Troll free thread about the progress of HashFast's bankruptcy

[cedivad]

Since that the wise management over at HashFast decided to hire paid trollers to mislead their customers one last time, I'm opening this thread.

I will remove each and every post from "IceBreaker" and every puppet that will come up. Those users are asked not to post here. Constructive discussion is instead encouraged. You can follow the unmoderated thread on Bitcointa.lk (edit, it looks like that something is broken).

[cedivad]

Nobody is paying me and stating facts, no matter how unpleasant and contrary to your desires, is not trolling.

You are requested to leave this thread.

[cedivad]

Nobody is paying me and stating facts, no matter how unpleasant and contrary to your desires, is not trolling.

You are requested to leave this thread.

So anything I say is automatically trolling?

As I said, you are requested to leave this thread. This is the third time I ask you to do so.

[jjiimm_64]

I have been out of the loop last couple of weeks..

Sounds like the lawyers are going to be making money.

What percent of our bitcoins are we likely to receive? if any???

Can someone summarize where we are at?

[perezoso]

Feels better in here.  I have a lot of paperwork to catch up with, though.  

The testimony I've read so far makes me pretty sad.  Such poor financial decisionmaking.  Again. And again. And again.   Yet Eddie is articulate and thoughtful.  What a contradiction.

The picture so far is that as soon as money came in, out it went again, with effectively no consideration of the value received by HF for that money from its suppliers, contractors, etc.  As if Eddie and Simon believed the money was going to just keep coming to Hashfast forever, so there was no need be judicious in their expenditures.

But maybe that's not the whole truth.

I want to know more about Eddie's disappearance.  I understand that he had a harrowing experience with the fire, but I haven't seen any real explanation for his apparent personal financial meltdown (did he keep his money in a burned up cookie jar?) and his absence in the period during which he blames bad decisions on Simon.  Did he have some sort of mental breakdown?  Why was he gone?  If he had genuine medical issues, that's fine, I wouldn't begrudge him that.  An explanation would seem in order, though.
 

[pmorici]

I have been out of the loop last couple of weeks..

Sounds like the lawyers are going to be making money.

What percent of our bitcoins are we likely to receive? if any???

Can someone summarize where we are at?

Hashfast negotiated a horrible complicated deal to sell most of their assets to one of their supposed creditors Liquidbits, who was more like a business partner.  The committee was against the deal because it would have in all likely hood resulted in $0 going back to the customer creditors. It was so blatantly horrible that the judge said he wouldn't approve it even before hearing arguments on the matter.  Hashfast's plan was to sell all the first generation assets to Liquidbits then run off with the IP for the second generation chip and start a new company with it w/o the liability of all those pesky customers who are owed money.

Now that that scheme has been halted for the time being they are under pressure from the court to work out a plan in cooperation with the creditor's committee by Aug. 20th at which point if a mutually agreeable plan hasn't been reached then there will be a hearing about appointing a trustee who will come in and take charge of the company.

Hashfast claims they only have a negligible amount of BTC remaining somewhere between 0 and 5 BTC depending on which of their court filings you think is correct.  What happened to the Bitcoin is still being investigated.

In the meantime Simon went on a month long vacation to Europe.

[pmorici]

I want to know more about Eddie's disappearance.  I understand that he had a harrowing experience with the fire, but I haven't seen any real explanation for his apparent personal financial meltdown (did he keep his money in a burned up cookie jar?) and his absence in the period during which he blames bad decisions on Simon.  Did he have some sort of mental breakdown?  Why was he gone?  If he had genuine medical issues, mental or other, that's fine, I wouldn't begrudge him that.  An explanation would seem in order, though.

I don't doubt that having ones house burn down is a hardship but I'm having a hard time reconciling their story with this article from Business Week...

http://www.businessweek.com/printer/articles/185877-the-bitcoin-mining-arms-race-heats-up

Eduardo de Castro runs HashFast Technologies, a mining startup founded in early 2013. Sitting in a cafe in Mountain View, Calif., in September, de Castro, too, displays feverish signs: He had a house fire the night before, which he mentions dismissively only after being asked about the bandages on his arms and face.

Sounds like he was well enough to show up the next morning to talk to a BusinessWeek reporter but we are supposed to believe that after that he decided it was all to much and left everything to Simon?

