Given this whole mess he really should be needing some vacations
Topic: [ANN] Bitcoinica Consultancy abandons customers. Bitcoinica to enter Liquidation - page 18. (Read 54938 times)
August 01, 2012, 06:24:57 PM
Given that shit already hit the fan you guys might as well know that Donald will be enjoying the Portuguese sun for a month.
Given this whole mess he really should be needing some vacations
Given this whole mess he really should be needing some vacations
August 01, 2012, 06:19:30 PM
Creditors are the people who are owed money. Insolvency law divides creditors into various groups and assigns those groups a priority for repayment. Sometimes unsecured creditors receive only a few cents on the dollar from liquidation or even nothing at all. Based on the information we have at the moment (and we don't have any information about other creditors who may have claims), it's likely that Bitcoinica users will receive some distribution - it's not possible to predict the % they'll receive because that is determined towards the end of the liquidation process.
Bitcoinica has hopefully little to none other liabilities, which would limit the process to returning funds to bitcoinica users.
August 01, 2012, 06:17:56 PM
So creditor means customer funds being returned?
- Depends how much assets can be recovered (Zhou plays a big role here)- Depends how much other debt is outstanding (The Liquidation process is costly)
- Depends how the Liquidator can legally deal with BTC and recognizes it as debt (Payout in Fiat or BTC)
- Depends whether the claim requests are still available
- Depends how much of customer database reconstruction has been done so far (since the Consultancy is out of the game)
- Depends what other legal problems evolve (Money laundering f.i. see "Maria")
August 01, 2012, 06:15:06 PM
So creditor means customer funds being returned?
Creditors are the people who are owed money. Insolvency law divides creditors into various groups and assigns those groups a priority for repayment. Sometimes unsecured creditors receive only a few cents on the dollar from liquidation or even nothing at all. Based on the information we have at the moment (and we don't have any information about other creditors who may have claims), it's likely that Bitcoinica users will receive some distribution - it's not possible to predict the % they'll receive because that is determined towards the end of the liquidation process.
August 01, 2012, 06:02:26 PM
So creditor means customer funds being returned?
August 01, 2012, 05:15:25 PM
Or will you after reception of funds distribute them in your sole discretion?
Thank you again for acting so professional!
Thank you again for acting so professional!
It sounds like Wendon is securing its interest as a secured creditor via receivership and will then donate the funds it receives to the liquidator of Bitcoinica LP for distribution according to the process laid down by law.
Tihan, as shares in Intersango are part of Wendon's interest in Bitcoinica LP, will those be liquidated and the proceeds made available to the liquidator?
Also, are you able to shed any light on whether or not Wendon is Bitcoinica LP's only secured creditor?
August 01, 2012, 05:01:28 PM
@Tihan
Where I am from delayed filing of insolvency is a criminal act. Will you as creditor conduct a report to law enforcement for us?
Where I am from delayed filing of insolvency is a criminal act. Will you as creditor conduct a report to law enforcement for us?
There will be legal action against Consultancy members for applicable acts of civil and criminal wrongdoing.
Yeah I strongly support that.
I also think that you should attack the mysterious thief if there is any amount missing from the assets that were stolen (and he should be quite lucky that no charges are brought but at this point recovering the funds matter most to most people)
August 01, 2012, 04:58:07 PM
Wendon Group intends to donate any funds it obtains via receivership in favor of Bitcoinica customers.
Thank you for acting with integrity.
Please make sure the reimbursement database managed by the Bitcoin Consultancy guys is secured so the liquidator has records of verified customers and previous payouts. We really don't need another wipe at this point.
Thank you again for acting so professional!
August 01, 2012, 04:56:24 PM
August 01, 2012, 04:49:35 PM
This thread is confirmation that Patrick, Donald and Amir all need to be branded as scammers. Their behavior through all of this shows that they should not be trusted with anyone's money or information from this point forward. I also think civil proceedings should begin against them with any legal investigations into their criminal responsibility taking place concurrently. They have abandoned their company with a big middle finger to all their creditors and I think it's time to take some action against them.
