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

[Kluge]

[09:12] <`MBot> [ GLBSE ] [ TICKER ] [ BDK ] [ BID: 0.066 ] [ ASK: 0.067 ] [ SPREAD : 0.001 ] [ LAST TRADE: 395@0.066 ] [ VOLUME : 87.357 BTC ]

[14:31] <`MBot> [ GLBSE ] [ TICKER ] [ BDK ] [ BID: 0.072 ] [ ASK: 0.10499999 ] [ SPREAD : 0.03299999 ] [ LAST TRADE: 1@0.105 ] [ VOLUME : 106.785 BTC ]


Will post the !ticker every day until the IPO to justify bumping this thread. I swear I'll stop spamming after May 2nd.

ETA: Wait -- I have something relevant to say! A motion has been created to simplify how BDK donates to IBB & BTC100. Instead of 3% for IBB, 2% for BTC100, but only counting monthly loan interest, I would like to now pay 1% of all profits (previously wasn't possible because I didn't include equity profits/losses in I/O reports) to each. Motion expires in ~24h. As always, it's nonbinding, and only done to spark discussion on what I'm proposing in case there's some critical flaw in my plan which I somehow missed.

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[Kluge]

BDK has purchased 750 future shares of ZipConf for 300BTC (.4BTC/share). More on that when it's launched Monday.

[BinaryMage]

BDK has purchased 750 future shares of ZipConf for 300BTC (.4BTC/share). More on that when it's launched Monday.

Hmm? No thread on the forums and their website is only partially functional.

[DeaDTerra]

BDK has purchased 750 future shares of ZipConf for 300BTC (.4BTC/share). More on that when it's launched Monday.

Hmm? No thread on the forums and their website is only partially functional.

Sorry for the delay in the IPO release thread as well as the service announcement, they should both be posted soon
//DeaDTerra

[BinaryMage]

BDK has purchased 750 future shares of ZipConf for 300BTC (.4BTC/share). More on that when it's launched Monday.

Hmm? No thread on the forums and their website is only partially functional.

Sorry for the delay in the IPO release thread as well as the service announcement, they should both be posted soon
//DeaDTerra

You've certainly piqued my curiosity.

[DeaDTerra]

BDK has purchased 750 future shares of ZipConf for 300BTC (.4BTC/share). More on that when it's launched Monday.

Hmm? No thread on the forums and their website is only partially functional.

Sorry for the delay in the IPO release thread as well as the service announcement, they should both be posted soon
//DeaDTerra

You've certainly piqued my curiosity.

More info can be found at https://bitcointalk.org/index.php?topic=74975.msg873084#msg873084
//DeaDTerra

[BinaryMage]

BDK has purchased 750 future shares of ZipConf for 300BTC (.4BTC/share). More on that when it's launched Monday.

Hmm? No thread on the forums and their website is only partially functional.

Sorry for the delay in the IPO release thread as well as the service announcement, they should both be posted soon
//DeaDTerra

You've certainly piqued my curiosity.

More info can be found at https://bitcointalk.org/index.php?topic=74975.msg873084#msg873084
//DeaDTerra

Ah, missed that, thank you.

[Kluge]

[09:12] <`MBot> [ GLBSE ] [ TICKER ] [ BDK ] [ BID: 0.066 ] [ ASK: 0.067 ] [ SPREAD : 0.001 ] [ LAST TRADE: 395@0.066 ] [ VOLUME : 87.357 BTC ]

[14:31] <`MBot> [ GLBSE ] [ TICKER ] [ BDK ] [ BID: 0.072 ] [ ASK: 0.10499999 ] [ SPREAD : 0.03299999 ] [ LAST TRADE: 1@0.105 ] [ VOLUME : 106.785 BTC ]


Will post the !ticker every day until the IPO to justify bumping this thread. I swear I'll stop spamming after May 2nd.

[16:45] <`MBot> [ GLBSE ] [ TICKER ] [ BDK ] [ BID: 0.075 ] [ ASK: 0.09998999 ] [ SPREAD : 0.02498999 ] [ LAST TRADE: 20@0.09998999 ] [ VOLUME : 111.59 BTC ]

Four days left.

[Kluge]

I'm changing the buyback provision to account for how dynamic this asset will be. As it was, I believe it was unfair to shareholders. I believe this is a dramatically more generous offer. There is still a static amount of BTC factored into the buyback provision, which increases incentive for me to push BDK share value as high as it's able. Because I don't imagine any shareholders complaining, I have no intention to honor the requirement the contract not become effective for 60 days after I make the change -- this change is effective right now.

