Public Discussion - escrow dispute - soniq & MikeMike

[DannyHamilton]

Thank you for comprehensive feedback Danny.

I'm afraid Larry might have intentionally dropped his responsibilities around the forums.  We have two Skype groups of 43 people in a Jupiter GB and 19 people in a CoinTerra GB and although we can see Larry is still online in Skype, he is not responding to any messages or PMs via Skype from anyone.  

I am just curious as to when last either you or MikeMike has heard anything from him?

We have very concerned GB members.  It might be time to consider alternative plans in the event Larry does not respond promptly.

Thx again for all the efforts and being patient in the midst of this controversy.

As an escrow provider, I am doing what I can to enforce the original agreement between MikeMike and Soniq (regardless of how any of us feel about soniq's ability to honor his commitments).  The whole purpose of escrow is to allow individuals to do business without needing to concern themselves very much with the ability of the counterparty to honor commitments.

Both parties are welcome to renegotiate the terms of the agreement if they wish to do so.  If they BOTH tell me that they've reached a new agreement, I'll release escrow according to the new agreement.  If either of them refuse to renegotiate, then the original terms will be enforced.  Up until now, lack of communication from Soniq has made it impossible to determine if he was willing to renegotiate or not.  As long as MikeMike was willing to continue to try, and Soniq did not specifically demand release according to the original terms, I've been willing to continue to hold escrow and wait to see.

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[dawie]

Thx Danny. 
Can we ask you to put a reasonable deadline on Soniq to respond?  In case he does not, we can pick up on future plans from there.

[DannyHamilton]

Thx Danny. 
Can we ask you to put a reasonable deadline on Soniq to respond?  In case he does not, we can pick up on future plans from there.

Regarding this particular transaction, I'll continue to hold the funds in escrow until one of the following occurs:

• Soniq and MikeMike both inform me that they have reached a new agreement on how the funds in escrow should be released
• Soniq demands that the original escrow agreement be enforced without renegotiating
• MikeMike demands that the original escrow agreement be enforced without renegotiating

[Swimpool]

Soniq is shady safe to assume he is at fault

[DannyHamilton]

Soniq is shady safe to assume he is at fault

Fault doesn't matter.

Equipment was paid for.  Equipment was delivered late.

There is an escrow agreement in place that specifies what happens in this situation.

The parties are welcome to re-negotiate the terms of their agreement if they like, but if they choose not to, I'll release the escrow according to the original agreement as best I can.

[DannyHamilton]

Due to delivery problems, the two parties spent the past three months attempting to re-negotiate their agreement. They appear to have reached an impasse. I've been asked to release escrow according to the original agreement. I received the following message today from soniq:

Hello Danny and MikeMike

I have sent an email to MikeMike asking that we settle at 19.6 BTC and his response was to meet in the middle. ( Not sure what that means?)  I sent an email over a week ago with no response or clarification.

Because we cannot come to agreement ,  I am aksing you Danny to make a final decsion on this matter.

Larry

The original agreement required compensation to the buyer for late delivery.  I have therefore sent the following message to both parties and am waiting on a response:

MikeMike and Soniq,

It appears that it will not be possible for you both to reach an agreement.  In order for me to properly calculate the required compensation for late delivery, I need to know exactly what date each of the 5 units were delivered.

Please send me this information as soon as possible, and I will calculate and release escrow according to the original escrow agreement.

-  DannyHamilton

[DannyHamilton]

Hi

The original 4 were delivered April 28th

The last on that was delivered late by Cointerra was delivered Tuesday,  05/27/2014 at 11:25 A.M.

Assuming that I get confirmation from MikeMike of these delivery dates, I calculate compensation for late delivery of 1 unit as follows:

1.6 TH/s miner
May 1 - 11 difficulty = 8000872135.9681635
May 12 - 23 difficulty = 8853416309.1278
May 24 - 27 difficulty = 10455720138.484837

Average calculated expected income at each difficulty:
May 1 - 11: 0.10058073 per day X 11 days = 1.10638803 BTC
May 12 - 23: 0.09089104 per day X 12 days = 1.09069248 BTC
May 24 - 27: 0.07697233 per day X 4 days = 0.3078893 BTC

(income generated calculated as the average of the values reported by the following three websites: alloscomp.com, bitcoinx.com, and coinwarz.com)

1.10638803+1.09069248+0.3078893 = 2.50496981 BTC

As such, MikeMike is due 2.50496981 BTC refunded from escrow as compensation for late delivery.

The remainder of escrow will be released to soniq.

