[GLBSE] BDK -- LIQUIDATING UNDER NEGATIVE EQUITY PROVISION --

[memvola]

BDK.BND will remain after liquidation, which I will pay for out-of-pocket. Most loans I have out (which haven't defaulted) are either being called, or not allowed to renew -- these funds will also be used to slowly buy back BDK.BND on the open market until I'm able to buy them all back in one shot.

Can you ELI5 what is happening to BDK.BND? I received an odd dividend today and I can't decipher why by reading this thread. Thank you.

[1715441804]

1715441804

[Kluge]

BDK.BND will remain after liquidation, which I will pay for out-of-pocket. Most loans I have out (which haven't defaulted) are either being called, or not allowed to renew -- these funds will also be used to slowly buy back BDK.BND on the open market until I'm able to buy them all back in one shot.

Can you ELI5 what is happening to BDK.BND? I received an odd dividend today and I can't decipher why by reading this thread. Thank you.

I wouldn't have been able to sustain the interest rate given I only have one consistently-paying loan which is <100BTC. Everything else has been called to help repay CD-holders, who should now all be paid off. The vast majority of my BTC holdings are in default, now. I may've found a solution on my largest default, but I won't know whether it'll work for about a month. With BDK.BND, I've defaulted and will be paying back what's owed through dividends (I think this is the most fair solution at this point, and more quickly puts more BTC in the hands of those I've negatively affected with the default) at a rate I'm unsure of -- it depends when I'm repaid what I'm owed, or when I can grab enough USD to pay off the remaining debts (I've already put in ~$25k additional out-of-pocket to cover debts). I'm paying it off as I would a normal loan, with partial repayment amortizing my interest, which now compounds. Some info on that @ https://bitcointalk.org/index.php?topic=79923.msg1238407#msg1238407 . I've requested GLBSE suspend trading of BDK.BND to prevent new buyers thinking there is still a .1BTC FV. Unfortunately, there is no way for me to communicate to all bond-holders through GLBSE, which is making this sloppier than I'd like.


With regards to the BDK offering and this thread, I was planning to pay out the consolation amount under the negative equity provision. However, on the off-chance I'm able to recover 85%+ FV on my largest default within the next month or so, may instead be paying out the normal "buyback" amount. It's all still up in the air, and I'm very sorry there is not yet a resolution. I have about as much information on my own operations as everyone else at this point... Lots of possibilities, good and bad, but nothing certain.

[memvola]

I wouldn't have been able to sustain the interest rate given I only have one consistently-paying loan which is <100BTC. Everything else has been called to help repay CD-holders, who should now all be paid off. The vast majority of my BTC holdings are in default, now. I may've found a solution on my largest default, but I won't know whether it'll work for about a month. With BDK.BND, I've defaulted and will be paying back what's owed through dividends (I think this is the most fair solution at this point, and more quickly puts more BTC in the hands of those I've negatively affected with the default) at a rate I'm unsure of -- it depends when I'm repaid what I'm owed, or when I can grab enough USD to pay off the remaining debts (I've already put in ~$25k additional out-of-pocket to cover debts). I'm paying it off as I would a normal loan, with partial repayment amortizing my interest, which now compounds. Some info on that @ https://bitcointalk.org/index.php?topic=79923.msg1238407#msg1238407 . I've requested GLBSE suspend trading of BDK.BND to prevent new buyers thinking there is still a .1BTC FV. Unfortunately, there is no way for me to communicate to all bond-holders through GLBSE, which is making this sloppier than I'd like.


With regards to the BDK offering and this thread, I was planning to pay out the consolation amount under the negative equity provision. However, on the off-chance I'm able to recover 85%+ FV on my largest default within the next month or so, may instead be paying out the normal "buyback" amount. It's all still up in the air, and I'm very sorry there is not yet a resolution. I have about as much information on my own operations as everyone else at this point... Lots of possibilities, good and bad, but nothing certain.

Thanks man, I appreciate the fact that you are doing everything you can. I hope some of those pay up soon and partially relieve you of this trouble.

[bitcoinbear]

Can you ELI5 what is happening to BDK.BND? I received an odd dividend today and I can't decipher why by reading this thread. Thank you.

 Unfortunately, there is no way for me to communicate to all bond-holders through GLBSE, which is making this sloppier than I'd like.

You should put up an informational motion. That way all the shareholders can see the information. It could be just a link to the BDK.BND thread where you explain the change in events, but you should post something to the GLBSE.

It would be nice if you could use the GLBSE mail feature to send messages to holders of an asset, but I guess they have not implemented that functionality yet. Heck, even GLBSE does not use their own mail system, they just post things on this forum.

[MPOE-PR]

Can you ELI5 what is happening to BDK.BND? I received an odd dividend today and I can't decipher why by reading this thread. Thank you.

 Unfortunately, there is no way for me to communicate to all bond-holders through GLBSE, which is making this sloppier than I'd like.

