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bitlane
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August 29, 2012, 05:05:38 AM
 #461

It's obvious why Trendon wants to deal with individuals.

Someone with 50 BTC debt will likely take 25 to get it over with. An account with 5000 BTC will NOT simply settle for 2500 BTC.

Although it was NEVER about dollars previously.....it will soon be.

It's his own version of a '50% attack' on a different scale...LMAO

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August 29, 2012, 05:09:56 AM
 #462

Wrd, on top of that I don't understand why bonds are ”tricky”. Just pay out the security issuer (Goat) and let him divvy it up from there. The only reason why it would be ”tricky” is if he (or whoever its using him aa sock puppet) wanted to ID all the bond holders. I wonder why he would want to do that?

I don't believe pirate is being legit but if he was then you pay creditors directly rather than through intermediaries so that you're not liable if the pass-throughs don't pay.

There is no good reason whatsoever for him refusing to give the pass-through operators contact details for his lawyer or accountant though.  It makes me wonder if pirate is collecting information because he hasn't maintained adequate records and he needs it to now create them.  Normally, the information would be submitted directly to the accountant/lawyer handling an insolvency and verified against existing business records.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
bitlane
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August 29, 2012, 05:14:07 AM
 #463

OMG.....

Here comes the fake Law Office, contacting everyone...LMAO

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August 29, 2012, 05:16:47 AM
 #464

"It's legal stuff" just doesn't seem convincing here.

At the moment an auto manufacturer goes bankrupt, it probably owes a substantial amount of money to it parts suppliers.

In turn, those parts suppliers probably owe a lot of money to their subconstractors and further suppliers, money that everyone knows they can only pay out if and when their big client, the primary manufacturer, ponies up.

I am certainly no bankruptcy lawyer, but in any recognizable liquidation process, since when do the parts suppliers have to give the bankrupt manufacturer a list of their own debts in order to make their claims?


On a similar note, if I own an ETF share or mutual fund that tracks a large number of stock and bonds, and somebody goes belly up or defaults, I'm pretty durn sure that my name never comes up in the proceedings -- it's only the fund operator.

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August 29, 2012, 05:20:52 AM
 #465

I can imagine Trendon lawyer's face when he told his lawyer what he was up to for the last few months.

Introducing constraints to the economy only serves to limit what can be economical.
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August 29, 2012, 05:22:52 AM
 #466

It's obvious why Trendon wants to deal with individuals.

Someone with 50 BTC debt will likely take 25 to get it over with. An account with 5000 BTC will NOT simply settle for 2500 BTC.

Although it was NEVER about dollars previously.....it will soon be.

It's his own version of a '50% attack' on a different scale...LMAO

It's not so much will not as cannot. If the 5000 BTC account accepts 2500 BTC, all (s)he does is take responsibility off pirate and put it onto him/herself to pay his/her bondholders back.

(S)he would need the legal agreement of all of his/her bondholders to accept that agreement.

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August 29, 2012, 05:25:36 AM
 #467

Quote
<pirateat40> Bitcoin Savings & Trust has hereby given notice of default to it's account holders.
<pirateat40> At his time, all Pirate Pass-Thru operators are required to submit a list of their sub-accounts including; balance, forum / IRC name (or any other way of linking and confirming the account) and Bitcoin withdraw address. Payments will be processed directly by Bitcoin Savings & Trust to Pirate Pass-Thru sub-accounts upon verification and cleared of any outstanding conditions.
<pirateat40> Payments will be processed directly by Bitcoin Savings & Trust to Pirate Pass-Thru sub-accounts upon verification and cleared of any outstanding conditions.Payments will be processed directly by Bitcoin Savings & Trust to Pirate Pass-Thru sub-accounts upon verification and cleared of any outstanding conditions.
<pirateat40> Principal and interest payments are subject to review.
<pirateat40> No timeline or further information is available at this time.
Haha.
So I see that Pirate has decided to not put the money through your lying promises, but he wants to just pay the PPT customers directly, instead.
Which means, you will have no opportunity to screw anyone with your empty PPT bonds scam...
And now, since you've already dumped 30129 shares onto the market, of which over 10% has not been deposited into BS&T - you are so fucked up, Goat Smiley
Sell more, sell!  There is still time... Smiley

Check out gocoin - my original project of a bitcoin client written in Go, with some unique features.
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August 29, 2012, 05:27:37 AM
 #468

Wrd, on top of that I don't understand why bonds are ”tricky”. Just pay out the security issuer (Goat) and let him divvy it up from there. The only reason why it would be ”tricky” is if he (or whoever its using him aa sock puppet) wanted to ID all the bond holders. I wonder why he would want to do that?

