odie158
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October 23, 2013, 10:40:28 PM |
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What is to become of the Cognitive-PT security on litecoinglobal?
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medicine
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October 24, 2013, 03:34:14 AM |
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What is to become of the Cognitive-PT security on litecoinglobal?
+1, I am also interested in this answer. |
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Garr255 (OP)
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October 24, 2013, 05:59:52 AM |
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What is to become of the Cognitive-PT security on litecoinglobal?
+1, I am also interested in this answer. Sorry for not being able to tell you instantly. The choices are to either convert the PT shares (which didn't actually entitle one to a Cognitive share) to actual Cognitive shares, or to refund all shares at the final trade price of 3.041 litecoins. Most likely we will raise a motion so Cognitive shareholders can decide between those two options. --Garrett |
“First they ignore you, then they laugh at you, then they fight you, then you win.” -- Mahatma Gandhi
Average time between signing on to bitcointalk: Two weeks. Please don't expect responses any faster than that!
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medicine
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October 24, 2013, 07:02:27 AM |
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On the PT share contract description over on LTC-GLOBAL it does say, and I qoute "Each share is backed by one share of COGNITIVE and pays 95% of the dividend on BTC-TC." That would lead my to think the shares would eventually be convertible to full shares. I would be inclined to vote in favour of conversion if a motion were to be raised.
*I AM NOT A PT SHAREHOLDER.*
Again, what do you guys think?
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investr
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October 24, 2013, 03:17:22 PM |
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On the PT share contract description over on LTC-GLOBAL it does say, and I qoute "Each share is backed by one share of COGNITIVE and pays 95% of the dividend on BTC-TC." That would lead my to think the shares would eventually be convertible to full shares. I would be inclined to vote in favour of conversion if a motion were to be raised.
*I AM NOT A PT SHAREHOLDER.*
Again, what do you guys think?
This doesn't make any sense. You bought a passthrough share and not an actual share. Yes, the PT has to be backed by someone else's actual share, because it wouldn't make sense if a PT was backed by nothing. If it was backed by nothing then there wouldn't be any dividends and the passthrough would have no relative value. It acts as a proxy to provide access to an asset on other exchanges. The right thing to do would be a passthrough buyback, and if certain people want to invest in Cognitive directly then they have the opportunity to do so on whatever new exchange Cognitive becomes available at with the funds available to them. |
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investr
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October 24, 2013, 03:51:09 PM |
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So use a 90 day average  |
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theterabyte
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October 24, 2013, 03:54:58 PM |
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I don't really have any context, but it doesn't seem like this is a hard problem. Given the following assumptions:
1. The PT was denominated in LTC
2. The PT owner had (and still has) the actual shares
3. The ownership of PT shares is known to the PT owner
The most equitable thing to do is for the PT owner to transfer those shares to people on the new exchange. If the new exchange does not support LTC, they can liquidate at a fair market value and convert those BTC to LTC.
It sucks for the owner because it's a lot of work - it sucks for the users because until that time they have no liquidity, but I can't think of a solution that doesn't have those drawbacks. It doesn't really impact other holders of COG at all, unless there is a major sell-off on the new exchange, but a sudden increase in volume is likely after the new exchange goes live anyways.
Are any of my assumptions wrong? Why would a forced-buyback be better for anyone? What alternatives would be more fair to any of the involved parties?
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My Bitcoin Tip Jar: 11Ws5nzwy44cMcymu6ddRxdp9uvDonNqB
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Carnth
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October 24, 2013, 04:54:48 PM |
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What alternatives would be more fair to any of the involved parties?
I have a unique insight to this question because had to do the same thing with NASTY-PT that I managed. I gave my shareholders the same choice--get direct shares, or liquidate. Of 48,000 shares, 45,900 chose to get "direct shares." That's over 95% I have no PT shares myself, I'm just sharing my experience as an asset issuer. |
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Garr255 (OP)
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October 24, 2013, 07:52:46 PM |
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Thanks for the input all, and the insight Carnth.
I believe giving PT holders actual shares will be the best option here, but I will still want to hold a vote so the decision will ultimately be made by Cognitive shareholders.
Best,
Garrett
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“First they ignore you, then they laugh at you, then they fight you, then you win.” -- Mahatma Gandhi
Average time between signing on to bitcointalk: Two weeks. Please don't expect responses any faster than that!
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stslimited
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October 26, 2013, 06:48:31 PM |
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supposed to be some dividends today to one of my addresses right?
