[GLBSE] Interest in a Thoroughbred Racehorse

[JE2]

Satoshi's Daemon breezed three furlongs this morning in :38.20 over a track rated good at Fair Grounds Race Course. Her time earned her the bullet work of the day for three furlongs, as she covered the distance the fastest of the eight horses who worked today. She worked very good without company and should continue to improve after today's work. We will be adding more videos, but please click the link below to see what we have posted so far.


http://www.youtube.com/user/EvansTBRacing#p/u


Satoshi is a very athletic three year-old Louisiana-bred filly who we have given the time needed to mature both mentally and physically. She has filled out very well over the winter. We are looking forward to an exciting racing meet this spring and summer at Evangeline Downs where the addition of slot machine money has provided very attractive purse money for the weekly racing card. The link below will take you to an article that describes the lucrative racing industry in Louisiana. There is also a link within the article to the inaugural edition of Louisiana Review, which provides an in-depth look at horse racing in Louisiana (see link below to the edition of Louisiana Review). It is an enjoyable read and a great time to own a racehorse in Louisiana!!! Enjoy!

http://www.thoroughbredtimes.com/national-news/2012/01/24/thoroughbred-times-2012-louisiana-review.aspx

http://www.thoroughbredtimes.com/media/pdfs/2012lareview.pdf

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[JE2]

Satoshi's Daemon worked four furlongs from the starting gate in :52.60 over a fast track at Evangeline Downs with apprentice jockey Denny Velazquez in the saddle. The goal of the work on yesterday was to get gate approved and not to post a fast time. She broke a little slow behind two horses, but quickly gathered herself passed the two horses on the inside near the two furlong mark and then galloped the rest of the work. She received her gate card after the work and is now ready for race entry. We will look to enter her next week to run at Evangeline Downs!! 

[MPOE-PR]

I must confess that this is very interesting, but bear in mind we're mostly newbies when it comes to horses. A few more details would be very helpful.

Evangeline Downs is nice, but what's first prize? 2nd? What's the entrance fee? Maybe break everything down for us in simple terms: if 1st place the horse makes 5000 dollars, of which net 2300 for shareholders. If 2nd place 3000 dollars, of which 300 net. Etc.

[JE2]

We are looking at a race scheduled to run on Wednesday, May 2nd as her debut. We will know if the race is a go and if she makes the field some time on the afternoon of Thursday, April 26th. The purse for this race is $14,500. 1st place receives 60% of the purse, 2nd gets 20%, 3rd 11%, 4th 6%, 5th 3%. There is no fee to enter the race. Once we know for certain we have made the field, the dividend schedule on her web page http://www.satoshisdaemon.com/ will be updated.

[Nefario]

We are looking at a race scheduled to run on Wednesday, May 2nd as her debut. We will know if the race is a go and if she makes the field some time on the afternoon of Thursday, April 26th. The purse for this race is $14,500. 1st place receives 60% of the purse, 2nd gets 20%, 3rd 11%, 4th 6%, 5th 3%. There is no fee to enter the race. Once we know for certain we have made the field, the dividend schedule on her web page http://www.satoshisdaemon.com/ will be updated.

Any chance of getting a video of the race if she makes the field?

[JE2]

If she makes the race, it will stream live on the Evangeline Downs website. Also, you can always go back and watch the replay if you miss it live. See link below.

http://evangelinedowns.com/video

[TTBit]

Update:
Satoshi's Daemon has been placed into RACE #5 at EVANGELINE DOWNS on Wednesday, MAY 2nd!!

Dividend Schedule:
JE2 and I are crunching numbers to calculate dividend payouts. Look for preliminary dividend schedule here and on satoshisdaemon.com. A finalized dividend schedule will be posted late Sunday night. Dividends will be paid Saturday, May 5.

Participate
* Come on out to Evangeline Downs on May 2nd and join the fun. If she wins, we are allowed a few to join the winner's circle for the photo.
* You can watch the race live at http://www.evangelinedowns.com/racing

Thanks to all of our patient investors. Hopefully it will be worth the wait.

