[GLBSE] REBATE official thread

[Kluge]

I did my bit to move the price last week, and a buyback appears the only sensible option.

However, on top of that, the dividend (what ever it is) still needs to be paid.

Sounds like a motion to wind-up/buyback is in order.

That's what I am working for
All I need is JRO to accept the buyback, he has control of the account and a majority of the equity raised.
//DeaDTerra

Does JRO have any connection to this https://bitcointalk.org/index.php?topic=18197.0

I particularly point out a post that was made at https://bitcointalk.org/index.php?topic=18197.msg345149#msg345149

*THIS IS BIG- Use our funds to provide instant payouts in different forms through my already existing company-2-person exchange. This is a situation where we keep a lot of liquid funds around in different forms to provide a quick, safe transfer for a reasonable price and cut out any wait times involved with normal bank transfers (See http://xchange.bitcoinbux.com). This is our new bread and butter.
I am currently using my savings for this, it is of little or no risk so I don't mind, its just that we might expand past the cycle of my savings money and need more liquid. Basically we need enough liquid funds to be able to cycle the money and get it back before we run out of anything.

This basically describes zipconf and along with other things WiseOldOwl has posted leads me to believe they are one and the same. This whole thing is starting to raise big red flags for me sorry.

That's not JRO's writing style, and I' be incredibly shocked if JRO and that person were the same, as someone who's spent hours on the phone with JRO. Fwiw.

[Nefario]

The issuer contacted and trading of this asset has been frozen until further notice.

All attempts will be made to resolve this issue as soon as possible but is dependent on the issuer JRO, Jonathan Ryan Owens.

Nefario

[Kluge]

That's not JRO's writing style, and I' be incredibly shocked if JRO and that person were the same, as someone who's spent hours on the phone with JRO. Fwiw.

Just out of curiosity, how does someone get to the point where they just drop a business and don't bother contacting anyone about it? I'm not even talking about updates, and so on, I'm talking about just dropping the ball entirely and walking away like it's nothing?

I don't get it, as I have heard, this JRO guy is busy, yeah, but this isn't a game. I mean I could just walk away from a business like YARR that has 3,000 coins of other people's money in it, and what, no one would get pissed off?

If he's busy why doesn't he hire a manager? In fact if he's busy why did he even start this? I don't really have a dog in this fight but it perplexes me to no end that the "he's busy" excuse hasn't been put to the test a little more. I don't think that's a valid excuse actually.

I don't plan on defending how this has been handled, and thinking about it makes me smoke... a lot. There was a buyout in the works, 20Mission was sounding pretty good... people had visited who weren't explicitly involved, who I talked to. But, there's been about a 2-week total lack of communication.

There have been quite a few honest mistakes which are excusable, I think, but I don't think I could defend the lack of communication. If I don't see any communication occurring by the end of the month, I'll be very depressed as I think I may stand to lose the most if everything collapses, but would be willing to give everyone the full details on everything which has happened.

[memvola]

If he's busy why doesn't he hire a manager? In fact if he's busy why did he even start this? I don't really have a dog in this fight but it perplexes me to no end that the "he's busy" excuse hasn't been put to the test a little more. I don't think that's a valid excuse actually.

I think Jonathan issued the asset and it's Alberto that's been busy. None of that is an excuse though.

Also, our money should still be with them, so I don't know how a buyback at market price is appropriate here. They should divide all the assets to the shareholders OR make a buyback, whichever is best for shareholders. Paying the excess as dividends and then executing a buyback is an option.

If the total they pay back is less than they've collected, I think we at least deserve an explanation about where the money is spent.

[DeaDTerra]

The issue at hand has been handed over to Nefario. I will be working closely with him to ensure this ends well.
//DeaDTerra

[exahash]

The issuer contacted and trading of this asset has been frozen until further notice.

All attempts will be made to resolve this issue as soon as possible but is dependent on the issuer JRO, Jonathan Ryan Owens.

Nefario

Great.  So now there will be zero trades in the contract-specified 120 hour window.  If a buyback is in the works, I propose it be priced at the IPO price.

If development is still ongoing, we need to hear from those involved as to whats going on.  IMHO the biggest issue is a total failure to communicate and set reasonable expectations.

If the project is to be abandoned, I'd consider taking it over.  Whoever's in charge can pm me to discuss if desired.

[Nefario]

The issuer contacted and trading of this asset has been frozen until further notice.

All attempts will be made to resolve this issue as soon as possible but is dependent on the issuer JRO, Jonathan Ryan Owens.

Nefario

Great.  So now there will be zero trades in the contract-specified 120 hour window.  If a buyback is in the works, I propose it be priced at the IPO price.

If development is still ongoing, we need to hear from those involved as to whats going on.  IMHO the biggest issue is a total failure to communicate and set reasonable expectations.

If the project is to be abandoned, I'd consider taking it over.  Whoever's in charge can pm me to discuss if desired.

He can't issue a buyback currently. But I've not heard anything from him regarding this.

[Nefario]

I've still to hear back from Jonathan Ryan Owens(JRO), have sent him an email for the second time, tomorrow I'll call him.

In the meantime I've been talking with Alberto in getting this taken care of and handed the asset to him.

The asset will remain frozen and funds (that can be recovered) will be returned to shareholders via dividend payments.

Alberto will post the details of what is to happen next and what has already happened.

