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Author Topic: [GLBSE] MPOE ETF - September Financial Report Available  (Read 13385 times)
smickles
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March 06, 2012, 04:50:11 AM
 #1

*Note* This is not an exchange traded fund by the typical financial definition. This is a fund, in the financial sense, which is traded on the exchange GLBSE.

I am pleased to announce the creation on the Mircea Popescu's Option Emporium Exchange Traded Fund.

GLBSE ticker: MPOE.ETF

Financial Statements

Chart: https://glbse.com/asset/view/MPOE.ETF

Quote from: original_post
As you may know, Mircea Popescu's Option Emporium (MPOE) has gone public, however, he did it on his own. I'm sure many of us would like to be able to trade stock in MPOE on an exchange, so I decided to create this fund to satisfy this desire.

Below is a copy of the terms of each certificate. It outlines exactly how it works. Feel free to ask any questions. You may also catch me in #bitcoin-otc or various other bitcoin channels on freenode as smickles.

Quote
The owner of this certificate (here after know as "THE OWNER") holds one share of MPOE ETF (hereafter know as "THE FUND"). Each share of THE FUND entitles its owner to a distribution of the net gains (hereafter know as "THE DIVIDEND") generated by THE FUND. Each share of THE FUND does not convey any voting rights.

THE FUND will attempt to generate gains by investing its capital in the stocks of Mircea Popescu's Options Emporium (http://polimedia.us/bitcoin/options.php) (hereafter know as "THE INVESTMENT").

THE FUND will raise capital by issuing stock and retaining earnings.

The initial issuance of stock will be in an amount to meet demand at a price of 0.1 BTC per share and will be offered until the public offering of THE INVESTMENT on March 31, 2012. Going forward Stock will be issued in an amount to meet demand during a period of 7 days prior to each public offering of THE INVESTMENT. These future issuances will be offered at a price equal to the average of 7 days market value of THE FUND previous to the first day of each issuance period.

Net gains will be equal to gross gains less expenses and retained earnings.

Gross gains will be equal to any dividends received from THE INVESTMENT, as well as any profit from sale of portions of THE INVESTMENT.

Expenses will be an initial, single occurrence, of 20 BTC as a listing fee which will be recouped from the capital gained by the initial issuance of stock, and, going forward equal to 1% of gross gains.

Retained earnings will be equal to 49% of gross gains.

THE DIVIDEND will be equal to 50% of gross gains and will be paid on the 15th of each month starting April 15th, 2012.

THE FUND had received the approval of Mircea Popescu himself.

Any modification of these terms shall be subject to the bylaws presented at (http://mostofmany.com/mpoe-etf/bylaws.html).
Quote
-----BEGIN PGP SIGNED MESSAGE-----          
Hash: SHA1

To all concerned, my name is Michael Carver. I go by smickles on http://bitcointalk.org and I also go by the name smickles on #bitcoin-otc on freenod. I use the Web of Trust which is associated with that channel as the user smickles.
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March 06, 2012, 05:14:51 AM
 #2

Can you clarify if I have this correct: MPOE.ETF will raise funds through GLBSE prior to each new release of MPOE stock. All funds raised will then be sent to MPOE to gain an allocation of stocks.

Will you also be seeking to source MPOE stock on the secondary market (i.e. current stock holders looking to unload) and offering stock to others on the secondary market? You could act as a market maker for MPOE stocks and profit from the spread.

I'm interested in MPOE stock, but I won't do it without knowing what price I'm paying. As far as I see, this ETF still doesn't provide that, yet. Once it builds up a sizable holding and the ratio of stocks held in the ETF to new stocks purchased each month it will be easier to ascertain market price.


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March 06, 2012, 05:20:50 AM
 #3

Can you clarify if I have this correct: MPOE.ETF will raise funds through GLBSE prior to each new release of MPOE stock. All funds raised will then be sent to MPOE to gain an allocation of stocks.

Will you also be seeking to source MPOE stock on the secondary market (i.e. current stock holders looking to unload) and offering stock to others on the secondary market? You could act as a market maker for MPOE stocks and profit from the spread.

I'm interested in MPOE stock, but I won't do it without knowing what price I'm paying. As far as I see, this ETF still doesn't provide that, yet. Once it builds up a sizable holding and the ratio of stocks held in the ETF to new stocks purchased each month it will be easier to ascertain market price.


Yes, MPOE.ETF will raise funds prior to each new release of MPOE stock. All funds raised plus any retained earning will go to the subsequent MPOE offering, or if it's in the financial interest of the fund, some/all available funds may be apportioned to a purchase on the secondary market.

Your are correct, this ETF doesn't provide a price for MPOE stock /yet/. But it soon will.

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March 07, 2012, 01:59:57 AM
 #4

Hmm, did I post this in the wrong forum? Would the 'Bitcoin Forum > Economy > Marketplace' have been a better choice?

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March 07, 2012, 08:50:00 AM
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Interesting.

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March 07, 2012, 08:51:20 AM
 #6

This is to certify that Michael Carver did ask Mircea Popescu for his thoughts on the ETF and Mircea Popescu saw no problem with it.

Good luck in your venture smickles Smiley

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March 07, 2012, 12:36:20 PM
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Won't invest in this until the deal structure is more transparent. What if all the money you pay for the ETF just get 1% of the MPOE company?  And the IPO process will be longer since everyone here is aware of such big issue. So maybe MPOE should help both Mircea and us by offering the ETF a clear price.