Before:
"Buyback" - At any time, the operator is permitted to buy back shares issued. The operator will pay .07 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 ((.05 Bitcoins + GLBSE 5 day weighted average of trade transaction amount per share of BDK shares)/2)

Now, after change:
"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)




Cheers!

[friedcat]

I'm changing the buyback provision to account for how dynamic this asset will be. As it was, I believe it was unfair to shareholders. I believe this is a dramatically more generous offer. There is still a static amount of BTC factored into the buyback provision, which increases incentive for me to push BDK share value as high as it's able. Because I don't imagine any shareholders complaining, I have no intention to honor the requirement the contract not become effective for 60 days after I make the change -- this change is effective right now.

Before:
"Buyback" - At any time, the operator is permitted to buy back shares issued. The operator will pay .07 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 ((.05 Bitcoins + GLBSE 5 day weighted average of trade transaction amount per share of BDK shares)/2)

Now, after change:
"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)




Cheers!

The upward jump of buyback price is impressive. Can't help estimating how much the trading price will rise to after some saturation.

[guruvan]

Very excellent news!  Very much looking forward to the next offering

[Kluge]

[09:12] <`MBot> [ GLBSE ] [ TICKER ] [ BDK ] [ BID: 0.066 ] [ ASK: 0.067 ] [ SPREAD : 0.001 ] [ LAST TRADE: 395@0.066 ] [ VOLUME : 87.357 BTC ]

[14:31] <`MBot> [ GLBSE ] [ TICKER ] [ BDK ] [ BID: 0.072 ] [ ASK: 0.10499999 ] [ SPREAD : 0.03299999 ] [ LAST TRADE: 1@0.105 ] [ VOLUME : 106.785 BTC ]


Will post the !ticker every day until the IPO to justify bumping this thread. I swear I'll stop spamming after May 2nd.

[16:45] <`MBot> [ GLBSE ] [ TICKER ] [ BDK ] [ BID: 0.075 ] [ ASK: 0.09998999 ] [ SPREAD : 0.02498999 ] [ LAST TRADE: 20@0.09998999 ] [ VOLUME : 111.59 BTC ]

(9:49:09 AM) `MBot: [ GLBSE ] [ TICKER ] [ BDK ] [ BID: 0.08000001 ] [ ASK: 0.19999 ] [ SPREAD : 0.11998999 ] [ LAST TRADE: 10@0.2 ] [ VOLUME : 154.884 BTC ]

Three days left. In other good news, the 2 icarus boards are being sent to me on May 4th. Not sure if I mentioned it in this thread or the other, but for accounting the 5850 & Icarus boards, I'm not counting income from the 5850 at all since there aren't significant profits after electricity. To compensate, I won't factor in electricity costs on the Icarus boards, so whatever those two boards bring in are counted as an equity dividend when I receive a payout.

[Kluge]

[09:12] <`MBot> [ GLBSE ] [ TICKER ] [ BDK ] [ BID: 0.066 ] [ ASK: 0.067 ] [ SPREAD : 0.001 ] [ LAST TRADE: 395@0.066 ] [ VOLUME : 87.357 BTC ]

[14:31] <`MBot> [ GLBSE ] [ TICKER ] [ BDK ] [ BID: 0.072 ] [ ASK: 0.10499999 ] [ SPREAD : 0.03299999 ] [ LAST TRADE: 1@0.105 ] [ VOLUME : 106.785 BTC ]

[16:45] <`MBot> [ GLBSE ] [ TICKER ] [ BDK ] [ BID: 0.075 ] [ ASK: 0.09998999 ] [ SPREAD : 0.02498999 ] [ LAST TRADE: 20@0.09998999 ] [ VOLUME : 111.59 BTC ]

(9:49:09 AM) `MBot: [ GLBSE ] [ TICKER ] [ BDK ] [ BID: 0.08000001 ] [ ASK: 0.19999 ] [ SPREAD : 0.11998999 ] [ LAST TRADE: 10@0.2 ] [ VOLUME : 154.884 BTC ]

(4:10:33 PM) `MBot: [ GLBSE ] [ TICKER ] [ BDK ] [ BID: 0.10001 ] [ ASK: 0.25 ] [ SPREAD : 0.14999 ] [ LAST TRADE: 28@0.1999 ] [ VOLUME : 184.191 BTC ]

Two days left. Plan on posting a link to ZipConf press release tomorrow for those who missed it. It should excite shareholders a fair bit. Very pleased to have gotten in pre-IPO. Tomorrow will also bring a not-particularly-exciting accounting summary of BDK operations in April.

