bitfloor issues? - page 20. | Bitcointalksearch.org

ProfMac

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Quote from: SpottedMarley on June 28, 2013, 11:32:08 AM

Quote from: ProfMac on June 28, 2013, 08:12:59 AM

What is the claim in the lawsuit?

I don't have that information. I'm only going off of the info provided by AudenX in the most recent email update:

"I have been reading discussions on Twitter, /r/bitcoin, and bitcointalk.org over the last week that indicate some individual Bitfloor users have recently taken legal actions against Roman and Bitfloor. I am going to reach out to those users to learn what they have done and try to find out how those actions might affect refunds."

I would have to assume that some folks with a lot more money at stake than me have had enough of the silent treatment.

Even so, for a lawsuit they have to allege some wrong, and offer some way to gain satisfaction.
If they are tired of the silent treatment, I am not sure that is the basis of a complaint.

SpottedMarley

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Quote from: ProfMac on June 28, 2013, 08:12:59 AM

What is the claim in the lawsuit?

I don't have that information. I'm only going off of the info provided by AudenX in the most recent email update:

"I have been reading discussions on Twitter, /r/bitcoin, and bitcointalk.org over the last week that indicate some individual Bitfloor users have recently taken legal actions against Roman and Bitfloor. I am going to reach out to those users to learn what they have done and try to find out how those actions might affect refunds."

I would have to assume that some folks with a lot more money at stake than me have had enough of the silent treatment.

mprep

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In a world of peaches, don't ask for apple sauce

Quote from: ProfMac on June 28, 2013, 08:12:59 AM

Quote from: SpottedMarley on June 28, 2013, 07:56:10 AM

Quote from: infested999 on June 28, 2013, 03:36:34 AM

What can I sign-up to this lawsuit?

As I understand it, no class action suit has been started. These law suits are being filed by individuals.

What is the claim in the lawsuit?

No idea. Something serious seems to be going down I guess.

ProfMac

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Quote from: SpottedMarley on June 28, 2013, 07:56:10 AM

Quote from: infested999 on June 28, 2013, 03:36:34 AM

What can I sign-up to this lawsuit?

As I understand it, no class action suit has been started. These law suits are being filed by individuals.

What is the claim in the lawsuit?

SpottedMarley

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Quote from: infested999 on June 28, 2013, 03:36:34 AM

What can I sign-up to this lawsuit?

As I understand it, no class action suit has been started. These law suits are being filed by individuals.

infested999

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Quote from: SpottedMarley on June 27, 2013, 08:05:53 AM

I'm interested to hear that, according to AudenX's most recent email update, some individuals have lost patience and are filing suit against Roman and Bitfloor. While I'm not optimistic about the effect it will have on my own personal refund, I am hoping that it will at least put some added fire under Roman's butthole to .. i dont know.. maybe do something.

What can I sign-up to this lawsuit?

SpottedMarley

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I'm interested to hear that, according to AudenX's most recent email update, some individuals have lost patience and are filing suit against Roman and Bitfloor. While I'm not optimistic about the effect it will have on my own personal refund, I am hoping that it will at least put some added fire under Roman's butthole to .. i dont know.. maybe do something.

AMuppInTime

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Quote from: BitChick on June 26, 2013, 04:04:40 PM

Posted on the Bitfloor website today:

Quote

2013.06.26

We are still working on the process by which funds will be returned and appreciate everyone's understanding as we work to return your funds.

Soooooo, how many months will it actually take, if at all? Maybe by next year? Wink

Any update is a good update.

TheButterZone

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RIP Mommy

Next millenium.

BitChick

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Posted on the Bitfloor website today:

Quote

2013.06.26

We are still working on the process by which funds will be returned and appreciate everyone's understanding as we work to return your funds.

Soooooo, how many months will it actually take, if at all? Maybe by next year? Wink

wtfvanity

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WTF???

Quote from: ?? on ??

