Topic: [GLBSE] BDK -- LIQUIDATING UNDER NEGATIVE EQUITY PROVISION -- - page 7. (Read 21269 times)

I don't have access to the motion results (I believe it was deleted). Does anyone object to keeping IOU & BDK together? I will not disclose private contract agreements, but if everyone's okay with that, then I am perfectly fine splitting whatever happens.

So investors know, the June 2nd IPO is canceled as far as GLBSE goes.

Now - what I can do is take BDK investments privately. You would not receive GLBSE shares and thus could not sell there (unless we reach an agreement and my account is again unrestricted). Once we figure this out, I will issue shares on the exchange BDK will be using (which could be MPEX for all I know right now  ). I will still honor the contract. I will have this resolved by June 2nd. If someone wants to invest for the June 2nd offering, you are welcome to send me funds and give me a BTC address. I will pay you at the same time as GLBSE dividends go out, you'll be marked in my sheets, and dividends will be equal - proportionally, to that of a GLBSE bond/share-holder. You'll be able to sell privately, but I'll require notification from both parties involved. We can do this for Kronos.BND, too, but there's no point discussing options on Kronos.BND yet until I can get hold of JRO.

For current holders of BDK & BDK.BND, I believe you're still able to trade on GLBSE as you please. However, if BDK & BDK.BND move, I will require you to transfer your shares back to me to prove ownership, and then I will issue you new shares on the exchange we move to.

There was no violation of ToS. This was unrelated. The email is in error. Please give us time to sort it out and please do not speculate. (not at you -- everyone)

"Patience, young padawan"?

Very well. Best of luck to Kluge and Nefario in getting this all sorted out.

Only part of the TOS I could see applying. I couldn't see how your bonds expose GLBSE to additional risks, and AFAIK you've provided all requested information, so does Nefario think you are committing fraud?

(Not panicking, just querying as I don't have time to sit on IRC ATM)

I don't have my pre-second-ipo shares yet, so maybe I don't get to vote, but I'll throw my two cents in anyway: I concur with Goat.  It seems that BDK should be the partner in IOU rather than Kluge (if you can logically separate BDK from Kluge) primarily to prevent conflicts and ensure fairness.

Think about it - Goldman Sachs (BDK) wouldn't allow one of their investment bankers (Kluge) to run his own separate bank (or fund, or whatever) and possibly divert business to that entity.  It might, however, partner on an investment company (IOU) and direct some business to that company.

I talked with Nef. GLBSE has prevented all BDK & JRO related projects from raising funds, and Kronos.BND IPO has been cancelled. Please do not raise pitchforks over this until I call JRO and have an update. This may all be sorted out amicably. Don't start some war. 


ETA from IRC: AFAIK, I am still able to pay dividends on BDK & BDK.BND. If a deal can't be reached, all who pre-paid on Kronos.BND & BDK's next offering will be refunded. BDK.BND may initiate a forced buyback. Again, please don't attack Nefario.

I swear everything piles on at once. Investors may wish to go to #bitcoin-assets. I'm trying to open a dialogue with Nef after receiving the following email:

It has been determined that you are in violation of the GLBSE terms of
service.

Your assets BDK and BDK.BND have been limited. You are no longer able to
use GLBSE for the purpose of raising funds.

Because your assets are actively traded we have not removed them, but
they will no longer be able to be used for new funding.

First -- I should be pretty explicitly clear. While we've purchased the bond from Kronos, we're not expected to pay until later dates. We're operating on free credit from Kronos, then we pay them as we sell the bonds (we do have certain milestones we need to meet on specific dates, but at the rate we're going, this shouldn't be any problem at all).

As for IOU - it's a 50/50 split. As we sell bonds, we receive funds. As we receive funds, we send to Kronos. After we've paid them everything due, we split the profits 50/50. Were there bonds left, we'd decide who wants to take the bonds on - maybe even bid with each other. With Kronos bonds, however, I'd be fine buying the entirety if I had the BTC on-hand. I don't want to disclose all the mechanics of the private contract, but I'm very confident this is a great deal which won't have trouble selling out before June 15th.