[Kluge]

MBot ticker isn't functioning correctly since the GLBSE update yesterday. Last price is .1999BTC/share 30D volume now over 200BTC (which is the total amount raised from pre-IPO sales), there's a bidwall of 500 shares @ .1BTC/share.

April Summary:
Monthly Profit - ฿155.54BTC
Income - ฿309.29
Outgo - ฿153.75

Fwiw, the dividend per share would have been ฿.0014, or ฿6.9993 total for the 5k shares which were set to be sold by May 2nd. Next month shouldn't have a report of debt write-offs, which made up the majority of outgo for April and were the first write-offs I've ever done. The profit target for May is ฿325, so the dividend should be right around ฿.002925/share, or ฿14.625 total if there are 5k shares out. Already, May profit is ~฿215. Spreadsheet has been updated, everything's reconciled, May's up, April's finalized. https://docs.google.com/spreadsheet/pub?key=0Ao892S4MOoDZdGZSbjJVd1ZTbFVLZE5aRE95bE91NVE&output=html

Zipconf update seems like it will be delayed a short time, or out some time tonight. ETA: Looks like it's scheduled for the 3rd.



IPO IS TOMORROW @ 5PM EASTERN! (quit bidding >2x the lowest bid to get a share now from pre-IPO buyers -- buying aftermarket doesn't help me, dammit!  )


ETA: Donation drive for a band program @ https://bitcointalk.org/index.php?topic=78831.msg877658 will be included as my personal expenditure. It will affect the amount of "growth" funds BDK receives, but not the amount shareholders receive in dividends for the month. I'm planning on donating between 50-100BTC if I get the green-light from the director.

[Kluge]

OP updated. Please tell me if there are still confusing or unclear sections, or ask me questions. Better now than later. 


Cheers!

[Kluge]

Less than 6 hours left. 1h warning will be posted, 5m warning, a post of what BDK raised, then I'll quit spamming unless it is important. ... Until the next sale, anyway.

ETA: Noticed a conflict in the contract. ""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." This conflicts with what the main contract body states: 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.

The "main contract body" takes precedence over provisions. No more than 5k shares will be sold each month until (potentially) after the August 2nd offering.

[Kluge]

1h warning will be posted

Beep! Beep! 1h5m remaining.

[Kluge]

Unannounced 30m warning. Would like to call attention to an edit I made in the OP a couple hours ago. Dividends will be paid every Monday until further notice. If there is reasonable objection, this will require 60D to occur. Otherwise, first payment will be made on May 7th, then May 14th, etc.

Decreasing dividend payment rate to every two weeks or every month will require the standard 60D notice for the change to go into effect.


Cheers!

ETA: Surprisingly busy today (four people have used escrow in past three days, had a fairly long loan negotiation, too, which I believe turned out very well). Also wanted to add that when I pay dividends on Mondays, I won't be providing a detailed sheet for accounting. You can check for yourself in the spreadsheet I've posted in the OP. On the first of each month, I will still be providing a detailed "I/O report" for the last month. Additionally - just to be absolutely clear, I will not pay dividends on the first of the month as previously intended - unless the 1st of the month happens to fall on a Monday.

[Kluge]

Five...! Four...! Three...! Two...! One...!


Aaaaand....... Public offering offered!


BDK raised exactly 79.7255007BTC from the 1k public offering. 15 will be kept in the GLBSE BDK fund to pay dividends to shareholders on May 7th. Rest goes to my lending wallet. Next IPO will be on June 2nd. No pre-IPO shares will be sold.

Cheers!

[Kluge]

Last Valuation on 4/23 -- today is 5/3

GLBSE Securities Re-valuation (reconciliation between BDK sheets & GLBSE):
TyGrr: BDK - 2BTC/share, GLBSE - 2.08BTC/share -- total gain of 19.76BTC on paper
Cognitive: BDK - .63BTC/share, GLBSE - .58BTC/share -- total loss of 13.45BTC on paper
Gigamining: BDK - 1.55BTC/share, GLBSE - 1.509BTC/share -- total loss of .533BTC on paper
BitcoinTorrentz: BDK - .92BTC/share, GLBSE - .931BTC/share -- total gain of .044BTC on paper
Zip.A: BDK - .4BTC/share, GLBSE - .5BTC/share -- Total gain of 75BTC on paper

Total equity FMV change since last valuation -- gain of 80.821BTC


ETA: Even though GoogleDocs is set to autopublish the sheet any time a change is saved, it appears to only do this something like once per week. If you want to see current data and GoogleDocs is telling you the sheet was last updated a few days ago or something, just make a quick request in this thread and I'll manually republish.