Topic: FeedZeBirds UPDATE Feb 9, 2013 - page 4. (Read 23874 times)

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Thanks for the update, it all sounds good.

By the way, I wasn't advocating a scammer tag above, as I don't think you're one. But until we're trading these shares again there seems to be no other way to really signal approval/disapproval of the management of the asset.

Hey all,

Apologies for my lack of presence here in this thread recently.

Here's the latest:
- My FZB dev will be working on the current site next week and turning it back on.
- A new team of devs is working on a newer, far superior FZB. I'm guessing two months until it's ready.
- I have a list of FZB owners from James (via DeaDTerra). I do not know if this is the full list, though James claims it to be. I know of one person who has contacted me personally, claiming ownership, yet he is not on the list I received from James. Perhaps the guy is trying to scam me, perhaps James' list is incomplete for any number of reasons, I'm not sure, but this list is the best list I can get.

At some point before the launch of the new verison of FZB, I'll be making the following offer (each shareholder can choose his perferred option):
 A) I'll buy back any/all FZB shares at the IPO price converted to dollars plus 20%. Thus if you paid $100 worth of BTC at IPO, I'll buy back at $120 worth of BTC today. I know BTC has appreciated so this means less BTC, but the dollar-basis will remain in tact and owners will get a 20% bonus on what they paid in terms of dollars.

-or-

B) You can keep your shares and they'll be relaunched with the new site, likely on BitFunder. There will be no dillution or anything. 1% of old FZB will equal 1% of new FZB.

I know this has dragged on for far too long and this is my fault. I'll maintain FZB as a priority so the new site is launched as soon as possible.

-Erik

DT was the person actually managing the FZB asset, IIRC.

Wow .. since you seem to have such an in with these dubious characters, can you ask James to send me (and all other former GLBSE users) the 10% of our Bitcoin deposits that have not been refunded yet?

Based on market rates, sometime in the last few weeks he's gone from "misdemeanor theft" to "felony theft" as far as I'm concerned .. but I'm still willing to drop all charges if I get every single satoshi back promptly.

Why did he give the list to you instead of Erik? That seems like a breach of security? (You seem a trustworthy enough guy, buy why take the risk instead of just handing it to Erik several months ago?)

Chill guys
I talked to Erik a few days ago, I contacted James and he gave me the list for FZB to give to Erik
So it's now in his hands!

Erik seem to be very busy at the moment, but I have adviced him to give us an update.
Last time I talked to him he said he was working on a major upgrade of FZB and that he would potentially offer a optional buy back in case people want out.
I have poked Erik and hopefully he will respond here in the thread once he comes online!.

No pitchforks just yet please.
//DeaDTerra

Its probably the only way you can force Eric's hand here.

Amen. If some sort of amicable settlement cannot be reached, I think the only other recourse the shareholders have are to apply for a scammer tag.

This has been an interesting virtual investing lesson for me because FeedZeBirds:

1.) was the first (and perhaps only) BTC securities issue that I've looked at that had a reasonably polished looking investment prospectus,

2.) had a well placed and marketed IPO,

3.) had a working business in operation BEFORE the IPO and a promising business model going forward,

4.) was not shady or semi-legal in any way,

5.) and was brought to market by some of the best known, trusted, and (otherwise) successful members of the Bitcoin community.


HOWEVER, since buying into this thing it has basically turned into the biggest DOG of an investment I have ever made (virtually):

1.) If I remember correctly (no more GLBSE historical data!) after briefly trading at and above IPO price, it began a sustained march South that continued until GLBSE folded.

2.) It never paid out a single satoshi of dividends or other income to shareholders.

3.) After more than five months since GLBSE's closure, we still have not received any confirmation that management has received a shareholder database from nefario, nor have they attempted any sort of verification (unlike every other investment I had there).

4.) The website and business have been completely nonoperational for months now, with only vague promises about a forthcoming reboot.

5.) The shares have not been relisted on any other asset market.

6.) For most of the time since GLBSE's collapse it seemed like this project had been completely abandoned.


Erik,

Given my points above and your own admission of what a "sub-par" investment this has been for us shareholders, don't you think it makes sense to perhaps consider a refund or buy-back with whatever's left of IPO proceeds rather than attempt a reboot of this dog?

With all due respect to you and your (otherwise) impressive entrepreneurial record, I bet it wouldn't take much more than a rounding error of proceeds from one of your other more successful ventures to offer an amicable parting of ways with the original FZB investors and remove this ugly stain from your track record.

Shareholders have had zero opportunities for liquidity since GBLSE and frankly may not be interested in sticking around even longer to see if this can be resurrected.  I'm sure you're very busy with other things.  Also, given the USD/BTC move since IPO and the very different Bitcoin investment landscape these days, I'm sure many other investors besides myself would be VERY HAPPY to get something back TODAY other than zero, rather than waiting around to see if this bird will ever fly.

What do you think?

Yes, please, some news. Any news at all.

No news about database, site is still down
evoorhees, can you tell us any news?

It's been over a month... has Nefario at least given up the shareholder data?

I much prefer BTC-TC if that counts for anything.  Looking forward to the re-listing.

I think you only need to be document verified if you are withdrawing fiat? It is a bit anoying to have to go through one more hoop to move money onto/off the exchange, but I have used it for deposit and withdrawing bitcoins and it was not much worse than using other websites that hold bitcoins.

Bitfunder requires Weexchange account, and Weexchange requires scanned documents to get the "verified" status. Did you consider using btctc.co or cryptostocks?

That's good news for the first time for half a year, but i as investor have some questions:
Why you have't receivede list of investors from Nefario? All the others had already got a list of shareholders. Do you send a claim?
When did you the last time communicated with Nef?

Look in all contracts, there's going to be a line like:


There's a cost to listing, and it literally doesn't make sense to list small. This happens to be all the better, because it allows MPEx's brokers to list things themselves and develop financial experience, it allows smaller projects to list without all the stringent qualifications required by MPEx and it allows investors to vary their investment risk profile. At least in theory it's a good arrangement for everyone involved, we'll see if it actually pans out that way.

If I understand, the sign-up fee is paid to be able to trade (both buy/sell and issue) on MPEx so it is a sunk cost already incurred and would only be relevant to potential investors or those on the list you are waiting on Nefario for.

So, I think you make a good point about accommodating the current investors, assuming you ever get a list since it looks like Nefario has disappeared and absconded with a bunch of bitcoins, but couldn't the Bitfunder listing be a derivative passthrough of the MPEx listing?

That would allow for the underlying FZB listing to remain on MPEx where the security/PGP is a more solid and censorship-resistant. I hope you are not implying that FZB will remain a small listing; that is not very encouraging. 

MPEx has a non-negligible fee to have an account there. Because FZB is not a huge stock, it doesn't make sense to list there, as someone would need to buy the whole asset to make the sign-up fee worth it.  MPEx makes sense for large offerings, but not small ones.