Great work tonight guys! I think we are finally on the way towards where we need to be. While we are waiting to hear back from Ken, could someone with a legal background look at the current AMC offering on Bitfunder to see if there is any possibility and or loophole that would allow an acquisition of VMC by AMC? Ken has insisted that as it currently stands, there is no way for that to be done, but it would not hurt to run over it to be sure. This would certainly be the easiest way to move forward on getting everything under one roof, but if Ken can legally not modify the contract, then we will have to go about it a different way. Currently, the plan that is being drawn up is as following:
Ken will create a VMC offering at some point (when is anyone's guess).
Trading will continue on both offerings, AMC and VMC.
At some point, AMC holders will have the option to trade AMC shares in for an equal number of VMC shares.
We can assume that when the trade options are made available, Ken will officially announce VMC's acquisition of AMC, and will set a closing date.
Ken is still looking for feedback and suggestions from the community, so please keep them coming. Great job guys!
Ken will create a VMC offering at some point (when is anyone's guess).
Trading will continue on both offerings, AMC and VMC.
At some point, AMC holders will have the option to trade AMC shares in for an equal number of VMC shares.
We can assume that when the trade options are made available, Ken will officially announce VMC's acquisition of AMC, and will set a closing date.
Ken is still looking for feedback and suggestions from the community, so please keep them coming. Great job guys!
I think I explained the loophole already. There are two issues, one pertaining to real life money and the other to us as bitcoin investors.
The real life situation is easy to resolve, Kenneth owns both VMC and AMC so to combine them into one entity should be relatively easy.
On the bitcoin end, Kenneth can claim that AMC no longer has any profit because it was bought out, thus he can stop paying dividends. Then, he can offer users a 1-1 swap of AMC shares for VMC shares followed by freezing of the AMC asset. This will make everyone with shares in AMC swap their shares for VMC, finishing the elimination of AMC.
How this would be accomplished fairly for shareholders and at a profit for Ken has been outlined by myself in previous posts, which Kenneth seems to give approval for.
Very good! FM, I mean this wholeheartedly when I say that I am thrilled you have come on board. It's apparent that Ken is going to need all the help he can get from posters like you if we are going to see this succeed at the end. Just one quick question, how would he handle the holdouts. Surely, there will be a few who decide not to trade in 100% of their AMC for VMC. Would they eventually become liquidated at a certain time, and the funds would then be sent to the holder's account?
From a shareholder point of view, it would make no sense to be a holdout. But lets say a few unknowing people out there do not exchange their AMC shares to VMC.
1.) They would be stuck with AMC shares but cannot do anything with them because Kenneth has frozen the AMC asset
2.) They would realize their AMC share by itself is worthless because dividends are no longer coming in
3.) They CAN (and should) swap their shares at any time for VMC shares
If they do not swap, then they would be the only ones that are negatively impacted. Neither Kenneth, you, nor I have any incentive in forcing these people to swap for VMC shares. Thus nothing actually needs to be done with people who hold out.
1.) Let me clear this up for AMC shareholders, I will never freeze the shares. I may twist your arm to trade your shares for VMC, but I will never force anything on you.
2.) Dividends will continue for AMC unless VMC owns 100% of the shares of AMC.
3.) There might be a time limit on swapping shares.
Let me know what you think about the above. I think the above would be fair to everyone, those that want to be part of VMC and those that want to stay in AMC.
