Topic: [BTC-TC] YABMC - page 12. (Read 45300 times)
mail arrived
mail received
While we announced wanting to not re-list YABMC (the reasons/concerns are probably understood), I am now thinking differently. Not that it is a way to raise more capital - but it would allow bondholders a market to sell shares (if they so desired). If it remained private the ability to sell shares is gone and I am trying to make this BAD situation just a little bit better. My preference is Bitfunder but I am open to your suggestions.
Wonder who would buy bonds of dead/dying asset and why?
If you relist, then you are supposed to go on with the program, and if you don't relist, then you are supposed to refund the investors.
For the rest, it still does not make much sense why YABMC cannot pay the dividends it was expected to per its contract.
E-mail was sent to the 17 additional accounts that were included in this FINAL list. Apologies for the delay as this was not an incremental list so it took some time to review and look for the additions.
We have sent a request for BTC address to the 11 account holders that appear to NOT have filed a claim with GLBSE (I hypothesize this is the reason there was no BTC address corresponding with their e-mail/share count). We have received 3 responses thus far. I would like to wait until next Friday before releasing any payments.
With respect to the letter I mentioned previously, it has gone through so many edits in trying to find a good solution I am sick of looking at it
.
Here is the consolidated version:
1. When YABMC expanded from 5 to 55 Gh/s (we planned 150 Gh/s --> https://bitcointalksearch.org/topic/glbse-yabmc-growth-82249 ) this was enabled by the addition of hashking and Patrick Harnett. The 50 Gh/s of additional capacity (revenues from sales and future debt responsibility) was split slightly to the favor of HK and PH as I already had 5 Gh/s of commitments.
2. hashking has confirmed his inability to pay the accumulated coupons and further his ability to pay any future coupons. This represents ~33% of the outstanding shares (Note: There are 33,832 outstanding shares -- each partner acquired shares on GLBSE to meet their own needs and 732 were never sold).
3. Patrick Harnett has a debt burden much smaller (Responsible shares less purchased shares) and is trying to devise a plan to cover his obligation.
So unfortunately, best case, the past (i.e., accumulated) and future value of YABMC shares (namely the coupon) is ~66% of what they were post GLBSE shutdown. The shortfall of ~33% being hashking's inability to cover his past and future "debts" to YABMC bondholders. The 66% could decrease without the participation of Patrick Harnett - but not by an additional 33% as his debt burden of shares (Gh/s) is much smaller.
It should be clear that neither PH or HK will receive any coupons and they have effectively returned the shares to YABMC (so the burden is 33,832 not 54,278).
While we announced wanting to not re-list YABMC (the reasons/concerns are probably understood), I am now thinking differently. Not that it is a way to raise more capital - but it would allow bondholders a market to sell shares (if they so desired). If it remained private the ability to sell shares is gone and I am trying to make this BAD situation just a little bit better. My preference is Bitfunder but I am open to your suggestions.
I deeply regret delivering this somber message so soon before the holidays.
Please know, as you have seen posted, my portion of the YABMC debt will continue to be sent to the https://blockchain.info/fb/1yabmc address until a final plan is made (private vs. re-list).
PS - I will e-mail this as well for those who do NOT frequent the forum.
PPS - Bitfunder is offering a 10 BTC bonus if we list there. That would obviously be returned to the bondholders in light of the situation.
With respect to the letter I mentioned previously, it has gone through so many edits in trying to find a good solution I am sick of looking at it
.Here is the consolidated version:
1. When YABMC expanded from 5 to 55 Gh/s (we planned 150 Gh/s --> https://bitcointalksearch.org/topic/glbse-yabmc-growth-82249 ) this was enabled by the addition of hashking and Patrick Harnett. The 50 Gh/s of additional capacity (revenues from sales and future debt responsibility) was split slightly to the favor of HK and PH as I already had 5 Gh/s of commitments.
2. hashking has confirmed his inability to pay the accumulated coupons and further his ability to pay any future coupons. This represents ~33% of the outstanding shares (Note: There are 33,832 outstanding shares -- each partner acquired shares on GLBSE to meet their own needs and 732 were never sold).
3. Patrick Harnett has a debt burden much smaller (Responsible shares less purchased shares) and is trying to devise a plan to cover his obligation.
So unfortunately, best case, the past (i.e., accumulated) and future value of YABMC shares (namely the coupon) is ~66% of what they were post GLBSE shutdown. The shortfall of ~33% being hashking's inability to cover his past and future "debts" to YABMC bondholders. The 66% could decrease without the participation of Patrick Harnett - but not by an additional 33% as his debt burden of shares (Gh/s) is much smaller.
It should be clear that neither PH or HK will receive any coupons and they have effectively returned the shares to YABMC (so the burden is 33,832 not 54,278).
While we announced wanting to not re-list YABMC (the reasons/concerns are probably understood), I am now thinking differently. Not that it is a way to raise more capital - but it would allow bondholders a market to sell shares (if they so desired). If it remained private the ability to sell shares is gone and I am trying to make this BAD situation just a little bit better. My preference is Bitfunder but I am open to your suggestions.