I don't believe pirate is being legit but if he was then you pay creditors directly rather than through intermediaries so that you're not liable if the pass-throughs don't pay.

There is no good reason whatsoever for him refusing to give the pass-through operators contact details for his lawyer or accountant though.  It makes me wonder if pirate is collecting information because he hasn't maintained adequate records and he needs it to now create them.  Normally, the information would be submitted directly to the accountant/lawyer handling an insolvency and verified against existing business records.

Actually, if someone can prove that Tredon used a bitcoin address that was used for both paying interest on BTST accounts and GPUMAX then just file a lawsuit by serving the papers to the registered agent listed for GPUMAX.

Introducing constraints to the economy only serves to limit what can be economical.
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August 29, 2012, 05:28:20 AM
 #469


It's not so much will not as cannot. If the 5000 BTC account accepts 2500 BTC, all (s)he does is take responsibility off pirate and put it onto him/herself to pay his/her bondholders back.

(S)he would need the legal agreement of all of his/her bondholders to accept that agreement.

But that's a legal issue between the bondholders and the bond issuer, not between the bondholders and Pirate.

Essentially, the issue you have identified is: "In buying this bond from Goat, who promises to repay me only what Pirate repays him, have I or have I not implicitly authorized Goat to settle for less than the full value?  We know if Pirate pays 100% it must be passed through, and if Pirate disappears the value is zero.  But what if Pirate offers Goat a choice of either X% settlement or a lawsuit?"

That's legally complicated.  My guess is that so long as Goat can show that he negotiated in good faith and received the maximum amount from Pirate that can be expected, then I have no claim against Goat.  This is especially the case given that (correct me if I'm wrong) Goat also has personal assets in the same account.  

But even if that's not the way it gets answered, I still see no reason why it would be Pirate's problem legally.  It might be Pirate's problem from a practical standpoint if bond issuers are scared to take any haircut for fear of legal reprisal from bondholders.  Even then, if an independent receiver or judge ends up approving the disbursement of assets, then the bond issuers will be bound and the bondholders won't really be able to complain about the actions of the bond issuers, provided the issuers filed their claims on time and such.

Right?

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bitlane
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August 29, 2012, 05:28:32 AM
 #470

I can imagine Trendon lawyer's face when he told his lawyer what he was up to for the last few months.

What if they were "in bed together" the whole time!!!  Shocked

It's like a cross between scenes from 'Breaking Bad' and 'Varsity Blues' .......

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August 29, 2012, 05:37:21 AM
 #471

Actually, if someone can prove that Tredon used a bitcoin address that was used for both paying interest on BTST accounts and GPUMAX then just file a lawsuit by serving the papers to the registered agent listed for GPUMAX.

I know people in the US think litigation is the answer to everything, but what value is there in filing a lawsuit at this point?  It's just an expensive way to reach the very same settlement you'd reach without involving courts. 

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
bitlane
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August 29, 2012, 05:39:52 AM
 #472

Well, if all else fails, I am still a fan of the 'Scorched Earth' way of doing things.

If I can't have it - neither can he..... and I will move my claims to the IRS, Homeland Security and Customs/Immigration.

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August 29, 2012, 05:40:02 AM
 #473


I know people in the US think litigation is the answer to everything, but what value is there in filing a lawsuit at this point?  It's just an expensive way to reach the very same settlement you'd reach without involving courts. 

One advantage of having a court handle something like this is the protection of the interests of third parties.  There are plenty of instances, this being a prime example, where there can be a principal-agent conflict of interest between some of the large claimants, who actually have leverage over Pirate, and smaller or more ancillary stakeholders, who do not.  When a judge has to sign off, there is less of a chance of an arbitrary settlement that only protects a few prominent creditors at the expense of others.  

