[GLBSE] GIPPT Delisting 100% paid.

[imsaguy]

Under what terms? Did Deadterra not pay interest last Wednesday?

The terms of the contract are based on a Pirate default not a Deadterra default.

In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.

Pirate hasn't defaulted technically.  He paid interest as a reinvested payment.  If the fund chooses to fund that out of pocket, that is the right of the fund and you have no claim.

I guess he will never default then, he can just rack up interest forever. 

I'm saying don't be an ass.  Obviously, at some point, he'd be adjudged to have defaulted if he doesn't process withdrawals but the whole "Pirate's defaulted" after only a few days of announcing a wind down is a bit much.

[imsaguy]

Pirate hasn't defaulted technically.  He paid interest as a reinvested payment.  If the fund chooses to fund that out of pocket, that is the right of the fund and you have no claim.

I agree with this.

Thanks.  I'm trying to be as reasonable about this as possible, to all sides involved.  If pirate really is leaving with no intentions of coming back, then by all means, the insurance money will get used.

[DeaDTerra]

Okay!
I am starting to feel like a bad guy over here, which I do not want!
Hence me and INAU will pay the dividend out of our pockets for now until we can do either of:
A, There's evidence or it's obvious that pirate will default or that he will not pay out within a reasonable time limit (one-two weeks)
B, Pirate pays us back.
Then we will buy back the bonds.
Is everyone happy with this deal?
//DeaDTerra

[ciuciu]

Under what terms? Did Deadterra not pay interest last Wednesday?

The terms of the contract are based on a Pirate default not a Deadterra default.

In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.

Pirate hasn't defaulted technically.  He paid interest as a reinvested payment.  If the fund chooses to fund that out of pocket, that is the right of the fund and you have no claim.

I guess he will never default then, he can just rack up interest forever. 

I'm saying don't be an ass.  Obviously, at some point, he'd be adjudged to have defaulted if he doesn't process withdrawals but the whole "Pirate's defaulted" after only a few days of announcing a wind down is a bit much.

So if the Wednesday payment is missed, can you guys please give us a clear timeline? You can do it Wednesday, no rush.

Thank you.

[ciuciu]

Okay!
I am starting to feel like a bad guy over here, which I do not want!
Hence me and INAU will pay the dividend out of our pockets for now until we can do either of:
A, There's evidence or it's obvious that pirate will default or that he will not pay out within a reasonable time limit (one-two weeks)
B, Pirate pays us back.
Then we will buy back the bonds.
Is everyone happy with this deal?
//DeaDTerra

Yes, I'm happy.

[dust]

Okay!
I am starting to feel like a bad guy over here, which I do not want!
Hence me and INAU will pay the dividend out of our pockets for now until we can do either of:
A, There's evidence or it's obvious that pirate will default or that he will not pay out within a reasonable time limit (one-two weeks)
B, Pirate pays us back.
Then we will buy back the bonds.
Is everyone happy with this deal?
//DeaDTerra

This violates the terms of your contract, but investors will probably be ok with it.  However, it does raise some doubts about the availability of the insurance money.

[imsaguy]

So if the Wednesday payment is missed, can you guys please give us a clear timeline? You can do it Wednesday, no rush.

Thank you.

Well, if you go back to the contract that INAU and I signed, I do have some time to come up with the coins.  After all, having 3750 coins sitting in a cold storage wallet and then paying 9% interest on it is rather stupid.  I used those coins to pay off/buy out investors in EIEIO.  I've already made a post seeking potential interested investors.  Many have been asking when EIEIO would have more availability and whenever there is some, it fills stupid quick, so I don't imagine having too much difficulty coming up with the coins.

[imsaguy]

Okay!
I am starting to feel like a bad guy over here, which I do not want!
Hence me and INAU will pay the dividend out of our pockets for now until we can do either of:
A, There's evidence or it's obvious that pirate will default or that he will not pay out within a reasonable time limit (one-two weeks)
B, Pirate pays us back.
Then we will buy back the bonds.
Is everyone happy with this deal?
//DeaDTerra

This violates the terms of your contract, but investors will probably be ok with it.  However, it does raise some doubts about the availability of the insurance money.