Quote from: notme on June 22, 2013, 02:04:14 AM

Quote from: Entropy-uc on June 21, 2013, 07:33:29 PM

Quote from: Rassah on June 21, 2013, 03:45:41 PM

Quote from: Entropy-uc on June 20, 2013, 05:23:19 PM

He was free to file bankruptcy, as any person or company can when their liabilities exceed their obligations.

You do know what happens when a Limited Liability Corporation that has no money at all files for bankruptcy, right?

I certainly do.

I expect that the domain name, trademarks and software would have sold in liquidation for more than was recovered by waiting and hoping Roman would turn out to be a responsible adult. Someone competent could have stepped in and operated what was a promising contender to replace Mt.Gox. They might even have offered to transform the bitcoin debt into equity in the new company.

Now, between the damage to goodwill that Roman has done to the trademark, and Fincen's position on regulation, the company is probably worthless. That is the problem with allowing an incompetent to continue operating a company; they actually reduce the value of the company over time instead of increasing it.

All you need is 3 creditors and a lawyer: http://bankruptcy.cooley.com/2012/05/articles/business-bankruptcy-issues/forced-into-bankruptcy-the-involuntary-bankruptcy-process/

Go for it.

What makes you think it hasn't already happened?

Optimists hear that Roman is sleeping on people's couches and think he's a happy go lucky hippy trying to make good on his debts.

To me, it sounds like a guy hiding from process servers.

I was never good at hiding from process servers. Maybe he could provide the rest of us some tips if it's anything more than couch surfing.

SpottedMarley

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Hey you guys I just got my money back!

...psyche! Grin

notme

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Quote from: Entropy-uc on June 21, 2013, 07:33:29 PM

Quote from: Rassah on June 21, 2013, 03:45:41 PM

Quote from: Entropy-uc on June 20, 2013, 05:23:19 PM

He was free to file bankruptcy, as any person or company can when their liabilities exceed their obligations.

You do know what happens when a Limited Liability Corporation that has no money at all files for bankruptcy, right?

I certainly do.

I expect that the domain name, trademarks and software would have sold in liquidation for more than was recovered by waiting and hoping Roman would turn out to be a responsible adult. Someone competent could have stepped in and operated what was a promising contender to replace Mt.Gox. They might even have offered to transform the bitcoin debt into equity in the new company.

Now, between the damage to goodwill that Roman has done to the trademark, and Fincen's position on regulation, the company is probably worthless. That is the problem with allowing an incompetent to continue operating a company; they actually reduce the value of the company over time instead of increasing it.

All you need is 3 creditors and a lawyer: http://bankruptcy.cooley.com/2012/05/articles/business-bankruptcy-issues/forced-into-bankruptcy-the-involuntary-bankruptcy-process/

Go for it.

Rassah

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Quote from: Entropy-uc on June 21, 2013, 07:33:29 PM

Quote from: Rassah on June 21, 2013, 03:45:41 PM

...what happens when a Limited Liability Corporation that has no money at all files for bankruptcy...

I expect that the domain name, trademarks and software would have sold in liquidation for more than was recovered by waiting and hoping Roman would turn out to be a responsible adult.

Maybe? I doubt it was worth anything at all at that time. The domain and trademark were in distress, to the point that ...

Quote from: Entropy-uc

Someone competent could have stepped in and operated what was a promising contender to replace Mt.Gox. They might even have offered to transform the bitcoin debt into equity in the new company.

...no one was willing to step up and take over, or invest any money in the thing, even though Roman offered. A company in distress that was still operational could't find anyone. Would a company in distress that filed for bankruptcy actually fare better?

Quote from: Entropy-uc

Now, between the damage to goodwill that Roman has done to the trademark, and Fincen's position on regulation, the company is probably worthless. That is the problem with allowing an incompetent to continue operating a company; they actually reduce the value of the company over time instead of increasing it.

I think the value of the company was precisely $0 in September, as no one was willing to buy or invest in it, and ended up only being worth anything because Roman had a loyal customer base that he himself decided to continue to serve. So it went to $0, then went up in value as things started working again, only to crash even worse with this new problem.

