Topic: Diablo Mining Company - page 5. (Read 96362 times)

I'd like to use the same plan we've been using for BTCMC thus far: wait and then wait more.  Until BFL.  Because soon.

Hey no problem of course that is your choice to vote how you want,  trying to put some options out there because at present it looks like no one has come up with a solution.   I doubt very much if they went up for auction today that DMC would recover the 238 BTC that my offer implies..   Can you point me in the direction of where you get the 592 implied value for BTCMC i am very curious..     

0.5915 implied BTCMC value
x 1000 = 591.5

1841/11= 168 shares of AM
168 x 1.42 = 238

You wish to trade BTC238 worth of AM for BTC592 worth of BTCMC?  No thanks, I vote to politely decline your offer.

Here is a proposition for all shareholders.  As long as it gets the nod from Diablo and Yochdog.

I hold 1841 DMC - I will send the shares into Diablo to be retired in exchange for the 1000 BTCMC that DMC holds thus relieving myself from any entitlement of Asicminer or other holdings DMC may have, etc and increasing the proportion for other shareholders.

It appears there are 7174 DMC shares left outstanding..  so I vote yes representing 25.66%.  Anyone else?

This offer is non-binding and contingent on my due diligence of BTCMC.

teek

Yes, he will allow me to sell them, but only to a single owner. Its not like friedcat whos happy to handle it however it needs to be.

Just to clarify,  there is some type of restriction imposed by yochdog on share transfers of BTCMC ?   Is there some reason why these holdings cannot be distributed proportionately along with the AM shares?  

I have not posted the DMC 2.0 plan yet. Not until the plan is finished, fully vetted by people in the industry that I trust, and the company is registered. I will tell you that the plan includes not loaning the money to outside entities, not even near-sure bets like AM, I just can't take the risk, the Bitcoin community is still too risky to invest in (and yes, before you ask, my opinion has shifted greatly on this after what happened).

I agree something needs to be done about BTCMC, but nothing can be done until BTCMC pays a dividend so I can figure out what the shares are actually worth to DMC. Unless, however, someone right now offers 0.50 BTC a share for the entire lot; I don't think the shareholders that think the shares are worth something would go for any less.

However, if you trade your DMC shares for AM shares, you have no right to the BTCMC shares.

If you're that worried about BTCMC value, then don't trade in. I'm not forcing anyone to do it right now until I can figure out a good way of dealing with this that everyone is happy with.

@ Diablo ..  I haven't thoroughly evaluated the info you have posted in the past few days,  but skimming it my initial reaction gives me some concern.


I don't agree with you taking the stance that BFL (thus BTCMC) is irrelevant.  (as much as that would infinitely please me being an AM shareholder..)

As well (and this ties in with our PM convo a few days ago too),  there isn't anywhere near enough information available to make a decision on whether DMC 2.0 is worth anything at all (or even what the plan really is)  and if we use DMC 1.0 as the benchmark, well..  that didn't really turn out, at least not according to the original plan anyways.  The ballzy move on the asicminer trades in the early days was much criticized but the results (somewhat, maybe?)  justified it.... but ya know,  AM was never a sure thing even though it may seem like it was / is nowadays,  so the action you chose to take is also concerning regarding future ventures..

For option 1, I personally assign some value to BTCMC, (and to a lesser extent possibly even BTC-Minging) and would be looking for my respective holdings in it as well.. 

Option 2 - I also don't completely negate the possibility of wanting to roll forward on a DMC 2.0 plan,  but I would have to understand exactly what that is..  in absence of that info,  I would be forced to go with option 1  with the caveat that something is to be done about these BTCMC shares that is agreeable by all shareholders.   

teek

   

Will you still take half of the dividend from AM to processing buy back ?

I think you better hold your DMC shares, even try to get more ...as long as more people transfer their shares to AM , this mean less people share the BTCMC with you....there are still a chance BTCMC will start pay dividend....if they did start pay dividend...not only DMC's price will go up..and less people share the benefit with you ...what you think?   as ASICMINER price is increase therefore the net value of DMC also increase....

Got the payment, thanks!

BTCMC is isn't trading, but a value of BTC0.5915 per share can be inferred from the premium DMC trades for over 1/11 AM:
0.1745 * 11 = 1.9195
1.9195 - 1.328 = BTC0.5915 implied BTCMC value.

I have 110 shares, so that's BTC6.5065 worth of BTCMC.  At present, that's $741.55!

If I trade in my DMC shares, when and how will I be compensated for the value of their BTCMC component?

A total of 7.64874425 BTC has been issued in dividends to shareholders early for 7174 shares (figure does not included nebulus' and DeLorean's share of that, but they have been paid too), and I have asked friedcat to do the AM transfer for those two.

Everyone else can resume sending me DMC shares in exchange for AM shares.

Update: I am going to pay out the 8.35823326 BTC we got for 754 shares of ASICMINER out in full to 7174 shares of DMC, including to nebulus and DeLorean because I didn't get their transfers done in time. After I transfer AM shares to those two, we'll be down to 681 AM.

Everyone else, don't send me DMC shares until I process the dividend.

No, but he said his lawyer was familiar with SEC law as well.


Despite what you may think, not everybody in the US can afford to a lawyer. Its going to cost upwards of $100k to do all the legal work to open DMC 2.0 and be able to accept investors.

Are you based in the UK? Nefario is/was...

Edit: Also what did YOUR lawyer say?

nefario was the one that said his lawyer said it was okay for a company to issue shares before it was legally registered. Its neither legal, nor is issuing shares after registering your company legal without going through SEC hoops. So, yes, nefario doomed DMC from the start.

Now, I could be like everyone else and just default and walk away since none of you have a legal claim you can use in court, but I'm not that kind of guy. However, I don't want DMC to continue on and on and effect DMC 2.0. The sooner all shares are settled the better.

To be fair, shares were valued at ~1 BTC each, so investing THAT much would have been quite a stretch and it seems only few did that.
Looking forward to you auctioning off the BTCMC and other shares.

Oh, and blaming nefario for everything that went wrong is also not ok in my opinion. Yes he made some mistakes but I bet you could also have done more as you have been criticised already when GLBSE was fully operational. Also try to view it from a share holder perspective - suddenly you are forced (now on hold) to either trade in at bad rates into ASICMINER (how many ASICMINER shares did you require for a SINGLE DMC share back then?) or trust you for half a decade or more in USD, not BTC.

There are two share holders out of the 54 that own more than 1000 shares each, and combined you two own 49% of DMC. Please introduce yourselves to the other shareholders if you don't mind. Also, while I'm giving out statistics, only 12 of you have over 100 shares.