[perezoso]

In the meantime Simon went on a month long vacation to Europe.

In the great European tradition of a God-given right to at least one month paid vacation a year.

I had a German business partner for a while.  We were not doing well, money was tight.  He announced his vacation plan.  I suggested that if he was going to take all that time off, at least some of it should be unpaid given the circumstances.  He thought that I was proposing an injustice on the order of genocide.  A massive human rights violation, not getting his full complement of paid vacation.  

[Micky25]

I want to know more about Eddie's disappearance.  I understand that he had a harrowing experience with the fire, but I haven't seen any real explanation for his apparent personal financial meltdown (did he keep his money in a burned up cookie jar?) and his absence in the period during which he blames bad decisions on Simon.  Did he have some sort of mental breakdown?  Why was he gone?  If he had genuine medical issues, that's fine, I wouldn't begrudge him that.  An explanation would seem in order, though.

If I rate him right I would guess it was a delightful one week excursion to Tijuana with blow and hookers.

[Minor Miner]

I may owe you an apology.   You now say that you bought units by converting stock that you had purchased in Icedrill into Sierras?

Dude, where have you been?  The IceDrill share conversion happened last year as Bitfunder closed.  I guess you don't read that thread.
Apology accepted.  

But Ralph, now I am confused.   Because you told Jez, that you were one of the original money men that helped HF get over the hump at the start and that is where your "batch 0" Sierras came from.   Then you said on Icedrill that you did not convert your shares for units.    Now you are saying that your units came from conversion of your shares in Icedrill.   So, you started working for Hashfast in December and only received units because they were Icedrill units that were diverted to you (because you exchanged shares for sierras).   Is that the correct and honest story?
I cannot wait until October to see how you filled your claim form in.  

Just want to post this here because Ralph is getting a little sketchy on just how he is one of us creditors.    He seems to have too many stories and only one of them seem to make sense.  

Then you said on Icedrill that you did not convert your shares for units.    

Wut?  Where did I say that?  

So you are now saying your claim is based on your exchange of stock in icedrill for Sierra?
Sorry Ralph your claim is against icedrill if that is the case.  You are not a creditor.  

Guess ICEDRILL / Ralph did not like the below?   Truth is hard sometimes.

A reply of yours, quoted below, was deleted by the starter of a self-moderated topic. There are no rules of self-moderation, so this deletion cannot be appealed. Do not continue posting in this topic if the topic-starter has requested that you leave.

You can create a new topic if you are unsatisfied with this one. If the topic-starter is scamming, post about it in Scam Accusations.

But I now can see why you are such an angry little man now.   You went to a pretty solid college,  came out at an ideal time to make millions in tech,  in a market where there was and is a shortage of tech talent and yet for some reason you can't hold down a job.  Then you bought shares in a company on the Web and converted them to a Sierra at around $40 per gh.  Life just is not fair.   And all the while you have to deal with the fact that you are always the smartest guy in the room.   A lot of bad luck you have had Ralph.  Perhaps look in the mirror, you will find the responsible party there.  

[Minor Miner]

Posting replies from iCEBREAKER's (Ralph formerly of HF tech support) BS thread here.   I am making an large assumption that kikaha is actually a creditor.

Do you have insight into this new creditor proposal?  Can things get resolved quickly so we can all get some or all  of our money back and move on?  Before August 20th?

Sorry, I don't have any such insight.  MinorMiner probably does, but he'd rather dox and stalk me than let the us know what brilliant move Koi is planning next.  
Their original scorched-earth plan (Chapter 7) went nowhere, and now they are struggling to deal with the other, more reasonable, creditors.
Koi and Gallo deserve each other, from what I've read.
With luck, LiquidBits and IceDrill may form an alliance to sell the IP, fund board assembly, and host miners, to the benefit of all creditors.

