Well my fellow investors here is the latest from Wood Technologies LLP:
We write to confirm that the CipherMine (‘CM’) restructure plan has been approved.
In accordance with that plan:
1. A new entity, Ciphermine Limited, has been incorporated in the UK;
2. The ‘share’ in the start-up crowdfunding platform CipherTrade (‘CT Share’) has been transferred to Ciphermine Limited. The CT Share has been calculated on the basis of a contribution at the relevant time by CM of USD $20,000, and equates to 10% of CipherTrade;
3. 100,000 shares in Ciphermine Limited have been allotted, and will be available for subscription based on pro rata holdings of the CM B1 ’bond’ (‘Bond’) (e.g. 1 bond = 1 share, 2 bonds = 2 shares etc);
4. The subscription process is as follows:
a. You will sign up for an account at ciphertrade.com (if you have not already done so);
b. You will complete the KYC process;
c. If you are a US citizen you will be unable to subscribe unless you can demonstrate that you are an accredited investor in compliance with US securities laws;
d. By mid-December the number of eligible subscribers will be assessed (‘Eligible Subscribers’) and they will be sent a subscription agreement for signature;
e. On receipt of a signed subscription agreement, shares in Ciphermine Limited will be issued to Eligible Subscribers (‘New Shareholders’);
5. CM’s mining assets are being sold, and will be added to an asset pool with the remaining cryptocurrency mined (which at today’s rates is worth approximately USD $10,000) (the ‘Asset Pool’). The Asset Pool will be distributed on a pro rata basis to New Shareholders;
6. Eligible Subscribers will have a maximum of six months from the date of this communication to subscribe for shares in Ciphermine Limited (i.e. by 24 May 2015). On expiry of that period, any remaining balance in the Asset Pool will be distributed to the New Shareholders.
Finally, please note that by signing the subscription agreement, you will do so in full and final settlement of any claim you might have, or have had, against CM’s ‘shareholders’ and/or any other individual and/or legal person, arising out of or in connection with CM and/or the ‘Bond’.
Yours faithfully,
Wood Technology LLP
So maybe we will finally get this mess cleaned up.
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From the last balance sheet:
BTC Balance (BTC-TC) 0
CIPHERMINE Bonds 260.56000000
BTC Balance (Wallet) 150.79576392
Dividends (Wallet) 3.27310018
TOTAL ASSETS 414.62886410
Outstanding MINING 152575
Outstanding SELLING 152575
Outstanding PURCHASE 10479
Effective Units 163054
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As we know, the CipherMine B1 is at 0.01BTC per bond when it launched. Therefore, DMS has 26056 bonds, and will be converted to 26056 shares of Ciphermine limited if this agreement is signed. In other words, 26.056% of Ciphermine limited, which at most is $30000 (or $20000?). Therefore, at best DMS will have around $7500, or 20 BTC.
Less than 1/10 of its redemption value. Remember what they said?
"-- CipherMine has the right to redeem any bond in full with one month's notice to the bond holder at face value plus 12% less the number of months since issue. For example, after three months the redemtion value would be 0.0109 BTC/bond, and after 12 months the redemption value would be 0.010 BTC/bond. The redemption value will always be at least 0.010 BTC/bond."
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But anyway, wish this removes the last excuse of why deprived choose to hide himself.