Nefario.

[bitdaytrade]

X-Post https://bitcointalk.org/index.php?topic=93445.msg1092784#msg1092784

After an IRC chat with Nefario we had clarified my position and I'm now able to release further updates. The reason that caused BDT freeze in first place is my involvement with Jonathan Ryan Owens (read JRO from here on), rebate IPO and suspicious funds management practices. It did not came without reasons and i believe in fact that Nefario just did the right choice the protect GLBSE market integrity. Some time ago i was working with JRO on some projects, and it was decided to hold an IPO on GLBSE for bitcoinrebate.com. At that time i was not fond of how GLBSE worked and didn't have time to investigate as i was busy with development, so i've trusted JRO to handle the IPO and funds on my behalf entirely. At some point i said i needed money for all the work i was doing, and got sent about 1000 BTC out of the rebate funds. I never knew the total amount raised, and didn't feel it was necessary to investigate. I have later learned that a total of 5000 bitcoin were raised. My relationship with JRO was interrupted shortly after, because of diverse reasons. After we parted ways JRO enquired me a number of times about taking the lead on the rebate project but we didn't reach an agreement. I was never enquired about profitability of the site or any financial detail. At this point, i have no idea where the rest of the funds raised from the sale of rebate bonds are gone, or if they have been exchanged to hard currency. Nefario transferred the totality of bonds to my account, i'll determinate the exact amount of bitcoin i got from JRO in the context of this project, and proceed with paying that amount back to investors through dividend payments in a unique solution. This was determined to be the best solution until we know how much can be recovered from JRO. Kudos to Nefario for handling matters in a professional way.

BDT trading is resumed since it was also determined that the asset has no involvement with this incident, and that there are no threats for GLBSE users. I'll proceed to execute dividends payment in the next hours. We won't pay late fees as it was determined that this incident is not directly caused by us.

Bests
Alberto Armandi
BDT

[memvola]

I've still to hear back from Jonathan Ryan Owens(JRO), have sent him an email for the second time, tomorrow I'll call him.

Someone should. Has he been active on the IRC? It seems all his projects are unresponsive, including the sites zipconf.com and kronos.io. He was online here just 12 days ago, there is too little time for the websites to go down even if he doesn't have Internet access. Were they already shut down? His latest post was on July 15.

[Nefario]

I've still to hear back from Jonathan Ryan Owens(JRO), have sent him an email for the second time, tomorrow I'll call him.

Someone should. Has he been active on the IRC? It seems all his projects are unresponsive, including the sites zipconf.com and kronos.io. He was online here just 12 days ago, there is too little time for the websites to go down even if he doesn't have Internet access. Were they already shut down? His latest post was on July 15.

He's not replying to anyone except those who are phyically beside him.

[Kluge]

I've still to hear back from Jonathan Ryan Owens(JRO), have sent him an email for the second time, tomorrow I'll call him.

Someone should. Has he been active on the IRC? It seems all his projects are unresponsive, including the sites zipconf.com and kronos.io. He was online here just 12 days ago, there is too little time for the websites to go down even if he doesn't have Internet access. Were they already shut down? His latest post was on July 15.

He's not replying to anyone except those who are phyically beside him.

No phone replies, either, but someone around him said he's actively working to resolve the situation amicably for all.

[BitcoinINV]

I am glad to see that the GLSBE staff will step in to stop further investor loss, this makes your service that much better.

[Nefario]

No phone replies, either, but someone around him said he's actively working to resolve the situation amicably for all.

From what I've learned, those around him (not going to drop names here) have been covering for him for some time. To resolve a situation requires at the least basic communication, of which we've not seen for months.

[Bitcoin Oz]

People have some explaining to do if they have allowed someone dodgy to raise funds. It reflects on their reputations too imo.

Edit: http://bitcoinbolt.rememberi.es/category/jonathan-ryan-owens/

How much of the rebate funds went into this project ?

[Serge]

JRO posted update https://bitcointalk.org/index.php?topic=101098.0


I got one question, where did all these accumulated through offering security funds go?

[memvola]

So, any updates on the buyback?

[SNS]

Jonathan Ryan Owens
Last Active:   August 16, 2012, 07:10:39 PM

https://bitcointalk.org/index.php?action=profile;u=22299

I think no

[DeaDTerra]

Jonathan Ryan Owens
Last Active:   August 16, 2012, 07:10:39 PM

https://bitcointalk.org/index.php?action=profile;u=22299

I think no

Nope, JRO has gone off the grid so to speak. Last time I spoke to him was several weeks ago.
Kluge talked to him though (phone call)and it seems like he's working hard to repay his debts.
//DeaDTerra

[DeaDTerra]

Jonathan Ryan Owens
Last Active:   August 16, 2012, 07:10:39 PM

https://bitcointalk.org/index.php?action=profile;u=22299

I think no

Nope, JRO has gone off the grid so to speak. Last time I spoke to him was several weeks ago.
Kluge talked to him though (phone call)and it seems like he's working hard to repay his debts.
//DeaDTerra

I read that Kluge wrote off the debt and had no hope for JRO paying. Might want to check it, but time for scammers tag?

Okay, I haven't talked to Kluge, I just said what I remember reading.
Well in that case, a scam tag would probably be appropriate as he doesn't seem to have any intention of paying back.
//DeaDTerra