guruvan
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October 05, 2012, 06:41:10 PM |
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If by "get better" you meant "disappear" Maybe we'll get lucky and be able to get coin & assets out of it.
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smickles (OP)
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October 05, 2012, 06:54:04 PM |
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If by "get better" you meant "disappear" Maybe we'll get lucky and be able to get coin & assets out of it. Well, imsaguy and I are still here. Also, with the exception of a few hundred satoshi which were left over after the last dividend payment, all of S²CM's assets are held off of glbse.
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smickles (OP)
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October 10, 2012, 12:46:25 AM |
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When S2CM receives shareholder information from GLBSE, we will begin the process of dissolution.
This means that all non-BTC assets will be converted to BTC and distributed fairly to the shareholders.
Since this is likely to take some time, as soon as is possible (given the state of GLBSE), shareholders will receive a dividend consisting of S2CM's BTC holdings at that time. As each non-BTC asset is converted, shareholders will receive additional dividends until the final asset is converted. With this final conversion, shareholders will receive the last of S2CM's BTC and value. At this time each share will be considered returned to S2CM and S2CM will dissolve and cease to exist.
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memvola
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October 10, 2012, 01:23:39 AM |
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When S2CM receives shareholder information from GLBSE, we will begin the process of dissolution.
This means that all non-BTC assets will be converted to BTC and distributed fairly to the shareholders.
Since this is likely to take some time, as soon as is possible (given the state of GLBSE), shareholders will receive a dividend consisting of S2CM's BTC holdings at that time. As each non-BTC asset is converted, shareholders will receive additional dividends until the final asset is converted. With this final conversion, shareholders will receive the last of S2CM's BTC and value. At this time each share will be considered returned to S2CM and S2CM will dissolve and cease to exist.
Thanks for the update. Does S2CM have any assets as shares of companies or funds held on GLBSE?
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smickles (OP)
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October 10, 2012, 01:49:13 AM |
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When S2CM receives shareholder information from GLBSE, we will begin the process of dissolution.
This means that all non-BTC assets will be converted to BTC and distributed fairly to the shareholders.
Since this is likely to take some time, as soon as is possible (given the state of GLBSE), shareholders will receive a dividend consisting of S2CM's BTC holdings at that time. As each non-BTC asset is converted, shareholders will receive additional dividends until the final asset is converted. With this final conversion, shareholders will receive the last of S2CM's BTC and value. At this time each share will be considered returned to S2CM and S2CM will dissolve and cease to exist.
Thanks for the update. Does S2CM have any assets as shares of companies or funds held on GLBSE? We have 0 shares of anything on GLBSE.
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smickles (OP)
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October 16, 2012, 11:34:59 PM |
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-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA512
S²CM September 16, 2012 (Period: September 16, 2012 - October 15, 2012)
Monthly report which provides a comprehensive overview of the company for the past month.
To the Shareholders of S²CM:
I have completed S²CM's financial statements for the month ending October 15, 2012. In my opinion the following statements accurately and fairly present the financial position of S²CM.
S²CM INCOME STATEMENT FOR THE MONTH ENDED OCTOBER 15, 2012
Revenue: Interest Income......................... 24.0073647 Expenses:
Net Income.................................. 24.0073647
Basic Earnings per common share............. 0.00026237 Diluted Earnings per common share........... 0.00026237 Dividends declared per common share......... 0.00026237
S²CM RETAINED EARNINGS STATEMENT FOR THE MONTH ENDED OCTOBER 15, 2012
Retained earnings, September 16, 2012........ (269.9000063) Net Income for the Month..................... 24.0073647 Less Dividends............................... 24.0073647 Change in Retained Earnings................ 0.0 Retained Earnings, SEPTEMBER 15, 2012........ (269.9000063)
S²CM BALANCE SHEET OCTOBER 15, 2012
ASSETS Current Assets: Cash....................................374.1073617
Investments: Deposit Investments.....................600.0 Total Assets................................ 974.1073617
LIABILITIES Current Liabilities: Dividends Payable....................... 24.007368
STOCKHOLDERS' EQUITY Common Stock...............................1220.0 Retained Earnings..........................(269.9000063) Total Stockholders' Equity.................. 950.0999937 Total Liabilities and Stockholders' Equity.. 974.1073617
S²CM STATEMENT OF CASH FLOWS FOR THE MONTH ENDED OCTOBER 15, 2012
Cash flows from operating activities: Cash received as interest............... 24.0073647 Cash received as return of investment... 100.0 Cash flows from investing activities: Cash payments for deposit investments... 100.0 Cash flows from financing activities: Cash received from issuing shares....... 0.0 Cash payment of dividends............... 53.762625 Cash at the beginning of the month.......... 403.862622 Net cash flow and October 15, 2012 cash balance................................. 374.1073617 Supplemental disclosure of cash flow information: Dividends declared and not paid............. 24.007368
Notes:
Units In all reports, the unit of numbers is BTC except where the number indicates a date.