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August 29, 2012, 05:42:10 AM
 #474

Quote
<pirateat40> Bitcoin Savings & Trust has hereby given notice of default to it's account holders.
<pirateat40> At his time, all Pirate Pass-Thru operators are required to submit a list of their sub-accounts including; balance, forum / IRC name (or any other way of linking and confirming the account) and Bitcoin withdraw address. Payments will be processed directly by Bitcoin Savings & Trust to Pirate Pass-Thru sub-accounts upon verification and cleared of any outstanding conditions.
<pirateat40> Payments will be processed directly by Bitcoin Savings & Trust to Pirate Pass-Thru sub-accounts upon verification and cleared of any outstanding conditions.Payments will be processed directly by Bitcoin Savings & Trust to Pirate Pass-Thru sub-accounts upon verification and cleared of any outstanding conditions.
<pirateat40> Principal and interest payments are subject to review.
<pirateat40> No timeline or further information is available at this time.
Haha.
So I see that Pirate has decided to not put the money through your lying promises, but he wants to just pay the PPT customers directly, instead.
Which means, you will have no opportunity to screw anyone with your empty PPT bonds scam...
And now, since you've already dumped 30129 shares onto the market, of which over 10% has not been deposited into BS&T - you are so fucked up, Goat Smiley
Sell more, sell!  There is still time... Smiley

dude, you are clueless

there is no way for Goat or any other GLBSE PPT issuer to provide what pirate is asking and certainly there is no way for Pirate to pay directly to GLBSE PPT bond holders.
furthermore GLBSE PPT bond holders are not BTCST Trust sub-accounts
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August 29, 2012, 05:42:29 AM
 #475

Well, if all else fails, I am still a fan of the 'Scorched Earth' way of doing things.

If I can't have it - neither can he..... and I will move my claims to the IRS, Homeland Security and Customs/Immigration.

You should try the Dallas Morning News as well.

Introducing constraints to the economy only serves to limit what can be economical.
bitlane
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August 29, 2012, 05:44:26 AM
 #476

Well, if all else fails, I am still a fan of the 'Scorched Earth' way of doing things.

If I can't have it - neither can he..... and I will move my claims to the IRS, Homeland Security and Customs/Immigration.

You should try the Dallas Morning News as well.

McKinney Courier-gazette and Plano Star Wink

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August 29, 2012, 05:44:43 AM
 #477

Well, if all else fails, I am still a fan of the 'Scorched Earth' way of doing things.

If I can't have it - neither can he..... and I will move my claims to the IRS, Homeland Security and Customs/Immigration.

Didnt Saddam Hussein try that by blowing up the oil fields when the US invaded ?

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August 29, 2012, 05:45:13 AM
 #478

Well, if all else fails, I am still a fan of the 'Scorched Earth' way of doing things.

If I can't have it - neither can he..... and I will move my claims to the IRS, Homeland Security and Customs/Immigration.

You should try the Dallas Morning News as well.

McKinney Currier-gazette and Plano Star Wink

Do eeet

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August 29, 2012, 05:47:17 AM
 #479

Actually, if someone can prove that Tredon used a bitcoin address that was used for both paying interest on BTST accounts and GPUMAX then just file a lawsuit by serving the papers to the registered agent listed for GPUMAX.

I know people in the US think litigation is the answer to everything, but what value is there in filing a lawsuit at this point?  It's just an expensive way to reach the very same settlement you'd reach without involving courts. 

It is Texas so litigation would not be able to take his house (unless he purchased it by illegal means), but everything else is open to forfeiture.  People can declare bankruptcy but that is only for outstanding debt, that does not include fraud.  If that fraud was done over the internet then that is wire fraud.

Introducing constraints to the economy only serves to limit what can be economical.
bitlane
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August 29, 2012, 05:47:47 AM
 #480

Well, if all else fails, I am still a fan of the 'Scorched Earth' way of doing things.

If I can't have it - neither can he..... and I will move my claims to the IRS, Homeland Security and Customs/Immigration.

You should try the Dallas Morning News as well.

McKinney Currier-gazette and Plano Star Wink

Do eeet

Trust me. He will be the PRIDE of PLANO if I don't get paid.

Libel ? NOT A FUCKING CHANCE - ALL TRUTH.

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