[CLOSED] ABM Mining Company

[PsychoticBoy]

So.. we are basically stuck with our shares, as the trading volume on bitfunder is non existent. Maybe at least we could  have a public poll on that?

Poll is still up (top of thread)

I could make a poll, after this one, only for PGM.

[1714831599]

1714831599

[1714831599]

1714831599

[1714831599]

1714831599

[PsychoticBoy]

ABM Poll is now closed!

Question:    At which Exchange should ABM continue?
Cryptostocks    4 (14.8%)
BTCT.co    2 (7.4%)
MPex    1 (3.7%)
Bitfunder    15 (55.6%)
Don't continue, Buyback my shares!    5 (18.5%)
Total votes: 27

ABM will be relisted at BitFunder, hopefully this weekend.

You can easily claim your shares by using the data you submitted to GLBSE (email address).

Now I will start a new poll for PGM.

[Jurek]

Do you have any way to check who votes or can one set up many accounts and manipulate the poll? What opinions did you got in response to your email?

[PsychoticBoy]

Do you have any way to check who votes or can one set up many accounts and manipulate the poll? What opinions did you got in response to your email?

Everyone can vote, the vote count in the poll for ABM  was comparable with the votes collected from the emails.

[PsychoticBoy]

Dear Investors,

I am happy to announce ABM is being relisted at BitFunder .

Also the outstanding dividends have been paid on BitFunder, please claim your shares at BitFunder to recieve your dividend and collect your shares.

Last dividend payment was made on 10/3/2012 (week 40)
All outstanding dividends have been paid:
Week 41: 0.001412 btc a share
Week 42: 0.0014051 btc a share
Week 43: 0.0014003 btc a share
Week 44: 0.0013971 btc a share
Week 45: 0.001301 btc a share
Week 46: 0.001289 btc a share
Week 47: 0.001281 btc a share
Week 48: 0.001003 btc a share
Week 49: 0.000616 btc a share
A total of 0.0111045 btc a share is transfered to all shares on BitFunder.
Week 49 was last Wednesday 12/5/2012 (weekly) dividend payment, next dividend payment will occur at BitFunder just like on GLBSE.

The outstanding dividend payment of PGM will be paid as soon as the decision is being made to whether to list on another exchange or to buy the shares back.

Greetz

[PsychoticBoy]

Dear Investors,

The PGM poll is now closed.

Shareholders have decide that PGM should buyback all shares.

Question:    At which Exchange should PGM continue?
Cryptostocks    3 (11.1%)
BTCT.co    4 (14.8%)
MPex    0 (0%)
Bitfunder    9 (33.3%)
Don't continue, Buyback my shares!    11 (40.7%)
Votes Total: 27

The vote count in the poll for PGM was comparable with the votes collected from the emails.

PGM will Buyback all shares @ 0.11 btc a share, this will include the outstanding dividends (week 41 - week 49).
I will make this payment today to the bitcoin address used to claim your GLBSE account.

From this day on PGM is CLOSED!
There will no longer be dividend payments!


Sincerely,

PsychoticBoy

[PsychoticBoy]

http://blockchain.info/nl/tx/b346e548fce0d7bb12e391d96d00cc91f4f14d0303e7bf55b31ed6373a4fe3a5

Bought back all shares that are included in the list from GLBSE.
573 shares were owned by PGM, 56 shares are owned by me (personal), bought back 145 out of 371 outstanding shares.
226 shares have not been claimed.
If you have not already claimed your shares, please claim your account at GLBSE.com


Sicerely,

PsychoticBoy

[Jurek]

This is unacceptable.  IPO was 0.25, what happened with the rest of our money? Not only you stole more than half of the btc you owe, you also refuse to pay the dividends.

I demand you pay us the rest or else (sigh..) I will get you a nice scammer tag. What's wrong with you people?!

[PsychoticBoy]

0.11 BTC a share is more than reasonable for a buyback with no trade history.
A new BFL Single SC (or BFL Single with Upgrade) will cost you 1300$, with a bitcoin price of 13.3$ you would have the right to get almost 0.1 btc a share.

I paid 0.11 btc a share this includes the outstanding dividends.

This is unacceptable.  IPO was 0.25, what happened with the rest of our money? Not only you stole more than half of the btc you owe, you also refuse to pay the dividends.

I demand you pay us the rest or else (sigh..) I will get you a nice scammer tag. What's wrong with you people?!

[Jurek]

Yet as you may or apparently may not notice these were shares bought in BTC, not USD. We gave you BITCOINS, not $.
And even when you count like that, the numbers don't add up.

At the time of the IPO 1BTC was worth about 11USD. http://bitcoincharts.com/charts/mtgoxUSD#rg150zczsg2012-08-01zeg2012-08-31ztgSzm1g10zm2g25zv
Each share was bought at 0.25BTC, which was about 2.75USD

371 shares (not counting yours) equaled 1020 USD YET you decided to give us back ~0.11 a share *13.2$ = 538$.

What exactly you don't understand? You stole more than half (counting dividiends) of what was given to you!