Please elaborate.  There hasn't been a default and everyone is getting paid as usual.  What's the issue?

[dust]

Okay!
I am starting to feel like a bad guy over here, which I do not want!
Hence me and INAU will pay the dividend out of our pockets for now until we can do either of:
A, There's evidence or it's obvious that pirate will default or that he will not pay out within a reasonable time limit (one-two weeks)
B, Pirate pays us back.
Then we will buy back the bonds.
Is everyone happy with this deal?
//DeaDTerra

This violates the terms of your contract, but investors will probably be ok with it.  However, it does raise some doubts about the availability of the insurance money.

Please elaborate.  There hasn't been a default and everyone is getting paid as usual.  What's the issue?

There has been a default.  Pirate has defaulted.  That does not mean he will not eventually pay back.

[imsaguy]

There has been a default.  Pirate has defaulted.  That does not mean he will not eventually pay back.

Defaulted how?  Because he's trolling bitlane back?  The fact that he's winding down and is taking all of the week that he announced it would take?

[DeaDTerra]

Okay!
I am starting to feel like a bad guy over here, which I do not want!
Hence me and INAU will pay the dividend out of our pockets for now until we can do either of:
A, There's evidence or it's obvious that pirate will default or that he will not pay out within a reasonable time limit (one-two weeks)
B, Pirate pays us back.
Then we will buy back the bonds.
Is everyone happy with this deal?
//DeaDTerra

This violates the terms of your contract, but investors will probably be ok with it.  However, it does raise some doubts about the availability of the insurance money.

Please elaborate.  There hasn't been a default and everyone is getting paid as usual.  What's the issue?

There has been a default.  Pirate has defaulted.  That does not mean he will not eventually pay back.

A default is when he doesn't pay a scheduled interest or doesn't intent to pay back. Which he has done neither. This weeks interest was descheduled last week when he announced that he's closing up and there are yet any evidence that he doesn't intend to pay back. Hence not a default.
//DeaDTerra

[dree12]

There has been a default.  Pirate has defaulted.  That does not mean he will not eventually pay back.

Defaulted how?  Because he's trolling bitlane back?  The fact that he's winding down and is taking all of the week that he announced it would take?

Pirate has defaulted on bitlane, and thus far only bitlane. I don't see how this affects anyone else, so for the purpose of this PPT he has not defaulted.

[ciuciu]

Okay!
I am starting to feel like a bad guy over here, which I do not want!
Hence me and INAU will pay the dividend out of our pockets for now until we can do either of:
A, There's evidence or it's obvious that pirate will default or that he will not pay out within a reasonable time limit (one-two weeks)
B, Pirate pays us back.
Then we will buy back the bonds.
Is everyone happy with this deal?
//DeaDTerra

This violates the terms of your contract, but investors will probably be ok with it.  However, it does raise some doubts about the availability of the insurance money.

Please elaborate.  There hasn't been a default and everyone is getting paid as usual.  What's the issue?

There has been a default.  Pirate has defaulted.  That does not mean he will not eventually pay back.

A default is when he doesn't pay a scheduled interest or doesn't intent to pay back. Which he has done neither. This weeks interest was descheduled last week when he announced that he's closing up and there are yet any evidence that he doesn't intend to pay back. Hence not a default.
//DeaDTerra

DeaDTerra, the way you put it, Pirate will never default.
On the other hand, for me as a bond holder as long as I get the weekly 2.5%, I do not care about the pirate.