I'll wait 48 hours to see if there are any facts or relevant details that I am missing. If nothing new comes to light, then escrow will be released as indicated.

If any one has any objections to this resolution, or any reason why this decision violates the original escrow agreement, they need to post the associated information in this thread before Thursday, 2014-08-14 23:59 CDT (UTC-5:00).

[MikeMike]

Hi

The original 4 were delivered April 28th

The last on that was delivered late by Cointerra was delivered Tuesday,  05/27/2014 at 11:25 A.M.

Assuming that I get confirmation from MikeMike of these delivery dates, I calculate compensation for late delivery of 1 unit as follows:

1.6 TH/s miner
May 1 - 11 difficulty = 8000872135.9681635
May 12 - 23 difficulty = 8853416309.1278
May 24 - 27 difficulty = 10455720138.484837

Average calculated expected income at each difficulty:
May 1 - 11: 0.10058073 per day X 11 days = 1.10638803 BTC
May 12 - 23: 0.09089104 per day X 12 days = 1.09069248 BTC
May 24 - 27: 0.07697233 per day X 4 days = 0.3078893 BTC

(income generated calculated as the average of the values reported by the following three websites: alloscomp.com, bitcoinx.com, and coinwarz.com)

1.10638803+1.09069248+0.3078893 = 2.50496981 BTC

As such, MikeMike is due 2.50496981 BTC refunded from escrow as compensation for late delivery.

The remainder of escrow will be released to soniq.

I'll wait 48 hours to see if there are any facts or relevant details that I am missing. If nothing new comes to light, then escrow will be released as indicated.

If any one has any objections to this resolution, or any reason why this decision violates the original escrow agreement, they need to post the associated information in this thread before Thursday, 2014-08-14 23:59 CDT (UTC-5:00).

Danny/Soniq,

As I have made you aware by PM I've had a complicated death in my immediate Family.

I see we won't receive any compensation for the 4-miners being delivered late
though Soniq and I had a personal arrangement it was not put into the Escrow Agreement
and Soniq will not reply to my numerous emails/PM's to address this matter.

Soniq did agree to a payment of 4.8BTC or 4.2BTC I believe for the 5th late terraminer.

Given no recourse and it being clear that's better than this we will accept the 4.8BTC or 4.2BTC agreed upon arrangement.
Which ever it is go with it if it's not too late...

I want to get it over and move on.

Though I'd still like to know what's going on with our Jupiter GB payouts that we never received nor any of the NMC
that was mined that's now near worthless and I can only hope that Soniq won't retaliate and hold this against us
thereby never making good for those Jupiter GB payouts and NMC payout.

Sincerely,
MM

[DannyHamilton]

Danny/Soniq,

As I have made you aware by PM I've had a complicated death in my immediate Family.

I see we won't receive any compensation for the 4-miners being delivered late
though Soniq and I had a personal arrangement it was not put into the Escrow Agreement
and Soniq will not reply to my numerous emails/PM's to address this matter.

Soniq did agree to a payment of 4.8BTC or 4.2BTC I believe for the 5th late terraminer.

Given no recourse and it being clear that's better than this we will accept the 4.8BTC or 4.2BTC agreed upon arrangement.
Which ever it is go with it if it's not too late...

I want to get it over and move on.

Though I'd still like to know what's going on with our Jupiter GB payouts that we never received nor any of the NMC
that was mined that's now near worthless and I can only hope that Soniq won't retaliate and hold this against us
thereby never making good for those Jupiter GB payouts and NMC payout.

Sincerely,
MM

MikeMike,

I am truly sorry for your loss.  I realize that in such a situation, there isn't much interest in dealing with a long running dispute such as this.  Unfortunately, we've reached a situation where negotiations no longer seem to be productive.

As indicated in the quotes below, I have now received agreement from both parties on a settlement.  I will release escrow to both parties as soon as they provide me a bitcoin address to send the funds to.

I would settle for 3.6    so 19.2 BTC?

Larry

I accept whatever you propose here.

Sincerely,
LEN

For clarification, escrow will be released as follows:

• 19.2 BTC released to a bitcoin address provided by soniq
• 4.2 BTC released to a bitcoin address provided by MikeMike

[DannyHamilton]

At this point, the only thing I'm still waiting for is the bitcoin address that each party wants their bitcoins sent to.

[nottm28]

At this point, the only thing I'm still waiting for is the bitcoin address that each party wants their bitcoins sent to.

Looks like you done you best here given the circumstances Dan, always with integrity...