Common Stock The number of issued, outstanding and authorized stock is 91500 shares. These shares have limited voting rights which are outlined in the shareholder contract (https://bitcointalk.org/index.php?topic=74216.0). A dividend yield is not yet calculable as S²CM has been in operation for less than one year.
Credit Events This month saw one of our investments default on their obligations. However in this case we were able to recover the full principal and due interest.
Guarantee Due to past events, the full amount of the Guarantee has been consumed.
Signed, Michael Carver also known as smickles Financial Officer -----BEGIN PGP SIGNATURE----- Version: GnuPG v1.4.11 (GNU/Linux)
iQIcBAEBCgAGBQJQfe55AAoJEOpi186yRQw/ABkQAPR1qrMwRX6qW8wNmynakkkM UrYZIvp9kJ3mJoZwPdoHtCXgDh7LSrdjf2sBR0WSHlvJL/V3QiZ55pE8vnw1wFtD qZO2FQyuBOA9ZHBj95W+zHEd3mKYSrQ/vJgv00hR4HNMIbHCC38ZU0LUCpuNJizv sHXsaG9ULl/2Dl6n01k0bj710j2pSR3DX9LkJoa6qfq0Xi4Eub1JmiOVHE0elTRn KCUV4HGfG5F9DhQWITbkPcygGYDeFIgQvDD0hm1lqaXbDXSRH+UWyDTtV+MzsxYb CAlct08CVtzizCZVbMmVsr0L2TfPT2PxlQeTDIxeg5SI8FOxfqTNvLaLYOQC7UUA fGL9Sw3NBElp+a3lphqnu1FhkhGBbSlvA1SXXhlNBQQHi610NmBTfD8bTahb82It ufwDbTlVD5n4KcoIgqfZTXQ/kPcVBwYxwoEYl2UZUfgX6fIjNAxqqnAcem2SliPN tTayWS2xqIfc1lDYcVUdnzepdd97AK8rEDxQawCqigwEZ14xKpjk/exc4ix+P5o4 oESJdcCPewY+eJsVu0GhEmNStiQmQ52k1V3wOEgLfE8TAkHXufc1C97Iz2AIfN9f HDNnvUqBJ+jkHJbjgNQZQu0RHZNyhxd+iHPcqrpSJazVKKBwPKQ8S8nuOVyTEa5O k7AogjjKaupa+iAq79Yv =UVYu -----END PGP SIGNATURE-----
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guruvan
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October 17, 2012, 02:13:42 AM |
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Not bad! Looks like I'll show a little loss on this, but all things considered, I'm quite pleased. S2CM is, by far, one of the best, if not the best, managed company that had been found on GLBSE. I'll be looking for companies to invest in that use your accounting services, smickles, in the future. Any word from nefario (or whomever @ GLBSE)?
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smickles (OP)
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October 17, 2012, 02:16:04 AM |
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Not bad! Looks like I'll show a little loss on this, but all things considered, I'm quite pleased. S2CM is, by far, one of the best, if not the best, managed company that had been found on GLBSE. I'll be looking for companies to invest in that use your accounting services, smickles, in the future. Any word from nefario (or whomever @ GLBSE)? Thanks for the kind words No word from nefario or anyone else yet at glbse. :|
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smickles (OP)
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November 17, 2012, 09:01:21 PM |
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As it stands now, the GLBSE issue is stagnant. Since it's entirely possible that we will never get shareholder information, we have stopped receiving payments from those who owe us btc (as it is possible they are just sending btc into a blackhole).
We will keep record of who owes us what, and, in the case that we receive shareholder information, we will receive and pursue all of what we are owed.
Until then, we will consolidate all of our btc to one address and I will post that address here once that is done. This way all shareholders (and the public) can rest assured that the btc hasn't gone anywhere.
Once this is done, I will not post any updates unless the GLBSE issue resolves. I will however answer any questions, posed to me here or on IRC, to the best of my ability.