No BDK funds are being tied up. However, I (BDK) have purchased >10k Kronos bonds. Funds aren't immediately being sent to Kronos. There are milestones we need to send payments by, and we're currently beating them with a LOT of wiggle room for the Kronos bonds. At any rate, BDK certainly isn't liable for 50% of $450k -- dunno where that # came from. There shouldn't be any problem selling the Kronos bonds. There was some heated discussion yesterday morning in the Kronos bond thread, but really, they're selling quite well, and faster than we planned. The announcement thread for Kronos Bonds have been up for a little over a day and we're still waiting on investor docs, yet we've sold >50k of 175k while our deadline isn't until June 15th.

What is the capital structure of IOU and what is the ownership split between you/BDK and INAU?

FWIW, I voted to keep them together. I ask about capital structure because if you have a large personal stake in IOU and are not just using OPM (other people's money), then it helps to avoid you doing anything (too) stupid.

What, specifically, do you need to know? I won't disclose details of the private contracts, and perhaps just for that, IOU should not be part of BDK. I'd be fine with that.

A meaningful motion has been created for BDK. I will abide by the majority's will on this.

Motion created to separate IOU & BDK. If done, gains, losses, assets, and liabilities of IOU will not affect BDK. If something goes terribly wrong with IOU, BDK security holders will not be liable. If things go smoothly, BDK security holders will not receive any profits from it.

Holders of BDK can vote @ https://glbse.com/vote/view/28 -- it wil expire in 72 hours from ~15:00 UTC on 5/28

MAY 28 UPDATE
Dividend/share paid: .000276BTC/share
Total dividend paid: 1.38BTC
Running total dividends paid in May: 36.83101BTC

May 2012 Net Income Expectations
Optimistic estimate: 835BTC
Reasonable estimate: 825BTC
Pessimistic estimate: 820BTC
(Guesstimated weekly dividend payouts -- May 7th: .0021BTC/share Actual: .0021331436BTC/share -- May 14th: .0028BTC/share Actual: .00246BTC/share-- May 21st: .0027BTC/share Actual: .002496BTC/share-- May 28th: .0004BTC/shareActual: 0.000276BTC/share)


Profit estimates for June and full May report will be posted on June 1st.

Dividends for BDK.BND already paid. Dividend payment for BDK will be delayed until dividends are paid by YABMC at 12:00 UTC. (It's 05:45 UTC as of this post)

ETA: Heading to sleep. I should be awake and have dividends paid before 18:00 UTC, hopefully before 14:00 UTC.

ETA2: Heh. Little frazzled. Giga pays today, not YABMC. Dividends being calculated, then sent.

Valuations will now use 24h weighted avg instead of last price. If no trades in last 24h, last will still be used.

Last Valuation on 5/17 -- today is 5/28

GLBSE Securities Re-valuation (reconciliation between BDK sheets & GLBSE):
TyGrr: BDK - 1.9BTC/share, GLBSE - 1.91BTC/share -- total gain of 2.47BTC on paper
Cognitive: BDK - .59001BTC/share, GLBSE - .611BTC/share -- total gain of 38.92BTC on paper
Gigamining: BDK - 1.519BTC/share, GLBSE - 1.487BTC/share -- total loss of 16.86BTC on paper
BitcoinTorrentz: BDK - 1.19BTC/share, GLBSE - 1.01BTC/share -- total loss of .72BTC on paper
YABMC: BDK - .3BTC/share, GLBSE - .3BTC/share -- no change
REBATE: BDK .2BTC/share, GLBSE - .201BTC/share -- total gain of 1.77BTC on paper

Total securities FMV change since last valuation -- gain of 25.58BTC.