I deeply regret delivering this somber message so soon before the holidays.
Please know, as you have seen posted, my portion of the YABMC debt will continue to be sent to the https://blockchain.info/fb/1yabmc address until a final plan is made (private vs. re-list).
PS - I will e-mail this as well for those who do NOT frequent the forum.
PPS - Bitfunder is offering a 10 BTC bonus if we list there. That would obviously be returned to the bondholders in light of the situation.
Received a full list from GLBSE just now. Now to reconcile it with the other lists 
Some of the users did not file a claim with GLBSE and do not have a BTC address. I will attempt to e-mail them today.
This puts a major monkey wrench in my plans to have a post out tomorrow morning...
Some of the users did not file a claim with GLBSE and do not have a BTC address. I will attempt to e-mail them today.
This puts a major monkey wrench in my plans to have a post out tomorrow morning...
@Boonies - more details will be in the post by Friday morning -- I've been drafting it for days now 
@Conspirosphere.tk - The post I reference above will shed some light on your comments about re-listing.
Again - your patience is appreciated and I know is wearing thin -- hence providing a detailed plan by Friday.
@Conspirosphere.tk - The post I reference above will shed some light on your comments about re-listing.
Again - your patience is appreciated and I know is wearing thin -- hence providing a detailed plan by Friday.
How about going on https://btct.co , where Cognitive is gone?
They had a vote on it, the platform is nice and it seems relatively serious (as far as BTC things goes)
They had a vote on it, the platform is nice and it seems relatively serious (as far as BTC things goes)
With difficulty not changing before Friday, I have sent my portion of the coupons to http://blockchain.info/fb/1yabmc that would cover until 12:00 UTC December 21, 2012.
My goal is to have a payout this Friday (more detailed post coming by Friday morning -- UTC-6).
My goal is to have a payout this Friday (more detailed post coming by Friday morning -- UTC-6).
Would that be a payout from your portion? Or all portions?
With difficulty not changing before Friday, I have sent my portion of the coupons to http://blockchain.info/fb/1yabmc that would cover until 12:00 UTC December 21, 2012.
My goal is to have a payout this Friday (more detailed post coming by Friday morning -- UTC-6).
My goal is to have a payout this Friday (more detailed post coming by Friday morning -- UTC-6).
@viboracecata,
Sent you a PM...
Sent you a PM...
Received nothing...... Waiting for your list to been accomplished.
To clarify, do we need to confirm the receipt?
No...
Confirmation is a "NICE to have" not a "NEED to have"
Ok,
Test payment received
-jarsumarsu
To clarify, do we need to confirm the receipt?
No...
Confirmation is a "NICE to have" not a "NEED to have"
To clarify, do we need to confirm the receipt?
Typo got me there...
It should have read UNNECESSARY to proceed (with respect to confirming). Edited it above...
It should have read UNNECESSARY to proceed (with respect to confirming). Edited it above...
Quick update before the weekend...
1. Thanks again to those who have e-mailed and PM'd to confirm receipt. We stand at just under 23% - was hoping to see a higher number by now though this isnecessary unnecessary to proceed.
2. We have not received an updated list from nefario in the past week (received 3 lists total - the last December 6th). The GLBSE lists identify 97.55% of the 55,000 issued shares - not too bad, but again, would like to see higher.
3. The path forward is still up for discussion (i.e., re-list versus handling privately). If private we would need some understanding that bi-weekly payments would be a serious burden.
I have some thoughts on what would constitute a share with effectively no value (and the corresponding difficulty - or perhaps a blend of difficulty and $/BTC price) and will post something early next week. Once this value is achieved YABMC would be wound down and closed.
It remains our intent to payout ALL accumulated coupons! I have added BTC to the http://blockchain.info/fb/1yabmc address that incorporates my portion of the total coupons through what would have been today's coupon payment at 12:00 UTC.
Regards,
YABMC Team
PS - I will e-mail this as well...
1. Thanks again to those who have e-mailed and PM'd to confirm receipt. We stand at just under 23% - was hoping to see a higher number by now though this is
2. We have not received an updated list from nefario in the past week (received 3 lists total - the last December 6th). The GLBSE lists identify 97.55% of the 55,000 issued shares - not too bad, but again, would like to see higher.
3. The path forward is still up for discussion (i.e., re-list versus handling privately). If private we would need some understanding that bi-weekly payments would be a serious burden.
I have some thoughts on what would constitute a share with effectively no value (and the corresponding difficulty - or perhaps a blend of difficulty and $/BTC price) and will post something early next week. Once this value is achieved YABMC would be wound down and closed.
It remains our intent to payout ALL accumulated coupons! I have added BTC to the http://blockchain.info/fb/1yabmc address that incorporates my portion of the total coupons through what would have been today's coupon payment at 12:00 UTC.
Regards,
YABMC Team
PS - I will e-mail this as well...
received thanks!
Got the email! Thanks for trying to wrap this up properly!
E-mail received. Waiting for further updates.
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