Mods: Please move to the securities discussion

[Nefario]

This is some fantastic news.

[brendio]

Update:
Satoshi's Daemon has been placed into RACE #5 at EVANGELINE DOWNS on Wednesday, MAY 2nd!!

Dividend Schedule:
JE2 and I are crunching numbers to calculate dividend payouts. Look for preliminary dividend schedule here and on satoshisdaemon.com. A finalized dividend schedule will be posted late Sunday night. Dividends will be paid Saturday, May 5.

Participate
* Come on out to Evangeline Downs on May 2nd and join the fun. If she wins, we are allowed a few to join the winner's circle for the photo.
* You can watch the race live at http://www.evangelinedowns.com/racing

Thanks to all of our patient investors. Hopefully it will be worth the wait.

Mods: Please move to the securities discussion

How will she fare? Make your prediction: http://predict.glbse.com/markets/46812

[TTBit]

Update:
Satoshi's Daemon has been placed into RACE #5 at EVANGELINE DOWNS on Wednesday, MAY 2nd!!

Dividend Schedule:
JE2 and I are crunching numbers to calculate dividend payouts. Look for preliminary dividend schedule here and on satoshisdaemon.com. A finalized dividend schedule will be posted late Sunday night. Dividends will be paid Saturday, May 5.

Participate
* Come on out to Evangeline Downs on May 2nd and join the fun. If she wins, we are allowed a few to join the winner's circle for the photo.
* You can watch the race live at http://www.evangelinedowns.com/racing

Thanks to all of our patient investors. Hopefully it will be worth the wait.

Mods: Please move to the securities discussion

How will she fare? Make your prediction: http://predict.glbse.com/markets/46812

Anxious to see results. Preliminary track odds should come out tomorrow (april 27) morning. Don't think she will be the track favorite. Her workouts were good, not great, but we have been treating her workouts like pre-season football - Get her gate card and not get injured.

[TTBit]

Preliminary Dividend Schedule for Race on May 05, 2012 Evangeline Downs. This dividend schedule is prepared using a $5.10 conversion rate between BTC and USD. The final rate will be locked at least 48 hours prior to the race. I'll sign the final dividend schedule and post it here and on www.satoshisdaemon.com

Location: Evangeline Downs (http://www.evangelinedowns.com/racing)
Race No.: 5
Jockey: Carlos Marquez
Purse: $14,500
Payout Date: Sunday, May 06 2012

Preliminary Dividend payout to each BIR share (in BTC)

*-*-*-*-* Racing Dividends *-*-*-*-*
1st: 0.0629 BTC
2nd: 0.0045 BTC

*-*-*-*-* Claiming Dividend *-*-*-*-*
If claimed: 0.1672


Summary:
Current equity in the portfolio is approximately $3500 (from a $10,000 initial investment). Current book value is 0.0686 BTC per Bitcoin Interest Right (BIR). There is also a liability to the prior owners who have the right to the first $500 that the horse wins (Cuff deal). We feel we need at least $4500 to comfortably progress with Satoshi's Daemon for her racing career. For her first race on May 2nd, this means that there will only be a dividend for a Win or Place. However, it is worth noting that the $500 liability will be paid for a 3rd, 4th or 5th (partial payment) showing, increasing her 'book value'. With a strong showing, expect a higher dividend payment for next race due to 1) Potentially higher purse 2) Fewer liabilities and 3) Higher account balance. If she is claimed, we retain all winnings from the race, but lose the horse to a new owner. The claiming price is $5,000 for this race. Expect dividends to be paid on Sunday, May 06. For those in the area, please PM me or JE2 for a meetup at the track!

Funding Addresses:
IPO Address holding 105 coins: 1DaemonMBV5XepQr8Kekgo5TCgG5pCdoSd
Good Faith deposit 100 coins: 1Daemon7kXmCjuFvaVwiPWoZJqcLtZnbiH
To be funded 2100 coins 48 hours before race day: 1Daemonyp34iLHiUn5uuPMwYWa7zXo9Hqw

Total 2305 coins, which can cover any possible outcome for all 10,000 BIR shares.

