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Topic: [AMC]-The Official Active Mining Cooperative Discussion - page 142. (Read 223316 times)

full member
Activity: 216
Merit: 100
You are right, you need to base your trust on what we have shown to have done, like purchasing 10,000 Avalon chips with the funds we have raised on Bitfunder just like we said we would.

Agreed. Wish this endeavor all the best, maybe I will turn around and invest in it later.
sr. member
Activity: 476
Merit: 250
Laying it on thick and grasping for straws Rikur. Everyone knows you have a stick up your ass about AMC. Apparently registering a company in Delaware should now be invalidated, no?

Ignored

Just trying to help others. I don't know what's wrong in pointing out that having a company in Delaware doesn't really add transparency for an entity.

The regulation of Delaware can also be beneficial for investors here, taxation being one of the benefits. Just wanted to point out that even if there is a company registered in Delaware, it doesn't mean that you should have much more trust in this venture outside what proof they have over at BitFunder.

http://en.wikipedia.org/wiki/Corporate_haven

You are right, you need to base your trust on what we have shown to have done, like purchasing 10,000 Avalon chips with the funds we have raised on Bitfunder just like we said we would.
full member
Activity: 216
Merit: 100
Laying it on thick and grasping for straws Rikur. Everyone knows you have a stick up your ass about AMC. Apparently registering a company in Delaware should now be invalidated, no?

Ignored

Just trying to help others. I don't know what's wrong in pointing out that having a company in Delaware doesn't really add transparency for an entity.

The regulation of Delaware can also be beneficial for investors here, taxation being one of the benefits. Just wanted to point out that even if there is a company registered in Delaware, it doesn't mean that you should have much more trust in this venture outside what proof they have over at BitFunder.

http://en.wikipedia.org/wiki/Corporate_haven
sr. member
Activity: 476
Merit: 250
Is there a general timeline for when you'll be receiving bought hashing power?

Yes,  We have a 1,150 chip order with steamboat's batch 1 order date May 1, high in the order of the batch.  We are sending these straight to a board developer to create 68 16 chips boards for us.  Avalon chips 9-10 weeks from that date.

Our batch order number 10409 with Avalon ordered today, 9-10 weeks shipped to us to add to our 80 chips Avalon reference boards that we are spinning up now.

Of course, the 6 Avalon's which should be here soon.

sr. member
Activity: 294
Merit: 250
Laying it on thick and grasping for straws Rikur. Everyone knows you have a stick up your ass about AMC. Apparently registering a company in Delaware should now be invalidated, no?

Ignored
legendary
Activity: 1554
Merit: 1000
(...)
While most states require a for-profit corporation to have at least one director and two officers, Delaware laws do not have this restriction. All offices may be held by a single person who also can be the sole shareholder. The person, who does not need to be US citizen or resident, may also operate anonymously with only the Listing Agent with whom the company is registered with Delaware named. This proves advantageous in civil suits as the owner or owners cannot be disclosed under Delaware Law and thus are safe from being sued alongside the company. However, this does not apply if the civil suit is in regards to having committed a criminal act which the business has been found guilty of in court.
(...)

Could it be... Kenneth E. Slaughter!?!?  Shocked Lips sealed Shocked Lips sealed Shocked Lips sealed Shocked

Arrr yes, the elusive and anonymous Kenneth E. Slaughter.

rikur, enough already.

sr. member
Activity: 462
Merit: 250
Is there a general timeline for when you'll be receiving bought hashing power?
Vbs
hero member
Activity: 504
Merit: 500
(...)
While most states require a for-profit corporation to have at least one director and two officers, Delaware laws do not have this restriction. All offices may be held by a single person who also can be the sole shareholder. The person, who does not need to be US citizen or resident, may also operate anonymously with only the Listing Agent with whom the company is registered with Delaware named. This proves advantageous in civil suits as the owner or owners cannot be disclosed under Delaware Law and thus are safe from being sued alongside the company. However, this does not apply if the civil suit is in regards to having committed a criminal act which the business has been found guilty of in court.
(...)

Could it be... Kenneth E. Slaughter!?!?  Shocked Lips sealed Shocked Lips sealed Shocked Lips sealed Shocked
sr. member
Activity: 476
Merit: 250
New image of Avalon's shopping cart with the 6 Avalon's and the chip order.

Also, image of the 10,000 chip order.

https://bitfunder.com/asset/AMC profile->images

Thanks! Waiting eagerly to see another 10k chip order in there! Grin

Yes, Working on spinning up Avalon's reference boards now.
Vbs
hero member
Activity: 504
Merit: 500
New image of Avalon's shopping cart with the 6 Avalon's and the chip order.

Also, image of the 10,000 chip order.

https://bitfunder.com/asset/AMC profile->images

Thanks! Waiting eagerly to see another 10k chip order in there! Grin
full member
Activity: 216
Merit: 100
General benefits
Question book-new.svg
   This section does not cite any references or sources. Please help improve this section by adding citations to reliable sources. Unsourced material may be challenged and removed. (January 2013)

[2]

    §102(b)(6) shareholders are not liable for corporate debts.
    §109(a) shareholders have the right to change the bylaws.