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March 07, 2012, 01:49:33 PM
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Isn't this a little akin to asking a farmer for financing and a bank for milk and grain? A company builds, the market prices. Not the other way around.

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smickles
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March 07, 2012, 03:05:56 PM
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Won't invest in this until the deal structure is more transparent. What if all the money you pay for the ETF just get 1% of the MPOE company?  And the IPO process will be longer since everyone here is aware of such big issue. So maybe MPOE should help both Mircea and us by offering the ETF a clear price.

Mircea is not offering the ETF. I am. Also, the initial offering of the ETF is at a clear price of 0.1 BTC per share.

All the money you pay for the ETF could theoretically garner the ETF controlling 1% of MPOE, and in that case the ETF would receive 1% of the dividends from MPOE, the rest is laid out in the terms of the ETF certificate which is quoted in the OP.

The deal structure is the terms of the contract and I'm having a hard time deciding what you think is obscured in it. Can you be a little more specific? (I mean this sincerely)

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March 09, 2012, 03:44:57 AM
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Will all IPO funds in each round be used in full for each round of the MPOE public offering or will you monitor funds already sent to the PO and do your own valuation? MP himself said he thought the first round IPO of MPOE was overbought. If you get 100 BTC by April, will you send the lot for even more overvalued MPOE shares?

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March 09, 2012, 12:50:51 PM
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Will all IPO funds in each round be used in full for each round of the MPOE public offering or will you monitor funds already sent to the PO and do your own valuation? MP himself said he thought the first round IPO of MPOE was overbought. If you get 100 BTC by April, will you send the lot for even more overvalued MPOE shares?
My intention was to hold an amount of capital raised for a variety of reasons, one of which would be to ensure avoidance of purchasing overpriced stock via public offerings. As mentioned earlier, the fund may want to take advantage of under-priced stock on the secondary market, and, in order to successfully attain said stock, there would need to be BTC on hand.

If knowledge of the amount of BTC held for these -or other- purposes is a concern, bylaws can be written to explicitly state the percentage, or sum, of BTC held.

If the general concept of this is a concern, even thought shares do not technically convey voting rights, bylaws can be written to allow for a shareholder decision of the amount of funds to be held in this manner if any at all.

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March 09, 2012, 01:39:33 PM
 #12

If knowledge of the amount of BTC held for these -or other- purposes is a concern, bylaws can be written to explicitly state the percentage, or sum, of BTC held.

GLBSE says that the asset has been frozen, and I can't find the asset contract. Is it because the bylaws are being modified? Sorry, I don't know how it works so I had to ask.
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March 09, 2012, 01:50:05 PM
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If knowledge of the amount of BTC held for these -or other- purposes is a concern, bylaws can be written to explicitly state the percentage, or sum, of BTC held.

GLBSE says that the asset has been frozen, and I can't find the asset contract. Is it because the bylaws are being modified? Sorry, I don't know how it works so I had to ask.

The asset has been frozen pending verification of my account. I have contacted nefario and I'm sure that this will be resolved shortly.

smickles
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March 09, 2012, 01:54:48 PM
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If knowledge of the amount of BTC held for these -or other- purposes is a concern, bylaws can be written to explicitly state the percentage, or sum, of BTC held.

GLBSE says that the asset has been frozen, and I can't find the asset contract. Is it because the bylaws are being modified? Sorry, I don't know how it works so I had to ask.

Any modification of the bylaws would be announced -in advance of the actual change by one week, unless less time is necessary- here -in this thread-. Any discussion of amending the bylaws would also occur here.

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March 09, 2012, 01:56:16 PM
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Quote
If knowledge of the amount of BTC held for these -or other- purposes is a concern, bylaws can be written to explicitly state the percentage, or sum, of BTC held.
Maybe a good idea is to hold a shareholder vote in the IPO week, decide how much capital to put in that way.

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March 09, 2012, 06:16:26 PM
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If knowledge of the amount of BTC held for these -or other- purposes is a concern, bylaws can be written to explicitly state the percentage, or sum, of BTC held.

GLBSE says that the asset has been frozen, and I can't find the asset contract. Is it because the bylaws are being modified? Sorry, I don't know how it works so I had to ask.

The asset has been frozen pending verification of my account. I have contacted nefario and I'm sure that this will be resolved shortly.
I recently found out that the reason the asset is frozen is that I am suspected of fraud. I don't know why and I have been asked to submit an unsettling amount of information, some of which I do not have (ie national id card, linkedin account..).

https://bitcointalk.org/index.php?topic=68039.0 is a link to the email from nefario.

I am still trying to resolve this issue.

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March 09, 2012, 07:16:53 PM
 #17

Issue has been resolved, asset is trading again.

smickles account and asset were temporarily frozen, what looked like suspicious activity to me was mainly due to me not knowing the network of trust that smickles belonged to.

His OTC rating is available here:
http://bitcoin-otc.com/viewratingdetail.php?nick=smickles

Nefario.

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
smickles
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March 09, 2012, 08:44:31 PM
 #18

Issue has been resolved, asset is trading again.

smickles account and asset were temporarily frozen, what looked like suspicious activity to me was mainly due to me not knowing the network of trust that smickles belonged to.

His OTC rating is available here:
http://bitcoin-otc.com/viewratingdetail.php?nick=smickles

Nefario.
Yes, indeed, all seems back to normal.

smickles
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March 10, 2012, 11:01:47 PM
 #19

The fund has so far sold 237 shares raising 23.7 BTC.

smickles
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March 12, 2012, 12:25:51 AM
 #20

The fund has so far sold 287 shares raising 28.7 BTC.

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