Detail:
For those interested in the accounting of it:

Beginning balance: $3526.33 (USD)

Purse: $14,500

Revenue:
1st place: 60% ($8,700), 2nd 20% ($2,900), 3rd 11% ($1,595), 4th 6% ($870), 5th 3% ($435).

Expenses:
Jockey 10% of revenue for 1st - 3rd ($1,370, $290, $159.50), $65 for unplaced. We also pay a $500 incentive bonus for a Jocky WIN.
Trainer 30% for a 1st through 3rd ($2,610 for first. $870 for 2nd, $478 for 3rd)

Miscellaneous
Travel expenses, pony guy (walks the horse to the track): $100-$200.

[brendio]

*-*-*-*-* Claiming Dividend *-*-*-*-*
If claimed: 0.1672


If she is claimed, we retain all winnings from the race, but lose the horse to a new owner. The claiming price is $5,000 for this race.

Could you please explain more how this works? We've spent $6,500 on the horse, but she could be claimed by someone else for $5,000? Have I misunderstood, because it sounds like a crappy deal for us?

[JE2]

The vast majority of races run on tracks throughout the U.S. are claiming races. They are the backbone of the sport and provide quick and easy entry into the sport for new owners and those who wish to play the "Claiming Game" (claim a horse run it back for same claiming price hope for a win and hope to get claimed and then do it over again). The short answer to your question is yes, there is some risk involved in running in a $5,000 claiming race, but the competition level she will face running for $5,000 in her first race compared to what she would face if she ran for a higher claimng price does not compare. Anything can happen, but it is unlikely she will be claimed. Her works have been good, but not lights out. A savvy owner looking to claim is going to at least give her a start or two to see what she does in live competition before dropping a claim. As I said, anything can happen, but someone claiming a first-time starter with three published works would be a surprise. If and when she shows she is ready to step up in class (tougher races and bigger purses), we will place her accordingly. One of the worst things you can do in horse racing is run a horse over its head and kill their spirit, especially a young inexperienced horse. I hope this helps, and thanks in advance for your interest.

[PawShaker]

[...]
Could you please explain more how this works? We've spent $6,500 on the horse, but she could be claimed by someone else for $5,000? Have I misunderstood, because it sounds like a crappy deal for us?

http://en.wikipedia.org/wiki/Claiming_race

The value of a horse is not so easily assessed. Claim prices are set to make sure that horses are approximately of the same form. They are not to actually sell the horse.

The point is to discourage entering a multiple winner (worth over $20000) against bunch of youngsters (~$5000). There is no entertainment for spectators in such unbalanced race and odds are boring for punters.

[brendio]

Thanks, PawShaker and JE2, for the clarification.

[ColdHardMetal]

Cool, I was just coming to ask for some clarity about that having read it earlier.

My other question is if we have any idea how much the horse weighs? Using a weight of 1250 pounds makes each share worth 2 ounces of horseflesh 

Is it possible to refine that number purely out of curiosity?

[brendio]

Cool, I was just coming to ask for some clarity about that having read it earlier.

My other question is if we have any idea how much the horse weighs? Using a weight of 1250 pounds makes each share worth 2 ounces of horseflesh 

Is it possible to refine that number purely out of curiosity?

lol. So if the horse defaults, can we each extract our "pound of flesh"?

[LightRider]

Now just waiting for the bitcoin episode of Luck.

[ColdHardMetal]

Finally had a chance to read that Claiming Race wiki link. That's a really neat way of ensuring a fair field with no ringers.

I'd put our risk at 0 for this running since it needs to happen before the race, and this is a totally unproven, unknown horse.

[TTBit]

The entries are posted on equibase for 5/02: http://equibase.com/static/entry/EVD050212USA-EQB.html

In our 14 horse race (Race #5), the morning line on Satoshi's Daemon is 30:1.