[DeaDTerra]

Okay!
I am starting to feel like a bad guy over here, which I do not want!
Hence me and INAU will pay the dividend out of our pockets for now until we can do either of:
A, There's evidence or it's obvious that pirate will default or that he will not pay out within a reasonable time limit (one-two weeks)
B, Pirate pays us back.
Then we will buy back the bonds.
Is everyone happy with this deal?
//DeaDTerra

This violates the terms of your contract, but investors will probably be ok with it.  However, it does raise some doubts about the availability of the insurance money.

Please elaborate.  There hasn't been a default and everyone is getting paid as usual.  What's the issue?

There has been a default.  Pirate has defaulted.  That does not mean he will not eventually pay back.

A default is when he doesn't pay a scheduled interest or doesn't intent to pay back. Which he has done neither. This weeks interest was descheduled last week when he announced that he's closing up and there are yet any evidence that he doesn't intend to pay back. Hence not a default.
//DeaDTerra

DeaDTerra, the way you put it, Pirate will never default.
On the other hand, for me as a bond holder as long as I get the weekly 2.5%, I do not care about the pirate.

Pirate would have defaulted if he scheduled a payment and then didn't pay it and had no intent of paying it. Right now he defaults if it's obvious that he is not going to pay back or won't do it within a reasonable time limit. I think this definition might not be perfect but considering the situation it will do. Next time I will have to be more clear on this as a default can be many things.
//DeaDTerra

[ciuciu]

Okay!
I am starting to feel like a bad guy over here, which I do not want!
Hence me and INAU will pay the dividend out of our pockets for now until we can do either of:
A, There's evidence or it's obvious that pirate will default or that he will not pay out within a reasonable time limit (one-two weeks)
B, Pirate pays us back.
Then we will buy back the bonds.
Is everyone happy with this deal?
//DeaDTerra

This violates the terms of your contract, but investors will probably be ok with it.  However, it does raise some doubts about the availability of the insurance money.

Please elaborate.  There hasn't been a default and everyone is getting paid as usual.  What's the issue?

There has been a default.  Pirate has defaulted.  That does not mean he will not eventually pay back.

A default is when he doesn't pay a scheduled interest or doesn't intent to pay back. Which he has done neither. This weeks interest was descheduled last week when he announced that he's closing up and there are yet any evidence that he doesn't intend to pay back. Hence not a default.
//DeaDTerra

DeaDTerra, the way you put it, Pirate will never default.
On the other hand, for me as a bond holder as long as I get the weekly 2.5%, I do not care about the pirate.

Pirate would have defaulted if he scheduled a payment and then didn't pay it and had no intent of paying it. Right now he defaults if it's obvious that he is not going to pay back or won't do it within a reasonable time limit. I think this definition might not be perfect but considering the situation it will do. Next time I will have to be more clear on this as a default can be many things.
//DeaDTerra

I partially agree with you. I would say if we can't get to an agreement to ask Patrick or Kluge to mediate this dispute.

Thank you.

[DeaDTerra]

Okay!
I am starting to feel like a bad guy over here, which I do not want!
Hence me and INAU will pay the dividend out of our pockets for now until we can do either of:
A, There's evidence or it's obvious that pirate will default or that he will not pay out within a reasonable time limit (one-two weeks)
B, Pirate pays us back.
Then we will buy back the bonds.
Is everyone happy with this deal?
//DeaDTerra

This violates the terms of your contract, but investors will probably be ok with it.  However, it does raise some doubts about the availability of the insurance money.

Please elaborate.  There hasn't been a default and everyone is getting paid as usual.  What's the issue?

There has been a default.  Pirate has defaulted.  That does not mean he will not eventually pay back.

A default is when he doesn't pay a scheduled interest or doesn't intent to pay back. Which he has done neither. This weeks interest was descheduled last week when he announced that he's closing up and there are yet any evidence that he doesn't intend to pay back. Hence not a default.
//DeaDTerra

DeaDTerra, the way you put it, Pirate will never default.
On the other hand, for me as a bond holder as long as I get the weekly 2.5%, I do not care about the pirate.

