Finally got around to finding the email I sent to GLBSE about the contract change:
From: "B.R." <email@example.com
To: "GLBSE Support" <firstname.lastname@example.org
Subject: Re: Contract Changes
Date: Wednesday, May 09, 2012 4:00 PM
Oh. While you're poking around in the DB - any chance I could have BDK.BND
launch ASAP? I think it's supposed to go live in ~6 hours, but I'd like to
get to barking for it before going to sleep.
Cheers & thanks always for the help.
On Wed, May 9, 2012 at 3:55 PM, B.R. <email@example.com
> Howdy. I'd like to have two contract changes committed. First, the BDK.BND
> contract should be updated to read as follows:
> BDK.BND pays 1% of face value every week (Monday). Percentage will remain
> at 1%/week until the bond is bought back by the bond-issuer ("Ben Malec").
> Bonds will be issued @ .1 BTC each. Thus, each share will pay .001BTC every
> week. There is no limit on how many bonds may be issued nor when they may
> be issued. Bonds can be issued and sold without warning by the bond-issuer
> at any price he wills. Bonds cannot be sold back to the bond-holder except
> in case of a buyback. BDK.Bond does not have a set date of maturity.
> "Buyback" -- The bond-issuer may buy back all bonds at a price of
> .101BTC/share at any time he wills, without warning. In this case, the
> bond-issuer will use GLBSE's forced buyback feature to pay .101BTC/share.
> "Contract Changes" -- The bond-issuer is not permitted to change this
> contract at any time under any circumstance. To "change the contract," a
> buyback must be placed and a new bond asset listed on GLBSE.
> While it states there should be no contract change, the IPO has not yet
> occurred. No pre-IPO shares have been issued, and potential bond-purchasers
> have been alerted to the change on the forum (yesterday, I believe). The
> only change was made to the "Buyback" provision to account for the new
> forced buyback feature. If you really need a (meaningless, since it can be
> postponed) date for it to mature, it can be set to 5/10/12. It's so soon
> because IIRC, I can't do a forced buyback until the present is beyond the
> set date of maturity.
> The second contract change I'd like is for BDK. Since the contract was
> issued, multiple changes to values (all beneficial to shareholders) and
> some clarifications were made. While I state in the contract that 60 days
> must elapse after I've made the change public, since the changes are all
> beneficial for share-holders and nobody has objected to the changes being
> committed immediately. Understand if you insist on waiting for these
> changes to be committed to GLBSE. However, I will be honoring the
> shareholder-favorable changes whether the GLBSE contract is updated or not.
> The modified contract is as follows:
> Ben Malec (referred to within this contract as "me," "myself," "I," and
> "operator") will issue 100,000 shares of "BDK Hybrid Instrument." Each
> share not controlled by the operator represents .0009% of BDK's monthly
> profit. Dividends will be paid every Monday, starting May 7th, 2012.
> Dividends will not be paid on the first of the month unless that happens to
> be on a Monday. 100,000 shares will be issued. Up to 5,000 shares are to be
> sold on the second day of each month for four months, starting on the month
> of May, 2012. After that time, shares may be issued at will of the operator.
> Additional provisions
> "Operator Equity" - The operator holds all equity of BDK. Shares are not
> tied to equity, and represent only .0009% of BDK monthly profits.
> "Shareholder Votes, Non-binding Motions" - While motions may be
> introduced, they are non-binding. They exist only so the operator may gauge
> opinion of those invested in BDK's success.
> "Change of Contract" - The operator is fully permitted to change the
> contract at will, without consent of shareholders. However, the modified
> contract is not permitted to go into effect until sixty days after the
> changes are made public. When the contract is changed, the operator will
> honor the ability for shareholders to sell shares back to him at a price of
> .125 Bitcoins per share between the time a change is made and the time 60
> days have elapsed since the change was made public.
> "Buyback" - At any time, the operator is permitted to buy back shares
> issued. The operator will pay .64 Bitcoins per share if the operator buys
> back BDK shares prior to August 3rd, 2012. If August 3rd, 2012 or later,
> the operator will pay ((.32 Bitcoins + GLBSE 5 day weighted average of
> trade transaction amount per share of BDK shares)/2)
> "Share Value Protection" - If shares trade for less than ?.01 on GLBSE for
> at least 168 hours continuously, the operator MUST issue a bid order of
> ?.05 in an amount which equals 50% of shares issued not controlled by the
> operator. The "168-hour timer" does not again reset for 26 weeks after the
> "Share Value Protection" provision was last called to action.
> "Negative Equity and Operator Liability" - BDK is permitted to operate
> while having negative equity so long as BDK has not had negative equity for
> 90 consecutive days. On the 90th day of having negative equity, the
> operator will be held personally liable to pay shareholders $.10/share (or
> ?.02/share, whichever value is lesser). In cases where BDK is unable to
> achieve due to reasons unrelated to BDK experiencing prolonged negative
> equity (operator experiencing imprisonment, debilitating illness, GLBSE
> being hacked and made unusable, EMP strikes, police raid, or death, for
> example), the operator is not liable.
> "IPO Value Preservation, Operator Trading" - The operator is not permitted
> to ever sell shares for less than he previously sold them for. However, he
> may sell shares for an amount equal to or greater than the amount he
> previously sold them for at will.
Nef PMd me on IRC after I sent those, but I don't have logs of what he said (I don't remember, either, except that he said he's uncomfortable having the BDK.BND IPO launched before schedule). Sent another email to GLBSE about it. Fwiw, 60 days hasn't elapsed from when I stated that change would take effect, which may be why Nef didn't change it. It was stated on April 28th, so 60 days would be June 27th.