[GLBSE] BDT - 3% weekly interest bond, backed by Bitdaytrade

[Bjork]

No coupons this Friday. Any news would be much appreciated - thanks Meni!

I think a lot of the rage will fall on Meni...

He has paid dividends late before and there is a clause in the contract allowing him to (with a late fee)

No need to panic, although if anyone wants I'll buy some cheap bonds

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[Meni Rosenfeld]

No coupons this Friday. Any news would be much appreciated - thanks Meni!

Alberto says he will pay by Monday or Tuesday.

[Bjork]

No coupons this Friday. Any news would be much appreciated - thanks Meni!

Alberto says he will pay by Monday or Tuesday.

Thanks for the update!

[puffn]

There is something to be said about signalling here. Generally, companies that have no problems don't let stuff like this happen. They are extremely regular, and don't try to have any problems arise publically. I understand that we are all amateurs here, but I find the lack of communication from Alberto to be very troubling.

[dopamine]

what about the customers refund requests? I never got any replies

[tbcoin]

No coupons this Friday. Any news would be much appreciated - thanks Meni!

Alberto says he will pay by Monday or Tuesday.

No news.

[IIOII]

Another scam unfolding?   

[Meni Rosenfeld]

Alberto says the coupon payment will be delayed a bit more. I am hoping we will see some progress by Thursday, if not I will share more details about the current situation and see what further action should be taken.

[cytokine]

Alberto says the coupon payment will be delayed a bit more. I am hoping we will see some progress by Thursday, if not I will share more details about the current situation and see what further action should be taken.

Could you please share those details now? Is a second buy-back in order? If so, I would like to sell my bonds back ASAP. There's enough stress right now out there concerning the Pirate-induced credit crunch without having to deal with an unreliable bond issue.

I hope you understand and will accommodate. It will be better for Alberto anyway to get out of debt, rethink the BDT situation, and then ultimately relaunch with less expensive financing.

Let me know. I have a sell order out @ 1.0

[Meni Rosenfeld]

Alberto says the coupon payment will be delayed a bit more. I am hoping we will see some progress by Thursday, if not I will share more details about the current situation and see what further action should be taken.

Could you please share those details now? Is a second buy-back in order? If so, I would like to sell my bonds back ASAP. There's enough stress right now out there concerning the Pirate-induced credit crunch without having to deal with an unreliable bond issue.

I hope you understand and will accommodate. It will be better for Alberto anyway to get out of debt, rethink the BDT situation, and then ultimately relaunch with less expensive financing.

Let me know. I have a sell order out @ 1.0

Unfortunately I can't say more currently.

[ianspain]

thank god I got out during the first bond buy back.

Thanks guys still managed to make a 6%

[Bjork]

this bond is too much of a headache

[nimda]

this bond is too much of a headache

I hate to say "I told you so"

Rofl, now I know that this security will stick to its word.

I have to wonder... after this thread, why did people buy BDT? I was initially interested, but the incompetence in promise-keeping steered me away rather quickly

I haven't had any bids on this since mid-June pre-IPO.

[strello]

It's now Thursday.

Any update on the ongoing situation would be really appreciated.

Thanks.

[Meni Rosenfeld]

The good news is that Friday's coupon of 0.036 BTC per bond was paid, including the late fees.

The bad news is that Alberto says he doesn't currently have available bitcoins, and that he will need to move some funds around and liquidate some assets before he can perform a complete buyback. This has been taking much longer than expected.

Also, Alberto says he will not be able to sustain the original contract terms of 3% weekly interest until a 120% buyback. I reminded him of the commitment he has made, but he insists that he can only repay the face value of 1 BTC per bond with no further interest. Any dividend payment made after the last one will count towards this total. The contract will be updated to reflect this. He has reneged on his original obligation and this shouldn't be taken lightly; however, I believe that if he does indeed manage to repay the face value the matter will not have been a complete disaster.

Progress towards resolving this matter has been slow, and I have made it clear to Alberto that some real progress is expected by next week, which includes more funds repaid and some clarification of the matter of withdrawals from the Bitdaytrade platform. If he fails to deliver I will have no choice but to release more information and escalate the debt collection.