Fwiw, IOU gains and losses will be reported in the BDK spreadsheet, and IOU profits will be shared with BDK shareholders (really, BDK is more of a floating bond. I can see how "BDK" and "BDK.BND" could be very confusing). This will likely result in June having a monthly profit somewhere between 2k BTC and 5k even though equities and loans aren't expected to match revenues of this month. So, the exponential growth should continue, which is nice to look at. However, I will be awarding myself a % profit (this does not come out of shareholders' cut, but from the dividends due to the % of profit I hold) in June instead of July. I've settled on 40%. So, monthly growth will be ((profits minus shareholder dividends) minus 40% remaining profits). As-is, everything I don't pay to shareholders is reinvested in the company. After this month, only 60% of everything I don't pay to shareholders goes toward monthly growth.

I do not believe this requires a change of contract because I am the sole owner of all BDK's equity as well as profits not allotted to shareholders. While I should have made it more clear that everything I'm due wouldn't necessarily be reinvested in BDK, I do not believe this should be controversial, but I'm preparing to be surprised. 



Dividends tomorrow, next public offering in less than a week (Saturday). Cheers,

Ben

Here's the promised announcement on that: https://bitcointalksearch.org/topic/ann-securities-underwritingpurchasing-group-iou-83557

Additionally. I'm revising this week's dividend guesstimate to .0004BTC/share instead of .000135BTC/share, so there's another small bit of good news. 

The new monthly profit guesstimate is as follows:
May 2012 Net Income Expectations
Optimistic estimate: 845BTC
Reasonable estimate: 835BTC
Pessimistic estimate: 825BTC

BDK price has been odd on GLBSE. There was a large sell (accidental?) which brought the price down to one satoshi for a few minutes, and now the last trade is @ ~.24 -- next open-market offering will be in less than 10 days, now. 5pm Eastern, again. If there are any questions, feel free to open up a dialogue with me - here or privately.

Pleased to announce a partnership in underwriting with ineededausername. Tomorrow, a full announcement with a new offering within a couple days. I expect this to be a mutually-beneficial, longer-term relationship. Just a few months ago, I was looking at 10BTC loans with intense scrutiny. Now, we're taking on tens of thousands of BTC worth of challenge, establishing relationships with the leaders of cryptocurrency infrastructure progression, and becoming a moving force in the community. June will be a good month after all. I am very content with the pace of progress.

As well, Bitcoin is truly entering its toddler years. No longer a newborn, no longer an infant, we now have something to offer other than novelty value, potential, and cute smiles. It's becoming a two-way street where you don't need to ask only what you can do for Bitcoin's success, but what Bitcoin can do for your success.

(no, I'm not sure where Silk Road fits into that analogy)

There's about a week and a half left until the June 2nd public offering. The IPO price will be at .185BTC/share. However, there are already bids @ .2/share (well... alright - the bid volume at that price is only $25). I'll have profit guesstimates posted for the month of June on June 1st.

The OP has been cleaned up a bit more. I'm almost certain the USB cable on one of the Icarus boards is faulty, which is fine - I have spare mini-usb->usb cables.... somewhere in the stacks and stacks of moving boxes. :x -- Anyway, now they're each connected to a PC individually (instead of through a hub), only one of them is failing, though there's no error message - it just stops submitting shares after 4-48h.

Full $20k investment made to the Hermes project this morning. Project leader is heading over to Iceland soon to ensure we're free of regulation Hell. Before he does that, he'll be meeting with the ex-CEO (he spent 8 years as CEO) of a major web-based company whose work's niche is quite similar to our own. Additionally, an exciting person who's known in the community and has a solid, proven understanding of what we're doing has been brought on-board. There are so many exciting possibilities. The end result should not only empower those who hold Bitcoin to better-spend their money, but act as a powerful catalyst for the global economy, Bitcoin and beyond. Even if the mundane vision I originally imagined is all which comes true (I can be a bit of a pessimist  ), BDK stock-holders should be quite pleased. This isn't going to be some anon garage-hobby project, but part of the second generation of cryptocurrency infrastructure.

More info on that will be released in ~3 weeks.  There are semi-competing services, which is why I'd like to keep a balance between informing investors and not informing competitors about everything we're doing.