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memvola
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November 17, 2012, 11:48:15 PM |
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I will however answer any questions, posed to me here
Do you have a claim process in your plans in case GLBSE doesn't reveal shareholder info to you?
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smickles (OP)
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November 18, 2012, 12:05:00 AM |
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I will however answer any questions, posed to me here
Do you have a claim process in your plans in case GLBSE doesn't reveal shareholder info to you? No. But that is only because we haven't come up with any claim process which is satisfactory. Should a good claim process become known, we will use it.
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smickles (OP)
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November 18, 2012, 09:50:25 PM |
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I have just sent the funds to the consolidation address.
1NdJakhKh5noWfEEvKMxwpnTrraytGVxEU
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smickles (OP)
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December 05, 2012, 10:19:18 PM |
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I've just received shareholder information from nefario in the form of an unencrypted yaml file. Imsaguy and I will now begin the process of winding down and distributing the liquidated assets of S²CM.
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strello
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December 06, 2012, 01:23:33 AM |
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Great news!
Does this make you the first fund on the former GLBSE to begin paying out?
What address will you be paying out to? Do you have the GLBSE withdrawal addresses for all holders, or do we need to make some sort of claim with a new withdrawal address?
I hope others will follow your fine example.
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It is futile to speak of liberty as long as economic slavery exists. My GPG key
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smickles (OP)
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December 06, 2012, 01:34:07 AM |
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Does this make you the first fund on the former GLBSE to begin paying out? We'll have to wait until we actually start paying out as there is a little bit of winding down to do first. What address will you be paying out to? Most likely the address in the data we received. Do you have the GLBSE withdrawal addresses for all holders, or do we need to make some sort of claim with a new withdrawal address? It looks like we have been given the withdrawal addresses for all shareholders.
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strello
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December 06, 2012, 01:56:38 AM |
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Thanks for the information, and good luck with the sorting out process.
I really appreciate all your hard work with this.
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It is futile to speak of liberty as long as economic slavery exists. My GPG key
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guruvan
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December 06, 2012, 09:50:21 AM |
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Thank you for your very professional manner handling this whole process, smickles. Very well done.
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jcpham
Full Member
Offline
Activity: 165
Merit: 100
Your Argument is Irrelephant
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December 07, 2012, 04:22:31 AM |
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I am very much still here also smickles is number 1!
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smickles (OP)
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December 07, 2012, 07:21:06 PM Last edit: December 07, 2012, 11:20:45 PM by smickles |
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We will begin distributing the BTC to shareholders before we have converted all assets to BTC. In order to receive your share of the BTC on hand and future distributions, please follow this process: # Write a simple statement. At minimum include an estimate of the number of shares you own. It is acceptable to state that you do not recall the amount with any level of certainty. Example: I own 1500 shares.# Sign this statement with the key of the address which you made your claim to GLBSE with. Example: HH/yUL4XWZ2f6fu8c2HTJEJUYgkvTqozD/hhheL7slM8pTI0b8xVlDvYPQZ8Hqnjqueo80Tx1WdVFJtRAyeNePk=# Compose an email containing, in this order: - The exact statement you signed
- The signature
- The address of the key you assigned with
Example: I own 1500 shares. HH/yUL4XWZ2f6fu8c2HTJEJUYgkvTqozD/hhheL7slM8pTI0b8xVlDvYPQZ8Hqnjqueo80Tx1WdVFJtRAyeNePk= 1MpzpeGueVUxptqRhheyfbUVS6nNbXi6DK# Simple email is not all that secure, so it would be best to encrypt this email. My PGP compatible public key is 0xEA62D7CEB2450C3F and can also be found in my signature here at the 'GPG' link, or in its WoT association at the 'WoT' link. Optionally, sign the entire email with your own PGP key, preferably one linked with your WoT id so we can be even more sure that nefario didn't fake the data. # Send the email to xiberphim@gmail.comIf you require any assistance, don't hesitate to ask. I am here to help. As I process the claims, imsaguy will be converting our remaining assets to BTC. The majority of our value is currently in BTC and will be distributed as claims are received. Additional distributions will be made as the assets are converted until all assets have been converted. Once all assets have been converted and the final distribution made, this venture is ended.
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jcpham
Full Member
Offline
Activity: 165
Merit: 100
Your Argument is Irrelephant
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December 07, 2012, 07:42:29 PM |
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