Because this event is disruptive, trading of the asset has been frozen until investors can absorb the news and some stability can be obtained. If it seems justified, trade will be resumed later to allow people to freely trade according to their belief in Alberto's ability to repay.

Alberto's total debt is 5000 BTC in outstanding BDT bonds, 4000 BTC in a private loan from me and Bitdaytrade deposits in an amount which to me is currently unknown.

Also, as much as I'd like to spend much time on this issue, I am already WAY behind my schedule of preparations for the trip to London, during which I will not have internet access; any further action from me will have to wait until I get back on Wednesday.

[IIOII]

The good news is that Friday's coupon of 0.036 BTC per bond was paid, including the late fees.

The bad news is that Alberto says he doesn't currently have available bitcoins, and that he will need to move some funds around and liquidate some assets before he can perform a complete buyback. This has been taking much longer than expected.

Also, Alberto says he will not be able to sustain the original contract terms of 3% weekly interest until a 120% buyback. I reminded him of the commitment he has made, but he insists that he can only repay the face value of 1 BTC per bond with no further interest. Any dividend payment made after the last one will count towards this total. The contract will be updated to reflect this. He has reneged on his original obligation and this shouldn't be taken lightly; however, I believe that if he does indeed manage to repay the face value the matter will not have been a complete disaster.

Progress towards resolving this matter has been slow, and I have made it clear to Alberto that some real progress is expected by next week, which includes more funds repaid and some clarification of the matter of withdrawals from the Bitdaytrade platform. If he fails to deliver I will have no choice but to release more information and escalate the debt collection.

Because this event is disruptive, trading of the asset has been frozen until investors can absorb the news and some stability can be obtained. If it seems justified, trade will be resumed later to allow people to freely trade according to their belief in Alberto's ability to repay.

Alberto's total debt is 5000 BTC in outstanding BDT bonds, 4000 BTC in a private loan from me and Bitdaytrade deposits in an amount which to me is currently unknown.

Also, as much as I'd like to spend much time on this issue, I am already WAY behind my schedule of preparations for the trip to London, during which I will not have internet access; any further action from me will have to wait until I get back on Wednesday.

I'm sure you are aware that Alberto's actions also affect your reputation as the guy doing the PR for the BDT fund. So I don't think it is wise to take this issue lightly and to state that your personal interests (trip to London) are more important than the interests of the people you encouraged to invest in BDT.

[labestiol]

The good news is that Friday's coupon of 0.036 BTC per bond was paid, including the late fees.

The bad news is that Alberto says he doesn't currently have available bitcoins, and that he will need to move some funds around and liquidate some assets before he can perform a complete buyback. This has been taking much longer than expected.

Also, Alberto says he will not be able to sustain the original contract terms of 3% weekly interest until a 120% buyback. I reminded him of the commitment he has made, but he insists that he can only repay the face value of 1 BTC per bond with no further interest. Any dividend payment made after the last one will count towards this total. The contract will be updated to reflect this. He has reneged on his original obligation and this shouldn't be taken lightly; however, I believe that if he does indeed manage to repay the face value the matter will not have been a complete disaster.

Progress towards resolving this matter has been slow, and I have made it clear to Alberto that some real progress is expected by next week, which includes more funds repaid and some clarification of the matter of withdrawals from the Bitdaytrade platform. If he fails to deliver I will have no choice but to release more information and escalate the debt collection.

Because this event is disruptive, trading of the asset has been frozen until investors can absorb the news and some stability can be obtained. If it seems justified, trade will be resumed later to allow people to freely trade according to their belief in Alberto's ability to repay.

Alberto's total debt is 5000 BTC in outstanding BDT bonds, 4000 BTC in a private loan from me and Bitdaytrade deposits in an amount which to me is currently unknown.

Also, as much as I'd like to spend much time on this issue, I am already WAY behind my schedule of preparations for the trip to London, during which I will not have internet access; any further action from me will have to wait until I get back on Wednesday.