Entropy-uc

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Quote from: Rassah on June 21, 2013, 03:45:41 PM

Quote from: Entropy-uc on June 20, 2013, 05:23:19 PM

He was free to file bankruptcy, as any person or company can when their liabilities exceed their obligations.

You do know what happens when a Limited Liability Corporation that has no money at all files for bankruptcy, right?

I certainly do.

I expect that the domain name, trademarks and software would have sold in liquidation for more than was recovered by waiting and hoping Roman would turn out to be a responsible adult. Someone competent could have stepped in and operated what was a promising contender to replace Mt.Gox. They might even have offered to transform the bitcoin debt into equity in the new company.

Now, between the damage to goodwill that Roman has done to the trademark, and Fincen's position on regulation, the company is probably worthless. That is the problem with allowing an incompetent to continue operating a company; they actually reduce the value of the company over time instead of increasing it.

Rassah

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Quote from: Entropy-uc on June 20, 2013, 05:23:19 PM

He was free to file bankruptcy, as any person or company can when their liabilities exceed their obligations.

You do know what happens when a Limited Liability Corporation that has no money at all files for bankruptcy, right?

DannyHamilton

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Quote from: ProfMac on June 21, 2013, 02:13:37 PM

- snip -
The one concern I have: I can read the language in AudenX's report that all the customers have to fill out the KYC/AML documentation before the disbursement begins. If that is true, one nonconformist yahoo can hold up the wagon train for all the rest of us.

Agreed. This statement from the message was worded poorly and wasn't exactly clear:

Quote

the lawyer said Bitfloor must collect that information from all customers in order to start processing USD refunds

Does that mean that they can't start processing the first refund until each and every single customer has provided KYC/AML information?

Or does it mean that they can't start processing in individual customer's refund until that particular customer has provided KYC/AML information (but can still process any other particular customer's refund after that particular customer provides the info)?

DannyHamilton

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Quote from: dwolfman on June 21, 2013, 02:14:17 PM

- snip -
if that money could come back to me within the next couple of weeks, it could make a huge difference for me.
- snip -

Even if I was confident that we'll be getting that money back, I'd still be really surprised if we received any of it in the next couple of weeks. I'd expect it to be something more like next couple of months.

dwolfman

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Quote from: ProfMac on June 21, 2013, 02:13:37 PM

Quote from: dwolfman on June 21, 2013, 02:08:29 PM

Well, I had given up on it months ago. So if I don't get it, oh well.

But, I am holding out some hope since audenx has been holding Roman's feet to the fire, as they say, and there has been some promising progress so far.

On that note, I just checked audenx's Bitcoin Musings page. Didn't see anything new there yet. Anyone know if there's any new news on this yet?

There was news 2 to 3 days ago. Basically, the bank has received a legal opinion that it can open an account and return the funds without needing to obtain it's own KYC/AML documentation.

The one concern I have: I can read the language in AudenX's report that all the customers have to fill out the KYC/AML documentation before the disbursement begins. If that is true, one nonconformist yahoo can hold up the wagon train for all the rest of us.

Guess I should have said "since 2-3 days ago". Wink

dwolfman

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Quote from: DannyHamilton on June 21, 2013, 02:08:04 PM

Quote from: wtfvanity on June 21, 2013, 02:01:33 PM

- snip -
You think you're getting your money back? WTF? Really? I mean that in the nicest way of course.
- snip -

Personally, I've decided to take a plan for the worst, hope for the best position on the issue.

I don't "expect" to get my money back, but I'm still holding on to hope that I will.

Meanwhile, I've moved on and made the necessary adjustments in my budgets and activities built around an assumption that I won't be receiving any of that money.

Don't mistake hope for a belief that something actually will happen.

Yup, sounds more like what I'm doing.

In my case though, being unemployed, every penny counts. I don't have much money to begin with, and all that money that bitfloor has of mine was mining proceeds I mined while I've been unemployed. Getting ready to start a new job finally, so it won't matter too much, but if that money could come back to me within the next couple of weeks, it could make a huge difference for me. So I may have written it off already, I don't have much choice about hoping that it will come back to me soon.

Topic: bitfloor issues? - page 20. (Read 55562 times)