Topic: [BitFunder] Graet.Loan - Paying 0.05% interest daily - page 6. (Read 53018 times)

Without prejudice,

I believe I am the largest creditor in relation to the Graet.Loan.
I am located in Australia, and have been in preliminary discussions with a Sydney law firm regarding this. (One that is familiar with Bitcoin and has done work related to the Australian Bitcoin industry)

As Graeme Tee indicated his intentions to pay the bulk of the loan off some time in mid 2014 - I haven't yet sent him any direct communications regarding a demand for payment of either interest or principal.

Given that it is now July, and he hasn't made any recent public statements - I will likely send a letter of demand soon.

That said - I'm not hopeful that Graeme's businesses are in a position for him to put a meaningful dent in his liabilities at the moment.

If Graeme will communicate, I may even delay legal action a little further. I am also amenable to renegotiating the interest rate to a *lower* amount. (Though I speak only for myself in this)
I believe the change in the Bitcoin mining landscape was one critical factor in reducing his ability to pay back this loan, and this caught many of us off-guard - so I think it's reasonable to reassess the interest rate.

Graeme, Please communicate and negotiate with us.

Without prejudice,

I believe I am the largest creditor in relation to the Graet.Loan.
I am located in Australia, and have been in preliminary discussions with a Sydney law firm regarding this. (One that is familiar with Bitcoin and has done work related to the Australian Bitcoin industry)

As Graeme Tee indicated his intentions to pay the bulk of the loan off some time in mid 2014 - I haven't yet sent him any direct communications regarding a demand for payment of either interest or principal.

Given that it is now July, and he hasn't made any recent public statements - I will likely send a letter of demand soon.

That said - I'm not hopeful that Graeme's businesses are in a position for him to put a meaningful dent in his liabilities at the moment.

If Graeme will communicate, I may even delay legal action a little further. I am also amenable to renegotiating the interest rate to a *lower* amount. (Though I speak only for myself in this)
I believe the change in the Bitcoin mining landscape was one critical factor in reducing his ability to pay back this loan, and this caught many of us off-guard - so I think it's reasonable to reassess the interest rate.

Graeme, Please communicate and negotiate with us.

Without prejudice,

I believe I am the largest creditor in relation to the Graet.Loan.
I am located in Australia, and have been in preliminary discussions with a Sydney law firm regarding this. (One that is familiar with Bitcoin and has done work related to the Australian Bitcoin industry)

As Graeme Tee indicated his intentions to pay the bulk of the loan off some time in mid 2014 - I haven't yet sent him any direct communications regarding a demand for payment of either interest or principal.

Given that it is now July, and he hasn't made any recent public statements - I will likely send a letter of demand soon.

That said - I'm not hopeful that Graeme's businesses are in a position for him to put a meaningful dent in his liabilities at the moment.

If Graeme will communicate, I may even delay legal action a little further. I am also amenable to renegotiating the interest rate to a *lower* amount. (Though I speak only for myself in this)
I believe the change in the Bitcoin mining landscape was one critical factor in reducing his ability to pay back this loan, and this caught many of us off-guard - so I think it's reasonable to reassess the interest rate.

Graeme, Please communicate and negotiate with us.

LOL @ thinking he's going to reply, reads this thread, ever going to pay it back.

mate he s on IRC
irc.freenode.org

/join #bitcoin-aus

graet: give back my money!

Dear graet.loan holders,
Firstly I would like to apologise for my lack of communication - I have found this to be a very trying time.

Despite the ongoing FUD campaign I have not "run off", do not have health issues and have not "cashed out all the BTC", I am still working toward the goal of having most of graet.loan paid off by mid 2014 including any owed interest.

graet.loan was started to consolidate loans from community members after Ozcoin was hacked, give an easy management platform and provide some liquidity for my Bitcoin businesses. This was working well until changes at BitFunder were announced 2 hours after I left for a family holiday (my wifes first holiday in 5 years) by the time I got home 5 days later my portfolio had lost over 500BTC value and I had a list of redeem requests.

Current situation:
Ozcoin Bitcoin Pool has gone from over 10% of the network to under 0.05% over the last few months due to various and ongoing attacks that have disrupted operation and scared off miners - we need to build it back to at least 5% of the network.
Invested in a startup before Bitfunder issues, currently finishing legals moving to beta after New Year.
CrownCloud continues to bring a growing profit every month, planning to expand operations after New Year.
violence will not get coins,
litigation forcing me into bankruptcy will result in a minimal return for unsecured investors,
being patient and allowing me to continue and grow my Bitcoin businesses while still aiming to return the bulk of great.loan by mid 2014 will give investors the best return.

Best Wishes
Graet

     I doubt many of us could individually sue him without paying our entire winnings in lawyer fees but we might be able to do something like the group that handled the Bakewell scenario did when he ran off. If people are interested I have made a google doc where we can pool the information and proof on what graet owes parties that would be interested in pursuing a legal option. If we get enough claimed shares we could send it to an Australian lawyer and get consulting on what our options are.

Only way to get him to do that would be through the courts. I'd prefer him not have to do that if he has the bitcoins to pay what he owes but would prefer some of my bitcoins back as opposed to none if that's what it comes down to.

I thought Great said he's gonna repay the loan in the middle of 2014?

Did you read my messages? When I say the only way for him to pay back anything is to sell all of his assets and buy bitcoins, I mean he doesn't have much bitcoins. If you prefer him not selling his assets, you don't want to be paid.

The longer he takes to convert his assets, that are not bitcoin if you still don't get it, to bitcoins, the less creditors get back DUE TO INCREASING BITCOIN EXCHANGE RATE.

He doesn't have bitcoins, but he has some assets. If he wants to pay, he must sell assets and buy bitcoins, so that he can pay back a part of his debt. My estimate is if he sells everything, he might repay at most 50%.