Pirate would have defaulted if he scheduled a payment and then didn't pay it and had no intent of paying it. Right now he defaults if it's obvious that he is not going to pay back or won't do it within a reasonable time limit. I think this definition might not be perfect but considering the situation it will do. Next time I will have to be more clear on this as a default can be many things.
//DeaDTerra

I partially agree with you. I would say if we can't get to an agreement to ask Patrick or Kluge to mediate this dispute.

Thank you.

Though paying dividends until a default is clear (no payment within 1-2 weeks), I hope most people can agree upon?
//DeaDTerra

[imsaguy]

Pirate would have defaulted if he scheduled a payment and then didn't pay it and had no intent of paying it. Right now he defaults if it's obvious that he is not going to pay back or won't do it within a reasonable time limit. I think this definition might not be perfect but considering the situation it will do. Next time I will have to be more clear on this as a default can be many things.
//DeaDTerra

I partially agree with you. I would say if we can't get to an agreement to ask Patrick or Kluge to mediate this dispute.

Thank you.

I'd say we go with Nanotube.  He's already deciding the outcome of the bet with no complaints from either side, it would seem only natural to me.

[ciuciu]

Okay!
I am starting to feel like a bad guy over here, which I do not want!
Hence me and INAU will pay the dividend out of our pockets for now until we can do either of:
A, There's evidence or it's obvious that pirate will default or that he will not pay out within a reasonable time limit (one-two weeks)
B, Pirate pays us back.
Then we will buy back the bonds.
Is everyone happy with this deal?
//DeaDTerra

This violates the terms of your contract, but investors will probably be ok with it.  However, it does raise some doubts about the availability of the insurance money.

Please elaborate.  There hasn't been a default and everyone is getting paid as usual.  What's the issue?

There has been a default.  Pirate has defaulted.  That does not mean he will not eventually pay back.

A default is when he doesn't pay a scheduled interest or doesn't intent to pay back. Which he has done neither. This weeks interest was descheduled last week when he announced that he's closing up and there are yet any evidence that he doesn't intend to pay back. Hence not a default.
//DeaDTerra

DeaDTerra, the way you put it, Pirate will never default.
On the other hand, for me as a bond holder as long as I get the weekly 2.5%, I do not care about the pirate.

Pirate would have defaulted if he scheduled a payment and then didn't pay it and had no intent of paying it. Right now he defaults if it's obvious that he is not going to pay back or won't do it within a reasonable time limit. I think this definition might not be perfect but considering the situation it will do. Next time I will have to be more clear on this as a default can be many things.
//DeaDTerra

I partially agree with you. I would say if we can't get to an agreement to ask Patrick or Kluge to mediate this dispute.

Thank you.

Though paying dividends until a default is clear (no payment within 1-2 weeks), I hope most people can agree upon?
//DeaDTerra

I do agree with this.

[ciuciu]

Pirate would have defaulted if he scheduled a payment and then didn't pay it and had no intent of paying it. Right now he defaults if it's obvious that he is not going to pay back or won't do it within a reasonable time limit. I think this definition might not be perfect but considering the situation it will do. Next time I will have to be more clear on this as a default can be many things.
//DeaDTerra

I partially agree with you. I would say if we can't get to an agreement to ask Patrick or Kluge to mediate this dispute.

Thank you.

I'd say we go with Nanotube.  He's already deciding the outcome of the bet with no complaints from either side, it would seem only natural to me.

No problem with Nanotube.

[Timbo925]

I understand why people would like their money as fast as possible. But indeed I also think pirate hasn't defaulted yet.
To me he is just in the fase of returning the funds. He told us it could take upto a week. If the payment is still delayed after that I would start to expect an liquidation of the assets.

If you bought this share you put your trust into DeaDTerra to do the 100% payback. So if you don't trust him now to handle in good faith, I don't see why you would buy the shares in the first place. I do agree with the planned dividend payment. If I remember correctly pirate also stated he would pay the interest when paying back the funds so if all goes like planned you wouldn't take a hit on the payment.