Closing

[guruvan]

If by "get better" you meant "disappear"

Maybe we'll get lucky and be able to get coin & assets out of it.

[1714135181]

1714135181

[1714135181]

1714135181

[smickles]

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.

[smickles]

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.

[memvola]

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?

[smickles]

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.

[smickles]

Code:

-----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
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[guruvan]

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)?

[smickles]

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. :|

[smickles]

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.

[memvola]

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?

[smickles]

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.

[smickles]

I have just sent the funds to the consolidation address.

1NdJakhKh5noWfEEvKMxwpnTrraytGVxEU

[smickles]

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.

[strello]

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.

[smickles]

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.

[strello]

Thanks for the information, and good luck with the sorting out process.

I really appreciate all your hard work with this.

[guruvan]

Thank you for your very professional manner handling this whole process, smickles. Very well done.

[jcpham]

I am very much still here also smickles is number 1!

[smickles]

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.com

If 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.

[jcpham]

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