I'm sure you are aware that Alberto's actions also affect your reputation as the guy doing the PR for the BDT fund. So I don't think it is wise to take this issue lightly and to state that your personal interests (trip to London) are more important than the interests of the people you encouraged to invest in BDT.

There's not much Meni can do except leave Alberto some time to liquidate assets, a few days off won't change anything and will give him time to rest and let the pressure go a bit.
Don't forget that he's the biggest creditor in this mess, so you can be sure he's not taking things lightly.

I do think Meni is doing things right, and I hope for everyone involved that things will get better soon.

[Bjork]

The good news is that Friday's coupon of 0.036 BTC per bond was paid, including the late fees.

The bad news is that Alberto says he doesn't currently have available bitcoins, and that he will need to move some funds around and liquidate some assets before he can perform a complete buyback. This has been taking much longer than expected.

Also, Alberto says he will not be able to sustain the original contract terms of 3% weekly interest until a 120% buyback. I reminded him of the commitment he has made, but he insists that he can only repay the face value of 1 BTC per bond with no further interest. Any dividend payment made after the last one will count towards this total. The contract will be updated to reflect this. He has reneged on his original obligation and this shouldn't be taken lightly; however, I believe that if he does indeed manage to repay the face value the matter will not have been a complete disaster.

Progress towards resolving this matter has been slow, and I have made it clear to Alberto that some real progress is expected by next week, which includes more funds repaid and some clarification of the matter of withdrawals from the Bitdaytrade platform. If he fails to deliver I will have no choice but to release more information and escalate the debt collection.

Because this event is disruptive, trading of the asset has been frozen until investors can absorb the news and some stability can be obtained. If it seems justified, trade will be resumed later to allow people to freely trade according to their belief in Alberto's ability to repay.

Alberto's total debt is 5000 BTC in outstanding BDT bonds, 4000 BTC in a private loan from me and Bitdaytrade deposits in an amount which to me is currently unknown.

Also, as much as I'd like to spend much time on this issue, I am already WAY behind my schedule of preparations for the trip to London, during which I will not have internet access; any further action from me will have to wait until I get back on Wednesday.

I do not agree to a buyback of 1 btc per bond.  Unacceptable.  If he wants to buy back at 1 btc then he can buy them on the open market, but I will not accept a forced buyback of 1 btc

[ColdHardMetal]

The worst part is it really seems like we aren't any closer to having a vehicle to hedge BTC/CurrencyX exposure

[cytokine]

The good news is that Friday's coupon of 0.036 BTC per bond was paid, including the late fees.

The bad news is that Alberto says he doesn't currently have available bitcoins, and that he will need to move some funds around and liquidate some assets before he can perform a complete buyback. This has been taking much longer than expected.

Also, Alberto says he will not be able to sustain the original contract terms of 3% weekly interest until a 120% buyback. I reminded him of the commitment he has made, but he insists that he can only repay the face value of 1 BTC per bond with no further interest. Any dividend payment made after the last one will count towards this total. The contract will be updated to reflect this. He has reneged on his original obligation and this shouldn't be taken lightly; however, I believe that if he does indeed manage to repay the face value the matter will not have been a complete disaster.

Progress towards resolving this matter has been slow, and I have made it clear to Alberto that some real progress is expected by next week, which includes more funds repaid and some clarification of the matter of withdrawals from the Bitdaytrade platform. If he fails to deliver I will have no choice but to release more information and escalate the debt collection.

Because this event is disruptive, trading of the asset has been frozen until investors can absorb the news and some stability can be obtained. If it seems justified, trade will be resumed later to allow people to freely trade according to their belief in Alberto's ability to repay.

Alberto's total debt is 5000 BTC in outstanding BDT bonds, 4000 BTC in a private loan from me and Bitdaytrade deposits in an amount which to me is currently unknown.

Also, as much as I'd like to spend much time on this issue, I am already WAY behind my schedule of preparations for the trip to London, during which I will not have internet access; any further action from me will have to wait until I get back on Wednesday.

I do not agree to a buyback of 1 btc per bond.  Unacceptable.

Great, yet another security is in default. If Alberto fails to repay, I would like to pursue immediate legal action. We will have to coordinate this next Wednesday when you return from London.