Just to add to what Tihan has said so far, a liquidator has the capacity and the obligation to report financial offences by the principals for further investigation. Although privately appointed liquidators do tend to be less aggressive regarding things like claw back, they have exactly the same powers and responsibilities as the Official Assignee and must distribute the liquidated assets in the manner laid down by law.
August 01, 2012, 04:46:43 PM
NSFW on that last link, if your safesearch is off.
August 01, 2012, 04:42:11 PM
Donald Norman, Patrick Strateman and Amir Taaki accepted responsibility for Bitcoinica on April 24 as Bitcoinica Consultancy and have retained the -only- legal authority to act on behalf of the company. At this time it appears they have abandoned their legal duty.
This is the same Amir Taaki which gave a speech at 27th July 2012 in the FISL?
http://www.techtudo.com.br/noticias/noticia/2012/07/desenvolvedor-do-bitcoin-fala-sobre-moeda-digital-que-dispensa-taxas.html
I just read the above news few minutes ago and I am surprised.
http://softwarelivre.org/fisl13
So, while the shit hit the fan he was enjoying the beautiful south Brazilian girls and landscape?
Yeah!
[link removed]
August 01, 2012, 04:32:32 PM
Rackspace? I thought it was Linode?
Linode was one hack, Rackspace was another.3 big hacks, in Canada we call that a hat-trick! hack-trick?
August 01, 2012, 04:28:58 PM
Rackspace? I thought it was Linode?
Linode was one hack, Rackspace was another. August 01, 2012, 04:26:19 PM
I avoid Intersango and tell people to avoid it. But the conference… no, I want to go to the conference. Not for the hosts, but for the speakers, and for meeting the attendees. A large gettogether simply doesn't happen every day!
Then at least kick each of them in their little ball-sack when you see them. August 01, 2012, 04:25:20 PM
Rackspace? I thought it was Linode?
August 01, 2012, 04:24:29 PM
This thread is confirmation that Patrick, Donald and Amir all need to be branded as scammers. Their behavior through all of this shows that they should not be trusted with anyone's money or information from this point forward. I also think civil proceedings should begin against them with any legal investigations into their criminal responsibility taking place concurrently. They have abandoned their company with a big middle finger to all their creditors and I think it's time to take some action against them.
August 01, 2012, 04:23:05 PM
I avoid Intersango and tell people to avoid it. But the conference… no, I want to go to the conference. Not for the hosts, but for the speakers, and for meeting the attendees. A large gettogether simply doesn't happen every day!
August 01, 2012, 04:18:55 PM
@All
The consultancy team failed and harmed a large fraction of the Bitcoin community. I ask you all to boycott all their ongoing ventures e.g. Intersango, the London Bitcoin conference, personal trades, open source projects etc.
+1 The consultancy team failed and harmed a large fraction of the Bitcoin community. I ask you all to boycott all their ongoing ventures e.g. Intersango, the London Bitcoin conference, personal trades, open source projects etc.
And the reason is simple, While they are doing this they aren't doing what they should be doing.
Honestly, every time I see someone asking for support about Intersango exchange I die a little inside, Being aware of the fiasco, having money stored there and then ask for support ??
(I can understand if it's a withdrawal issue)
Communicating to them about anything else than Bitcoinica resolution show a lack of support to Bitcoinica users.
Attending, speaking or benefiting in anyway from the conference organized by Amir show the same lack of respect.
August 01, 2012, 04:16:27 PM
Read OP post. Bitcoinica GP is doing shit for the past weeks now. They just packed their stuff and left. No word, no more refunds, nothing. One is organizing a conference in London for rich BTC holders that like to be close to banksters, and the others have "important" business trips to make to Las Vegas to play computer games with other geeks. Meanwhile in a secret room, even the work for their exchange has come to a halt.
But no doubt they took generous severance payments for themselves out of the Bitcoinica user deposits before they left.
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