I have no insight, I am not on the committee.  From the hearing though it is doubtful that the Gallo/LB deal will ever fly since the Judge already threw it out on its butt.
I did not dox you Ralph, someone else did.   I did not publish your last name or that you were working for hashfast while trolling and spreading FUD about other manufacturers, someone else did.  I did look into your background and gained a lot of insight into why you are such an angry little man.    I did say that what you did is unethical and that you are not a creditor in the estate, because according to your statements, you will become a creditor in the icedirll estate if there every is one and have ZERO claim on the Hashfast estate.
I also told you to stop picking on the people at ACTm or else I would let them know more about why you feel the need to bully people.   You calmed "to not know me".    I guess two people must use your account or maybe the split personality is something I missed in your background.
Koi's interest is in the money we are owed and making sure that crooked people do not try and carpet bag the company.   Thanks to management doing NOTHING to get creditors any value for the last months and spending all their trying to cut a sweetheart deal for LB and themselves (by trying to steal from creditors all the IP), we have all lost a lot of money that we could have recovered.
Chapter 7 would have made us all the most money as the company would have been shut down and all the assets would have been PUBLICLY auctioned.   3 months ago, that would have recovered a LOT of money and we did not need to pay $250k a month for HF employees to do nothing.   

[scr3u.ucr3trs]

I have been out of the loop last couple of weeks..

Sounds like the lawyers are going to be making money.

What percent of our bitcoins are we likely to receive? if any???

Can someone summarize where we are at?

Hashfast negotiated a horrible complicated deal to sell most of their assets to one of their supposed creditors Liquidbits, who was more like a business partner.  The committee was against the deal because it would have in all likely hood resulted in $0 going back to the customer creditors. It was so blatantly horrible that the judge said he wouldn't approve it even before hearing arguments on the matter.  Hashfast's plan was to sell all the first generation assets to Liquidbits then run off with the IP for the second generation chip and start a new company with it w/o the liability of all those pesky customers who are owed money.

Now that that scheme has been halted for the time being they are under pressure from the court to work out a plan in cooperation with the creditor's committee by Aug. 20th at which point if a mutually agreeable plan hasn't been reached then there will be a hearing about appointing a trustee who will come in and take charge of the company.

Hashfast claims they only have a negligible amount of BTC remaining somewhere between 0 and 5 BTC depending on which of their court filings you think is correct.  What happened to the Bitcoin is still being investigated.

In the meantime Simon went on a month long vacation to Europe.

From the testimony, Simon's vacation was part of the contract that he negotiated up front so it was owed by the company. Good for him to have the foresight to negotiate it.

  You say the LB plan didn't make money, than does the plan given the the company now make money and if so how much will we see and when?  Most of the employees left last week so how do the creditor committee expect to get money back?  Are they selling more of the company inventory cheaper, or going with Eduardo and Guido plan?  (the give away franchise plan)  That couldn't make any more money than the LB deal could it?

[perezoso]

From the testimony, Simon's vacation was part of the contract that he negotiated up front so it was owed by the company. Good for him to have the foresight to negotiate it.

Don't be ridiculous.  His company is at a crucial stage of bankruptcy proceedings.  If he had a whit of interest in doing right for the creditors, he'd be physically available in the Bay Area to meet and help take the company's decisions.  Maybe he could go to Pacifica, but not the Algarve.  Better yet, he would be eager to do something to prove he was worth a damn at anything other than a narrow set of technicals,* which apparently he is not.  



* and spending money.

[bitndx]

From the testimony, Simon's vacation was part of the contract that he negotiated up front so it was owed by the company. Good for him to have the foresight to negotiate it.

Don't be ridiculous.  His company is at a crucial stage of bankruptcy proceedings.  If he had a whit of interest in doing right for the creditors, he'd be physically available in the Bay Area to meet and help take the company's decisions.  Maybe he could go to Pacifica, but not the Algarve.  Better yet, he would be eager to do something to prove he was worth a damn at anything other than a narrow set of technicals,* which apparently he is not.  



* and spending money.

Simon doesn't come across to me as that nefarious. I thought he might po*p his pants during one of those audio interviews that you posted.

That first company that he and decastro started seems to have been simon's core idea as does HF.  What did Eduardo bring to the table other than an ability to fade into the woodwork when the going got tough. What is curious to me is that after the first company was bought, simon worked there for 7 years more and then to PARC etc. eduardo's bio is more sketchy(at least publicly) since the first company with the implication that he has been involved with multiple startups since( yet none were named). How many "fund and fail" startups has he been associated with because he seems to be pretty savvy at fading away.

I fault simon too....just this eduardo guy stinks to me....   

[stan258]

From the testimony, Simon's vacation was part of the contract that he negotiated up front so it was owed by the company. Good for him to have the foresight to negotiate it.