    §141(a) 'The business and affairs of every corporation organized under this chapter shall be managed by or under the direction of a board of directors, except as may be otherwise provided in this chapter or in its certificate of incorporation.' So there is a requirement for a board of directors or a comparable organ.
    §141(b) the board's quorum for director meetings cannot be under one third.
    §141(c) committees of the board cannot be given authority to amend the certificate of incorporation, merge, or recommend dissolution or sale to shareholders, or amend by laws.
    §141(d), a director can serve no longer than three years, and if the board is classified one class must stand for election each year
    §141(k) states that directors can be removed without any cause, unless the board is "classified", meaning that directors only come up for re-appointment on different years. If the board is classified, then directors cannot be removed unless there is gross misconduct.
    §170, regulation of distributions.

    §202(b), restrictions on transferability of stock cannot be imposed on shares previously issued without the shareholder's consent.
    §211, there must be an annual meeting of shareholders for election of directors and (d) shareholder meetings can only be called if the constitution allows for it.
    §216, the quorum for shareholder meetings cannot be less than one-third of those entitled to vote. Also allows for plurality voting.
    §218, a voting trust cannot last longer than ten years.
    §219, shareholders have the right to inspect the shareholder register within ten days of a meeting.
    §220, right to inspect corporations books and record for a proper purpose at any time.
    §242(b)(1) any constitutional amendment requires a resolution by the directors, and then a majority vote of shareholders, and the affected classes.
    §271, sale of substantially all the corporation requires majority shareholder approval.
    §275, dissolution of the corporation requires majority shareholder approval.
    §262, shareholders dissenting from a merger have the right to be bought out at a fair value ("appraisal rights").
    §327, shareholders have the right to a derivative claim for a breach of duties of care or loyalty.


Legal benefits

Because of the extensive experience of the Delaware courts, Delaware has a more well-developed body of case law than other states, which serves to give corporations and their counsel greater guidance on matters of corporate governance and transaction liability issues. Disputes over the internal affairs of Delaware corporations are usually filed in the Delaware Court of Chancery, which is a separate court of equity[3] (as opposed to a court of law). Because it is a court of equity, there are no juries, and its cases are heard by the judges, called chancellors. Since 1989, the court has consisted of one Chancellor and four Vice Chancellors. The court is a trial court, with one chancellor hearing each case. Litigants may appeal final decisions of the Court of Chancery to the Delaware Supreme Court.

Delaware has also attracted some major credit card banks because of its relaxed rules regarding interest. Many U.S. states have usury laws limiting the amount of interest a lender can charge. Federal law allows a national bank to "import" these laws from the state in which its principal office is located.[4] Delaware (amongst others) has relatively relaxed interest laws, so several national banks have decided to locate their principal office in Delaware. National banks are, however, corporations formed under federal law, not Delaware law. A corporation formed under Delaware state law benefits from the relaxed interest rules to the extent it conducts business in Delaware, but is subject to restrictions of other states' laws if it conducts business in other states.

Pursuant to the "internal affairs doctrine," corporations which act in more than one state are subject only to the laws of their state of incorporation with regard to the regulation of the internal affairs of the corporation.[5] As a result, Delaware corporations are subject almost exclusively to Delaware law, even when they do business in other states. Among other reasons, this contributes to Delaware's attractiveness as a state of incorporation.[6]

While most states require a for-profit corporation to have at least one director and two officers, Delaware laws do not have this restriction. All offices may be held by a single person who also can be the sole shareholder. The person, who does not need to be US citizen or resident, may also operate anonymously with only the Listing Agent with whom the company is registered with Delaware named. This proves advantageous in civil suits as the owner or owners cannot be disclosed under Delaware Law and thus are safe from being sued alongside the company. However, this does not apply if the civil suit is in regards to having committed a criminal act which the business has been found guilty of in court.

https://en.wikipedia.org/wiki/Delaware_corporation
sr. member
Activity: 476
Merit: 250
BTC4500 for two orders? What could that possibly be?

It is $4,500 for 3 Avalon's.  When Avalon changed to BTC for the 3rd batch, they changed their shopping cart and all the $ turned to BTC.
sr. member
Activity: 462
Merit: 250
BTC4500 for two orders? What could that possibly be?
sr. member
Activity: 476
Merit: 250
New image of Avalon's shopping cart with the 6 Avalon's and the chip order.

Also, image of the 10,000 chip order.

https://bitfunder.com/asset/AMC profile->images
sr. member
Activity: 476
Merit: 250
Ok, did some research right now :
I found VMC here : https://delecorp.delaware.gov/tin/GINameSearch.jsp enter file number : 5324096

And if you whois virtualminingcorp.com , you'll find "Kenneth Slaughter" and the address of a house somewhere in Springfield, MO, which is consistant with all the press releases[1] starting with "SPRINGFIELD, MO"

[1] tab "news" on https://bitfunder.com/asset/AMC

Paid the 20$, didn't really get much more information:
http://imgur.com/a/mFCyJ

I don't know what kind of shell companies these "The Company Corporation" are, but but they all point to the same address.. And there seems to be more of companies with the name "corporation" on them and pointing to the same address. They are old companies, which adds a bit of legitimacy, but still smells a bit fishy to me. If anyone wants to chip in, please do the detailed information request for the "The Company Corporation"s (there are two of them, all pointing to the same address). Or better yet, try calling the agent tomorrow during office hours.

