Dissolving Cog now will most likely result in a buy back from the management on pennies to the dollar.
There's no buyback in the contract:
Cognitive Mining (asset id COGNITIVE) was created with the intent to give investors the opportunity to participate in FPGA Bitcoin mining without purchasing their own hardware. 50% of mining revenue will be distributed proportionally among shareholders as dividends, and 50% of mining revenue will be added to our growth fund, which will be used for investing in additional mining hardware. One share of the asset gives you one share of this revenue. Operating costs will be paid for by shares held by the operator of the asset. Each share represents a share in the ownership of the hardware. Motions to sell more shares can be raised by shareholders if 25% agree. To pass any motion, 51% of a minimum 60% quorum must vote "yes" for the motion. Motions will be raised for a minimum of one week. In the event of liquidation, all revenue will be distributed evenly to shareholders. The operator reserves the rights, regardless of the amount of shares owned, to raise a motion, and sell all hardware. Dividends will be paid weekly. Further information can be found at http://cognitivemining.com/
Liquidating Cog means selling the hardware with the proceeds being distributed to shareholders.
TerraMiners are going for roughly $8,000 at the moment. 30 TH/s is ~25 units at 1.2 TH/s (19 at 1.6 TH/s). This gives us between $152,000 and $200,000 assuming all units are sold. At current prices, that is between 287 and 377 BTC or between 0.020 and 0.026 BTC per share.
Running 30 TH/s assuming a difficulty increase of 15% every 2 weeks will yield 108 BTC in 6 weeks, 203 BTC in 16 weeks and so on. And we'd still have the hardware although it's value will be greatly depreciated.
Note that the above doesn't include Ebay fees for selling or electricity costs for running the hardware.
It's a tough one to call. If it's run correctly, there is still a viable enterprise here. If it's not run correctly, then its assets are worth about 0.02 BTC per share. The last motion to liquidate seems to be "no" by 3:1 but needs to be updated
. The current motion to use reserve funds as operational funds or liquidate cog expires in 7 days. I'm really not sure which way to go on this.
For 27 BTC he can buy the whole company...
Havelock should clear the order book before trading recommences. There'll be no buying at 0.002 BTC unless shareholders decide to put up an ask at 0.002 BTC.