Don't be ridiculous.  His company is at a crucial stage of bankruptcy proceedings.  If he had a whit of interest in doing right for the creditors, he'd be physically available in the Bay Area to meet and help take the company's decisions.  Maybe he could go to Pacifica, but not the Algarve.  Better yet, he would be eager to do something to prove he was worth a damn at anything other than a narrow set of technicals,* which apparently he is not.  



* and spending money.

Simon doesn't come across to me as that nefarious. I thought he might po*p his pants during one of those audio interviews that you posted.

That first company that he and decastro started seems to have been simon's core idea as does HF.  What did Eduardo bring to the table other than an ability to fade into the woodwork when the going got tough. What is curious to me is that after the first company was bought, simon worked there for 7 years more and then to PARC etc. eduardo's bio is more sketchy(at least publicly) since the first company with the implication that he has been involved with multiple startups since( yet none were named). How many "fund and fail" startups has he been associated with because he seems to be pretty savvy at fading away.

I fault simon too....just this eduardo guy stinks to me....   

He is protected under CA labor Law.  Accrued time off in California must be paid out in cash value at time of employee separation. Even if the employee transfers to another state and remains with the employer.  Either he takes it now or the estate pays it later.  I believe even if he were to take a pay cut the accrued vacation must be paid at the rate he was at when it was earned.

[Minor Miner]

He is protected under CA labor Law.  Accrued time off in California must be paid out in cash value at time of employee separation. Even if the employee transfers to another state and remains with the employer.  Either he takes it now or the estate pays it later.  I believe even if he were to take a pay cut the accrued vacation must be paid at the rate he was at when it was earned.

I think the point was more that he is not just an employee of the company, he is one of two people on the board of directors and an owner.  If he really gave a shit about trying to retain value for creditors, he would have delayed his vacation.

[stan258]

He is protected under CA labor Law.  Accrued time off in California must be paid out in cash value at time of employee separation. Even if the employee transfers to another state and remains with the employer.  Either he takes it now or the estate pays it later.  I believe even if he were to take a pay cut the accrued vacation must be paid at the rate he was at when it was earned.

I think the point was more that he is not just an employee of the company, he is one of two people on the board of directors and an owner.  If he really gave a shit about trying to retain value for creditors, he would have delayed his vacation.

Agreed.

[bitndx]

He is protected under CA labor Law.  Accrued time off in California must be paid out in cash value at time of employee separation. Even if the employee transfers to another state and remains with the employer.  Either he takes it now or the estate pays it later.  I believe even if he were to take a pay cut the accrued vacation must be paid at the rate he was at when it was earned.

I think the point was more that he is not just an employee of the company, he is one of two people on the board of directors and an owner.  If he really gave a shit about trying to retain value for creditors, he would have delayed his vacation.

certainly true

[kikaha]

+1 you don't take a vacation while your company is in jeopardy.  Either you care about what happens to your company or you don't.  Screw vacation.  Act like an owner.

He is protected under CA labor Law.  Accrued time off in California must be paid out in cash value at time of employee separation. Even if the employee transfers to another state and remains with the employer.  Either he takes it now or the estate pays it later.  I believe even if he were to take a pay cut the accrued vacation must be paid at the rate he was at when it was earned.

I think the point was more that he is not just an employee of the company, he is one of two people on the board of directors and an owner.  If he really gave a shit about trying to retain value for creditors, he would have delayed his vacation.

certainly true

[kikaha]

You seem to be taking Eduardo's statements at face value, that he really had no involvement and Simon made all the bad decisions.  If you are CEO, doesn't the buck stop with you?  It seems to make more sense that Eduardo was involved in numerous bad decisions but doesn't want to take any responsibilities.

I want to know more about Eddie's disappearance.  I understand that he had a harrowing experience with the fire, but I haven't seen any real explanation for his apparent personal financial meltdown (did he keep his money in a burned up cookie jar?) and his absence in the period during which he blames bad decisions on Simon.  Did he have some sort of mental breakdown?  Why was he gone?  If he had genuine medical issues, that's fine, I wouldn't begrudge him that.  An explanation would seem in order, though.

If I rate him right I would guess it was a delightful one week excursion to Tijuana with blow and hookers.