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Author Topic: [GLBSE] BIB.PIRATE -- Bitcoin Investment Bank Pirate Bonds 4.75 % wkly from 20/8  (Read 11252 times)
lord
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August 29, 2012, 10:36:56 AM
 #61

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<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.
Is there already any solution for the forced buy back when pirate likes to pay out directly?
What if for example i do buy BIB.Pirate Fonds now?
Will i get the par value when pirate pays back?
Did you already send him a list?


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August 29, 2012, 09:22:27 PM
 #62

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<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.
Is there already any solution for the forced buy back when pirate likes to pay out directly?
What if for example i do buy BIB.Pirate Fonds now?
Will i get the par value when pirate pays back?
Did you already send him a list?
Goat and Nefario have spoken about this in the tygrr.bond-p thread and bond issuers (Goat in that case, Brendio in this case) do not have access to the full list of who owns what and Nefario is neither legally permitted (under UK law, where he's based) or willing to disclose this information. Legally speaking the thoughts (again from Goat's thread) are that the bond issuer on GLBSE is the only person who has contract with Pirate, and the only one who's information needs to be shared (and pirate of course already has all the information he should need).

As for the current state of things, so far as I can tell anyone can continue trading pirate's debt on the open market. I believe Pirate has every intention of returning something, the exact amount at this point is pure speculation (See above quote "<Pirateat40>Principal and interest payments are subject to review").

As for what Pirate returns (and if of course, there's a lot of uncertainty) I would expect Brendio to pay back what he receives from pirate (interest and possibly principle (since they'll probably be mixed somewhat) subject to his existing cut (as always per contract). For exact details you'll have to wait for him to chime in. What an unfortunate time to be busy Undecided But such is life
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September 01, 2012, 04:36:28 PM
 #63

As for what Pirate returns (and if of course, there's a lot of uncertainty) I would expect Brendio to pay back what he receives from pirate (interest and possibly principle (since they'll probably be mixed somewhat) subject to his existing cut (as always per contract). For exact details you'll have to wait for him to chime in. What an unfortunate time to be busy Undecided But such is life
Thanks btharper for the update, and I think this pretty much sums up my approach. Any principal received shall be returned in full. Any interest shall be in the proportion 6.75/7.

For now, it's still a waiting game.

Greetings from Cambodia, by the way.

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September 25, 2012, 09:01:49 PM
 #64

Well...what's the news (and did you see goat's boat in cambodia? lol)

Have you been contacted by the SEC?

Are you a US resident or citizen?

Are you willing to take a list of bondholders to pirate (if bondholders wish)
-ofc, they pretty much have to be willing to share the info with you

Do you have any way to verify the ownership of shares with GLBSE, once the owners have reported them to you? i.e. will GLBSE certify a users' holdings? (MPEx is so much easier for this!)

I have a bunch of both FOO.PPPT and BIB.PIRATE - might as well make sure it's all squared up in case there's a miracle and pirate pays.



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September 26, 2012, 05:03:05 AM
 #65

Well...what's the news (and did you see goat's boat in cambodia? lol)

Have you been contacted by the SEC?

Are you a US resident or citizen?

Are you willing to take a list of bondholders to pirate (if bondholders wish)
-ofc, they pretty much have to be willing to share the info with you

Do you have any way to verify the ownership of shares with GLBSE, once the owners have reported them to you? i.e. will GLBSE certify a users' holdings? (MPEx is so much easier for this!)

I have a bunch of both FOO.PPPT and BIB.PIRATE - might as well make sure it's all squared up in case there's a miracle and pirate pays.




I've noticed that trading has been suspended. See this post for the closest that comes to an announcement: https://bitcointalk.org/index.php?topic=76594.msg1218273#msg1218273 I believe I can still pay dividends in the event that funds are returned by pirateat40.

I have not been contacted by the SEC and am not a US resident or citizen.

I have no way to verify ownership of GLBSE securities, other than have shares transferred to me. I suggest you contact nefario and he may be able to provide a statement of holdings.

I'm not sure how useful it would be, but I could convert holdings to a private deposit if people transfer assets to my user account (brendio:BIB.PIRATE) and provide a GPG-signed statement of holding to clients to pass on to pirateat40 if they think it will help their cause. As I am unlikely to receive any material benefit from this action, and don't want to be inundated with 1000s of requests, I will charge a flat rate 1 BTC fee for this service.

guruvan
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September 26, 2012, 01:37:46 PM
 #66


I've noticed that trading has been suspended. See this post for the closest that comes to an announcement: https://bitcointalk.org/index.php?topic=76594.msg1218273#msg1218273 I believe I can still pay dividends in the event that funds are returned by pirateat40.
Sad Yeah. It's not delisted, so it will work as normal, minus active trading. I have reduced my exposure to GLBSE over this and the Goat delisting issue.

Quote
I have not been contacted by the SEC and am not a US resident or citizen.
awesome. that's good to know.
Quote

I'm not sure how useful it would be, but I could convert holdings to a private deposit if people transfer assets to my user account (brendio:BIB.PIRATE) and provide a GPG-signed statement of holding to clients to pass on to pirateat40 if they think it will help their cause. As I am unlikely to receive any material benefit from this action, and don't want to be inundated with 1000s of requests, I will charge a flat rate 1 BTC fee for this service.

Cool. Not sure how useful that may be. I'll think about this option, and may wish to convert one of the holdings over & bet on both horses. Not sure a payout is likely enough to justify the 1 btc expense Wink

Mine at the Maza Club! with ShastaFarEye Prospectors! Mazacoin PPS & P2pool mining, and more services coming soon!
Maza Means Money! Check yours at the mazacha.in!

Please contact me  on my  OTC registered GPG (A54E87F2) Key's email address or guruvan@shastafareye.net  and encrypt all correspondence.
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