

My forum name comes from ye old BBS days when 'handles' were all the rage.  And yes, Assasin is spelled incorrectly on purpose. Teenage boys do that stuff.
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December 11, 2012, 03:45:16 PM
 #129

At 1 PM today, I received my list of asset holders from James. I will send an email to each person on my list to confirm that I have received their share count and I will confirm their payment address.
...
Any shares not claimed by noon within one week of today December 10th, 2012 will become property of myself, and will not be claimable.

Again - Any shares not claimed by noon on December 17th, 2012 will become my property. You will not be able to claim shares past this date.

So everyone waited 2+ months to get this list, and now that you have it - you are going to give people 7 days to reconcile?  While I understand your wish to close this thing down as quickly as possible; I think you might want to reconsider. From an outside perspective it looks like a simple share/cash grab.  I know several other issuers are waiting 60 days before doing anything like this.

I only point this out because I 'checked out' of the whole GLBSE & Bitcoin forums after about 3 weeks of watching the sh*tstorm.  I loaded up my coind client just 3 or 4 days ago to discover I had received an eighth of a coin, 2x from an address I didn't recognize.  After trying to get caught up on the forums, GLBSE blog posts, etc, I was just last night able to get in touch with GLBSE.  I sent back the double payment and am waiting to get added to the issuer list.

So if I had been travelling this week, or if I had not decided to upgrade my PC (and thus necessitating the blockchain synch and wallet backup prior to the upgrade), I would not have found out about this at all. Other people may have similar circumstances, or circumstances that end in a similar result.

Certainly one can argue that's my tough luck, I should have been following my investments, blah blah, and that's all fine and dandy, but what's the harm in waiting another 30-45 days before pulling in other people's shares?

Couldn't agree more, well said!

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PolymorphicAssasin
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December 12, 2012, 04:13:30 AM
 #130

Let me clarify this.

Anyone whom has received an email from stating I have received your information, share count, and payment address, you need to do nothing, unless you want to update your payment address. Regardless, your claim has been processed and the email was notifying you of that.


I never received any email. From you, GLBSE, or any other issuer.  I submitted my claim information the same day (possibly withing 36 hrs) that the [sane/v2.0] claims process was put up on GLBSE.

Only if you have not received an email you need to contact me within the next 6 days. This means that you have not submitted your claim to the GLBSE yet/James hasn't processed your claim yet. You have had 2+ months to submit your claim to the GLBSE, if you haven't done that yet, you have no right to complain about a loss that you don't care enough to take the 30 seconds required to submit a claim for.

Again - No email here.  I'm assuming it's because I didn't refund the claw-back until earlier this week.  From what I'm reading it appears Mr McCarthy is holding email addresses hostage for those clawbacks. Does this message constitute me contacting you?  Or is there some other requirement for 'contact'. Please inform so I can follow the process.
Also - to be clear - You didn't see me complaining - Just advising you as to how it looked from my optic.  I cared enough to submit my claim, but then didn't care enough to stand around and watch the next 6-8 weeks go by.  Like I said - call me lazy or whatever, but I felt like there were others in my position who might be similarly affected, so I thought I might throw a bit of advice against the wall and see if if stuck. Do as you will, I cannot change you.

If you make no attempt to contact me, when you have not received an email confirming your claim, you forfeit your opportunity to make a claim. You have had over two months to do so at this point.
That's a red herring.  You've offered exactly 7 days to make a claim.  Again - I can't change you dude, and I'm not trying to.  Just pointing out how it looks.  It looks like a cash grab. Do as you will. 

My forum name comes from ye old BBS days when 'handles' were all the rage.  And yes, Assasin is spelled incorrectly on purpose. Teenage boys do that stuff.
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December 12, 2012, 06:53:48 AM
 #131

> As disclosed in the original contract, I will be repurchasing all shares at 75% of their last traded value.

> As soon as I receive a list of shareholders I will begin dispersing out 5.8 BTC weekly as a dividend split between all shareholders, except myself, until all outstanding shares have been paid off. At that rate the total value should be paid off in exactly 52 weeks.

From forum page 1

> 6)In the event of terminating the company and liquidation of its assets, after payment of the organization's creditors and/or expenses, the shareholders will be paid all remaining liquidity, divided equally among shares. If that is not enough to buy back all remaining shares, shares will be bought back at the price the share was trading for when the company ended.

Can you please clarify this?

Also, did it state in the original contract that shares would be bought back over 52 weeks?

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December 12, 2012, 09:10:32 AM
 #132

Again, all unclaimed shares will become my property at noon CST on December 17th, 2012. If you have not claimed your shares by then, they will not be recoverable.

Possibly a term a little longer than a week might be a good idea. You don't have to hold on to them for a year or anything, but people do occasionally get buried in. How's a month sound?

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January 13, 2013, 02:56:56 PM
 #133

was the dividend payment 65 btc or 70 BTC ? or you took a fee for processing payments ?

I was expecting more than what I got

0.0086306098843931 per share ? to 4418 shares ?

or

70/4418 =  0.01584427342689 per share ?

It actually looks like the approx 70 BTC mined was split amongst all 8000 shares.  69 BTC/8000 shares gives 0.008625 per share, pretty close to what we got.

Looking back a few pages in the thread its apparent that all 8000 shares were receiving dividends then too. 
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February 21, 2013, 12:47:40 PM
 #134

Haven't seen a payment in a couple weeks.  Just wanted to make sure this is still proceeding as planned.
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March 16, 2013, 06:08:49 PM
 #135

Any updates? I only received the one payment on 8 January.

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March 19, 2013, 08:28:34 PM
 #136

Any updates? I only received the one payment on 8 january.

This

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March 27, 2013, 10:39:04 PM
 #137

Any updates? I only received the one payment on 8 January.

Repeated request.

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March 28, 2013, 01:59:42 AM
 #138

Has anyone tried contacting JL421 by email?  He hasn't been active on the board since January.
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April 06, 2013, 09:32:23 AM
 #139

well done, may they stick in your greedy throat

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April 10, 2013, 03:33:37 AM
 #140

Quote
That leaves 4,418 shares claimed to be bought out by 12/24/2013. If this number remains unchanged until December 17th, 2012, that will leave 231.7875 BTC to be paid out. This makes the weekly buyout payment 4.4575 BTC per week. Each share will receive 0.00100894 BTC per week until December 24th, 2013 starting on December 24th, 2012.

Fuck you. You miss every single fucking "weekly" payment and now you think because the price has risen so much that ~9 BTC is enough? _You_ missed your payments, so it's _your_ fault. I understand you cannot pay the full 231.7875 BTC, that would be insanely unfair after such a rise. But if you had kept your word, and made your weekly payments, we would have already gotten WAY more than the measly 9 BTC you paid out.

I cannot understand why we should we "pleased" with this. You didn't say a word anymore. Didn't reply to our request for updates/payments, and now we should be pleased with what we got? Had you just kept your word and sticked to your plan with 4.4575 BTC weekly payments, after only 3 weeks we would have gotten more than we got now.

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