We have sent a request for BTC address to the 11 account holders that appear to NOT have filed a claim with GLBSE (I hypothesize this is the reason there was no BTC address corresponding with their e-mail/share count). We have received 3 responses thus far. I would like to wait until next Friday before releasing any payments.
With respect to the letter I mentioned previously, it has gone through so many edits in trying to find a good solution I am sick of looking at it
.
Here is the consolidated version:
1. When YABMC expanded from 5 to 55 Gh/s (we planned 150 Gh/s -->
https://bitcointalk.org/index.php?topic=82249.0 ) this was enabled by the addition of hashking and Patrick Harnett. The 50 Gh/s of additional capacity (revenues from sales and future debt responsibility) was split slightly to the favor of HK and PH as I already had 5 Gh/s of commitments.
2. hashking has confirmed his inability to pay the accumulated coupons and further his ability to pay any future coupons. This represents ~33% of the outstanding shares (Note: There are 33,832 outstanding shares -- each partner acquired shares on GLBSE to meet their own needs and 732 were never sold).
3. Patrick Harnett has a debt burden much smaller (Responsible shares less purchased shares) and is trying to devise a plan to cover his obligation.
So unfortunately, best case, the past (i.e., accumulated) and future value of YABMC shares (namely the coupon) is ~66% of what they were post GLBSE shutdown. The shortfall of ~33% being hashking's inability to cover his past and future "debts" to YABMC bondholders. The 66% could decrease without the participation of Patrick Harnett - but not by an additional 33% as his debt burden of shares (Gh/s) is much smaller.
It should be clear that neither PH or HK will receive any coupons and they have effectively returned the shares to YABMC (so the burden is 33,832 not 54,278).
While we announced wanting to not re-list YABMC (the reasons/concerns are probably understood), I am now thinking differently. Not that it is a way to raise more capital - but it would allow bondholders a market to sell shares (if they so desired). If it remained private the ability to sell shares is gone and I am trying to make this BAD situation just a little bit better. My preference is
Bitfunder but I am open to your suggestions.
I deeply regret delivering this somber message so soon before the holidays.
Please know, as you have seen posted, my portion of the YABMC debt will continue to be sent to the
https://blockchain.info/fb/1yabmc address until a final plan is made (private vs. re-list).
PS - I will e-mail this as well for those who do NOT frequent the forum.
PPS - Bitfunder is offering a 10 BTC bonus if we list there. That would obviously be returned to the bondholders in light of the situation.
Poll