You should put up an informational motion. That way all the shareholders can see the information. It could be just a link to the BDK.BND thread where you explain the change in events, but you should post something to the GLBSE.

It would be nice if you could use the GLBSE mail feature to send messages to holders of an asset, but I guess they have not implemented that functionality yet. Heck, even GLBSE does not use their own mail system, they just post things on this forum.

Actually Nefario did recently send out a mailing about Goat's assets, so who knows at this point.

[Kluge]

Can you ELI5 what is happening to BDK.BND? I received an odd dividend today and I can't decipher why by reading this thread. Thank you.

 Unfortunately, there is no way for me to communicate to all bond-holders through GLBSE, which is making this sloppier than I'd like.

You should put up an informational motion. That way all the shareholders can see the information. It could be just a link to the BDK.BND thread where you explain the change in events, but you should post something to the GLBSE.

It would be nice if you could use the GLBSE mail feature to send messages to holders of an asset, but I guess they have not implemented that functionality yet. Heck, even GLBSE does not use their own mail system, they just post things on this forum.

Clever solution. Done & thanks.

[irobindotse]

Hi! If i would like to sell my shares, how do i process ?

Regards
Robin

[Kluge]

Hi! If i would like to sell my shares, how do i process ?

Regards
Robin

There's little at stake, so I will be paying straight off the list Nefario sends under the negative equity provision. Nobody needs to file a separate claim for BDK, just file a general claim with GLBSE on their website.

[MPOE-PR]

Kludge: Maybe it's time you splurged the hefty sum of 20 bitcoin to move over to the one exchange that actually works. By "actually works" I mean charges 1/4 as much per transaction as GLBSE does, is down an infinity percent less and in general has an infinity percent fewer issues, troubles, problems, defects and so forth.

I was reading this, thinking, maybe I'll give it a look, but then

Nefario: You are obviously unqualified to be anywhere near a project of the complexity of an exchange, even for play money (which I suspect BTC are, for most of you here, at least judging on behavior records). I will make you precisely one offer to buy the thing from you, so you get to actually make some money for all your effort over the past year, as misguided and mismanaged as it may have been, rather than have to walk away from a worthless wreck (like Zou Thong/Amir&co have with Bitcoinica). If you have half the maturity you should have to be involved in all this you will take this offer seriously, and consider your options carefully. Feel free to make contact via pm or in #bitcoin-otc-eu.

thought again.

And good that you did, eh.

Kludge: Maybe it's time you splurged the hefty sum of 20 bitcoin to move over to the one exchange that actually works. By "actually works" I mean charges 1/4 as much per transaction as GLBSE does, is down an infinity percent less and in general has an infinity percent fewer issues, troubles, problems, defects and so forth.

Nefario: You are obviously unqualified to be anywhere near a project of the complexity of an exchange, even for play money (which I suspect BTC are, for most of you here, at least judging on behavior records). I will make you precisely one offer to buy the thing from you, so you get to actually make some money for all your effort over the past year, as misguided and mismanaged as it may have been, rather than have to walk away from a worthless wreck (like Zou Thong/Amir&co have with Bitcoinica). If you have half the maturity you should have to be involved in all this you will take this offer seriously, and consider your options carefully. Feel free to make contact via pm or in #bitcoin-otc-eu.

If that is the way you speak to someone of Nefario's standing in the community  I wonder what you speak to your customers like. There is no need to descend into a slanging match.

[bitcoinbear]

Kludge: Maybe it's time you splurged the hefty sum of 20 bitcoin to move over to the one exchange that actually works. By "actually works" I mean charges 1/4 as much per transaction as GLBSE does, is down an infinity percent less and in general has an infinity percent fewer issues, troubles, problems, defects and so forth.

I was reading this, thinking, maybe I'll give it a look, but then

Nefario: You are obviously unqualified to be anywhere near a project of the complexity of an exchange, even for play money (which I suspect BTC are, for most of you here, at least judging on behavior records). I will make you precisely one offer to buy the thing from you, so you get to actually make some money for all your effort over the past year, as misguided and mismanaged as it may have been, rather than have to walk away from a worthless wreck (like Zou Thong/Amir&co have with Bitcoinica). If you have half the maturity you should have to be involved in all this you will take this offer seriously, and consider your options carefully. Feel free to make contact via pm or in #bitcoin-otc-eu.

thought again.

And good that you did, eh.

...

If that is the way you speak to someone of Nefario's standing in the community  I wonder what you speak to your customers like. There is no need to descend into a slanging match.

As they say, hindsight is 20/20. This is the same Nefario who used to be a moderator here, but then left the forum in a huff over some schoolyard drama. Then when nobody else joined him at whatever backwater forum he picked, he kinda slunk back and proceeded to continue his horrible PR before suddenly pulling the plug on the GLBSE. This community has a sad record of picking people to hold up as having "standing in the community"