EDIT: actually not given, as you were supposed to be only the operator, as these were, and I quote "PGM SHARES! NO BOND!"

[PsychoticBoy]

If you have a problem with how I solved this mess, make a thread in Scam Accusations.

And when you are there, also make a thread about other mining companies who bought shares back at much less value than I did, and sold for more than PGM did.


PS: you were the one who complaint about continuing on another Exchange.

[Sukrim]

You can easily claim your shares by using the data you submitted to GLBSE (email address).

Well, entering my email address on https://bitfunder.com/lostpass just returns "Sorry, we do not have that email address on file." - how exactly does the claim process look like?

[Jurek]

And when you are there, also make a thread about other mining companies who bought shares back at much less value than I did.

So that's how it's going to be, huh? Everybody is scamming, so I will scam you too! Awesome ethics dude.

PS: you were the one who complaint about continuing on another Exchange.

The vote count in the poll for PGM was comparable with the votes collected from the emails.

So which one is it?

See you in the scam accusations https://bitcointalk.org/index.php?topic=129941.0

[Deprived]

Yet as you may or apparently may not notice these were shares bought in BTC, not USD. We gave you BITCOINS, not $.
And even when you count like that, the numbers don't add up.

At the time of the IPO 1BTC was worth about 11USD. http://bitcoincharts.com/charts/mtgoxUSD#rg150zczsg2012-08-01zeg2012-08-31ztgSzm1g10zm2g25zv
Each share was bought at 0.25BTC, which was about 2.75USD

371 shares (not counting yours) equaled 1020 USD YET you decided to give us back ~0.11 a share *13.2$ = 538$.

What exactly you don't understand? You stole more than half (counting dividiends) of what was given to you!

EDIT: actually not given, as you were supposed to be only the operator, as these were, and I quote "PGM SHARES! NO BOND!"

He's not actually scamming you on the closedown - you got screwed when you bought the shares in the first place.  Here's his post that explains how (and just how badly) you got screwed:

I do not sell any BFL Singles into GLBSE anymore, eventhough I own more than 2.
I sold 1 BFL Single that I own to shareholders (1000 shares), I will not create any more shares in the near future.
Here is a picture of one of my Single`s:
https://docs.google.com/open?id=0B204dRi-nEXRdll5TC1mVGRmX0k



Hopefully I informed you enough.
Greetz

He sold 1000 shares at .25 BTC each (250 BTC total = over $2500) and in return shareholders got ONE BFL single.  That's where you lost your money - his closing down like this is just making your loss immediately obvious.

Mistake you made was assuming that some of the funds raised were going to buy new hardware - they weren't.  If he released a new BFL single to the company that would have been accompanied by raising more funds by sellling new shares.  The funds raised were just going into his pocket and in return you got a portion of a BFL single worth about 1/3 of what you invested.  Obviously that was never going to make you any profit even if he paid for running costs.

If someone sells a "share" then make damn sure they spell out exactly how funds raised will be used and how (and when) they take their own cut.  Otherwise you'll end up (as was the case here) paying a grossly inflated price for something then being surprised when you make a loss.

[Ukyo]

You can easily claim your shares by using the data you submitted to GLBSE (email address).

Well, entering my email address on https://bitfunder.com/lostpass just returns "Sorry, we do not have that email address on file." - how exactly does the claim process look like?

Hey Sukrim,

I contacted PsychoticBoy about this, and he needs to know your e-mail address from the GLBSE claim to be able to check on this for you.
If you can send that over to him, we should be able to get this resolved pretty quickly.


Thanks!

[PsychoticBoy]

Dear Investors,

Weekly dividend has been paid on BitFunder.

0.6188173 BTC paid over 989 shares.
Payment a share 0.0006257 BTC.

Difficulty now is 3370182



Greetz

[Jurek]

ABM shareholders I suggest you take a look at https://bitcointalk.org/index.php?topic=129941.msg1396972#msg1396972

[PsychoticBoy]

Jurek, if you did not like the contract why did you buy shares in the first place?

Alll was transparent, you knew what would happen if PGM got closed:  Shares do represent an ownership share in the mining hardware in the event of liquidation. In case of liquidation the mining hardware will be sold and minus expences be paid to the shareholders.

You were the one that wanted to close down PGM so badly, let me quote:

Do you have any way to check who votes or can one set up many accounts and manipulate the poll? What opinions did you got in response to your email?

YOU voted many times to close down PGM (I can have it checked by theymos).
(email votes were comparable so lucky you)

So I can only say: You should have read (or asked me/paladon) before buying shares.

[PsychoticBoy]

Dear Investors,

Weekly dividend has been paid on BitFunder.

0.6288062 BTC paid over 989 shares.
Payment a share 0.0006358 BTC.



Greetz

[PsychoticBoy]

Revieved the Full list of PGM and bought back the last outstanding shares.

If your Bitcoin address is in this tx then your shares have been bought back.
8d3416961b7c00f44deb44e85dd66d8256b78378e2eca1cea699edb5a7afc9ed


This was the last buyback PGM is now officially CLOSED!