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pascal257
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October 26, 2013, 09:24:07 PM |
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supposed to be some dividends today to one of my addresses right?
0.001161 per share? |
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zefyr0s
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October 27, 2013, 02:02:46 AM |
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supposed to be some dividends today to one of my addresses right?
Last Cognitive div I got was on 10/06, so tomorrow looks like the day for those. Are we going to be getting the previous two weeks' then as well though? |
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Garr255 (OP)
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October 27, 2013, 08:25:56 PM |
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supposed to be some dividends today to one of my addresses right?
Last Cognitive div I got was on 10/06, so tomorrow looks like the day for those. Are we going to be getting the previous two weeks' then as well though? The dividends for the past month will go out the same day we are moved to the new exchange, which has asked me not to disclose any information (even their name) until everything is finalized. This will probably be this week, but if not, I will send out dividends manually on Saturday (six days from this post) manually, just as a backup plan. Rest assured things are indeed progressing and we are well on our way to becoming an actively traded asset again. Cheers, Garrett |
“First they ignore you, then they laugh at you, then they fight you, then you win.” -- Mahatma Gandhi
Average time between signing on to bitcointalk: Two weeks. Please don't expect responses any faster than that!
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zefyr0s
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October 28, 2013, 02:05:17 AM |
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Thanks for the update Garr, hope all's going good on the other end of things.
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pascal257
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October 28, 2013, 02:13:54 AM |
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The dividends for the past month will go out the same day we are moved to the new exchange, which has asked me not to disclose any information (even their name) until everything is finalized. This will probably be this week, but if not, I will send out dividends manually on Saturday (six days from this post) manually, just as a backup plan.
Rest assured things are indeed progressing and we are well on our way to becoming an actively traded asset again.
Cheers,
Garrett
PT shares will be converted I assume? |
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Garr255 (OP)
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October 28, 2013, 03:30:15 AM |
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The dividends for the past month will go out the same day we are moved to the new exchange, which has asked me not to disclose any information (even their name) until everything is finalized. This will probably be this week, but if not, I will send out dividends manually on Saturday (six days from this post) manually, just as a backup plan.
Rest assured things are indeed progressing and we are well on our way to becoming an actively traded asset again.
Cheers,
Garrett
PT shares will be converted I assume? It is more than likely that they will be converted, we are going to poll shareholders on this just to be sure. Thanks for the update Garr, hope all's going good on the other end of things.
You bet! |
“First they ignore you, then they laugh at you, then they fight you, then you win.” -- Mahatma Gandhi
Average time between signing on to bitcointalk: Two weeks. Please don't expect responses any faster than that!
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supermono
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October 28, 2013, 05:41:51 PM |
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Personally, my vote would be for the PT shares to go back to fulfilling their original purpose. When Cognitive was on BTCT, it seems like the function of the PT was to allow investors to invest 1) on another exchange and 2) in litecoins.
Assuming Cognitive is relisted on another exchange that deals in BTC-denominated securities, then I would love to see the PT relist on another litecoin-based exchange, such as litecoininvest.com or the site that Kate is working on (assuming that it is open to all investors/issuers worldwide).
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KCBitcoin
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October 30, 2013, 07:30:44 AM |
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hey Garr,
Any news on what exchange will cognitive be listed on?
There is only 2 days before BTCT got taken offline.
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Carnth
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October 30, 2013, 03:07:54 PM |
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There is only 2 days before BTCT got taken offline.
General Reminder: As long as you have your Public Bitcoin address in your account setting on BTCT, you have nothing to worry about. Garrett has a complete list of every shareholder, how many shares they have, the email address you used to sign up with BTCT, and that public Bitcoin address. This is everything he needs to pay divs and move to a different exchange. If you don't have your public Bitcoin address in you account setting on BTCT, then you need to do it right now. |
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Garr255 (OP)
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October 30, 2013, 04:11:35 PM |
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There is only 2 days before BTCT got taken offline.
General Reminder: As long as you have your Public Bitcoin address in your account setting on BTCT, you have nothing to worry about. Garrett has a complete list of every shareholder, how many shares they have, the email address you used to sign up with BTCT, and that public Bitcoin address. This is everything he needs to pay divs and move to a different exchange. If you don't have your public Bitcoin address in you account setting on BTCT, then you need to do it right now. Yep, this is all correct, especially "you need to do it right now." |
“First they ignore you, then they laugh at you, then they fight you, then you win.” -- Mahatma Gandhi
Average time between signing on to bitcointalk: Two weeks. Please don't expect responses any faster than that!
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