Topic: [BTC-TC] BTC-Trading Pass-Through Fund (BTC-TRADING-PT) is closed (Read 18924 times)

The assets of the BTC-Trading Pass-Through Fund have been distributed to shareholders. The fund is now closed.

I wish it didn't have to end like this, but it was fun while it lasted.


If you have any questions, you can email me at [email protected].

The assets of the BTC-Trading Pass-Through Fund will be distributed to shareholders in less than 24 hours.

Please contact me immediately if you want your share of the distribution sent to an address other than your public address on record.



John Galt Asset Management

Nothing much can be done now. Each BTC-TC shares were worth 2 LTC at the time of liquidation of LTC-Global.Equivalent to 0.075 BTC at today's exchange rate. But we'll be getting only one-third of that. Bad luck.

If you wanted to directly get LTC you could have just bought shares of LTC-GLOBAL instead of this passthrough, whose sole and only purpose was to be able to trade it in BTC instead of LTC...

I am happy to answer your questions and address your concerns.

The 44 LITECOIN-GLOBAL shares owned by the fund were sold back to Burnside at the price of 20 LTC per share, or a total of 880 LTC. At the time of the liquidation, 1 LTC = 0.0125 BTC, so the 880 LTC were immediately converted to 11 BTC.

This is a bitcoin-denominated fund and only holds or transacts in bitcoins. The fund avoids LTC/BTC exchange rate risk by immediately converting from LTC to BTC. This is the safest policy because I can neither control the exchange rate nor predict it.

The fund now has 11 BTC. The fund consists of 440 shares, so each share gets 0.025 BTC.

I am sorry that you have to wait. The reason for the 30 days is to allow each shareholder enough time to ensure that their bitcoin address is correct, and that they have enough time to fix it if not.

If you wish to receive your distribution earlier, please send me an email from the email address associated with your BTC-TC account and sign it using the the public address associated with your BTC-TC account. Both the email address and the bitcoin address are in the email that was sent to you. Your email should include the information that I sent you and state that it is correct. Please keep in mind that there are many shareholders and processing these emails will take time.



John Galt Asset Management

It is unfair.Everyone who buy btc-trading-pt have lost more money in it.Now the LTC/BTC=0.0324,And you use 0.025BTC to buy 2LTC.
Why you don't ask people the LTC address and send them LTC.

Such is the nature of currency rate changes.  It could have gone the other way too.  (and probably eventually will.)

On the bright side, both have gained against USD.
 

YES!  Time=Money   i am still waiting...i wish a fair for me

Hi. Currently I have (or had) 2 shares of BTC-TC and 2 shares of LTC-Global.

Today I received 40 LTC for my 2 shares of LTC-Global.

That is 20 LTC per share.

So we should be getting 2 LTC for each BTC-TC shares also. Don't we?

Currently LTC is trading at 0.025 against BTC.

A payment of 0.025 BTC / share means only half the price the LTC-Global holders are receiving.

Now:  LTC/BTC:  0.024...

what about what happened today?

I got litecoin dividends from my shares of litecoin global, I don't recall getting anything from this fund?

I'm still waiting...  i want to buy XPM...

Hi, John.
Excuse...i'm sorry ,sorry.
I 'm  waiting... i want to buy some XPM..if No problem ，can you sent to my payment address today?
thank you very much .
thanks again.

The assets of BTC-TRADING-PT have been liquidated. The remaining 44 shares of LTC-GLOBAL were sold back to Burnside for 11 BTC. I feel that this is the best (if not the only) offer that we will receive for these shares.

There are 440 shares of BTC-TRADING-PT outstanding, so each share will receive a final distribution of 0.025 BTC each.

I will send an email to each shareholder showing the number of shares held, the amount of the distribution, and the payment address. If there is anything wrong with your information, you will need to contact me immediately. Once the final distribution is sent, it is final and irreversible. Several people have not supplied a payment address. They will not receive a distribution.


John Galt Asset Management

Hi all.

JohnGalt and I worked out a single large payment in order to allow him to distribute funds and close down the PT.  The funds have been sent and are in his control.

Cheers.

At this point, I consider your offer to be the best that can ever be expected.

I would appreciate it if you sent that info to BTC-TRADING-PT shareholders.


John Galt Asset Management

what can i do for  BTC-TRADING-PT? How  do ?
thanks.

 how to do...

I'm very relieved this does make sense, thank you for explaining it!

Several factors... it was better thought out than it sounds:

- The loan was essentially a gift from yours truly, at the time very likely never to be able to be repaid because it was expected that the company would actually need a larger loan.  Had BTC prices remained the same we would have needed another 500 BTC relatively shortly.  Instead BTC prices rose and now it's unlikely to be repaid because the BTC value has spiked.  Either way, the result is the same... debt larger than revenue because of the forced shutdown.

- It was -immediately- available.  It was needed ASAP to retain representation.  Had we not moved quickly, the orderly shutdown would not have been possible and liability would have been immense.

- Part of the company's defense is that it -had never touched- (and still hasn't) a single dollar of USD.

- Banks won't work with Bitcoin based businesses.  (At least in my neck of the woods.)  And anyone else with all the facts in hand would never have given us a loan.

Cheers.