They could also be just companies offering company registration services and there might be nothing wrong with it.

AMC: care to explain these similarly named (shell?) companies? Who owns what? Who owns the 1500 shares of VMC? Do you have anything to do with "The Company Corporation" or "Corporation Service Company" or "Corporation Financing Institute"?

Disclaimer: I sold all my shares, too many gaping questions for my taste.

EDIT:

http://corp.delaware.gov/uccauthsrch.shtml

"The Company Corporation" points to https://www.cscglobal.com/global/web/csc/delaware-ucc.html which seems legit.

The Company Corporation is a service for registering companies in Delaware and provides agent services in Delaware.  Delaware has the best case law for corporations and is very corporation friendly.  My LP owns the shares.
full member
Activity: 216
Merit: 100
AMC/VMC: You mention a decades old business you have. Could you name that please?
full member
Activity: 216
Merit: 100
Ok, did some research right now :
I found VMC here : https://delecorp.delaware.gov/tin/GINameSearch.jsp enter file number : 5324096

And if you whois virtualminingcorp.com , you'll find "Kenneth Slaughter" and the address of a house somewhere in Springfield, MO, which is consistant with all the press releases[1] starting with "SPRINGFIELD, MO"

[1] tab "news" on https://bitfunder.com/asset/AMC

Paid the 20$, didn't really get much more information:
http://imgur.com/a/mFCyJ

I don't know what kind of shell companies these "The Company Corporation" are, but but they all point to the same address.. And there seems to be more of companies with the name "corporation" on them and pointing to the same address. They are old companies, which adds a bit of legitimacy, but still smells a bit fishy to me. If anyone wants to chip in, please do the detailed information request for the "The Company Corporation"s (there are two of them, all pointing to the same address). Or better yet, try calling the agent tomorrow during office hours.

They could also be just companies offering company registration services and there might be nothing wrong with it.

AMC: care to explain these similarly named (shell?) companies? Who owns what? Who owns the 1500 shares of VMC? Do you have anything to do with "The Company Corporation" or "Corporation Service Company" or "Corporation Financing Institute"?

Disclaimer: I sold all my shares, too many gaping questions for my taste.

EDIT:

http://corp.delaware.gov/uccauthsrch.shtml

"The Company Corporation" points to https://www.cscglobal.com/global/web/csc/delaware-ucc.html which seems legit.
legendary
Activity: 1554
Merit: 1000
Would love to know if all those options were purchased or removed? Was going in for more!

Options on AMC?  Not mine.  Love options. Smiley)

Options table has been active today Smiley  Would be good if Bitfunder displayed these trades Sad
legendary
Activity: 1554
Merit: 1000
kslaughter > Could you tell us how many of the 40M shares issued have been sold ?

20 Million are for the growth and expansion fund and will collect dividends to buy more mining equipment from VMC or others.  This shares most likely will not be sold, check our description on bitfunder.com for details.

20 Million are "Early Adopter Shares" and the first 5 Million of those shares are being sold now.

3,036,23 remaining of the 5 Million shares of the first batch as of the writing.

I finally get it (I think)

Quick thread recap:

60,000,000 shares are owned by AMC and can be used for anything including salaries. They may not be sold and will not receive dividend payments until the other shares have received dividend payments of at least 0.0005 BTC/share.
20,000,000 shares will most likely be left untouched, so new equipment can be bought with the BTC received from the dividend payments.
18,000,000 shares may be sold as low as 0.0005 BTC/share and are released over time on Bitfunder. (IPO)
2,000,000 shares have been sold to investors on Bitfunder. (IPO)

The batches of 500,000 shares you can see on Bitfunder right now are for the most part owned by AMC and part of the remaining 18,000,000 IPO shares.

Mining Operations have not started yet. 6 Units from Avalon should arrive soon™ (two weeks) and the first real dividend will be payed after they are set up.

VMC will try to develop their own mining hardware and sell them at a reduced price to AMC later this year.

Edit: I forgot to add, there has been some controversy on how shares where released on Bitfunder and then pulled again to pump the price.

Thats how i broadly understand it Chrono. There's also a possible royalty payment, in the mix also.
hf
member
Activity: 98
Merit: 10
there will be no fucking vegetables
Ok, did some research right now :
I found VMC here : https://delecorp.delaware.gov/tin/GINameSearch.jsp enter file number : 5324096

And if you whois virtualminingcorp.com , you'll find "Kenneth Slaughter" and the address of a house somewhere in Springfield, MO, which is consistant with all the press releases[1] starting with "SPRINGFIELD, MO"

[1] tab "news" on https://bitfunder.com/asset/AMC
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