Topic: [GLBSE] BDK.BND (1%/week) *IN DEFAULT* - page 3. (Read 17514 times)

Nothing in the Bitcoiniverse can happen to make him default on BDK.BND.

Guess an economy needs more than pretty words and blind trust to work.

And it looks like your assets (not including defaulted loans) are (478+475+85+30) = 1068BTC, while hard debt is 1806, which gives a FV of 0.059. But the ask is 0.0495.  Hmmmm....

GLBSE hasn't locked trading yet 

I will need pictures before I make a purchase decision.

afaik he considers his wife as an asset
but anyway: i think we dont have a choice and need to wait.

What other assets?

There's more to sell?

Why is it not sold yet?

maybe if he sold them, all his other assets gets "stolen" by his first visitor

...couldnt resist...

Why is/are this/these weapon(s) not sold yet to pay back your creditors?

10/2/12

Dividend Paid (will be after it hits GLBSE account in ~2h). 1 payment date has passed since last dividend.

Bonds Issued: 19590
"Hard Debt": (19590*.101)= 1978.59BTC
Dividend Payment: 173.59BTC
"Hard Debt" Remaining: (1978.59-173.59)= 1805BTC
Current "Soft Debt" Remaining: (((1959*1.01)+(1959*.01))-(173.59))= 1824.59BTC
Current bond value @ "lock in" rate (this is the amount I claim I am liable for assuming interest does not accumulate after the date I announced default): 0.092139BTC/bond
Current bond value @ "compounded" rate (this is the amount I claim I am liable for assuming interest DOES accumulate after the date I announced default): 0.093139BTC/bond

In the event that I catch up with "soft debt," I will stop paying on BDK.BND debt. So, in that sense, it would be wise to assume it is decreasing in fundamental value with each payment unless you think I'll be unable to ever pay this off, in which case, you could theorize on it increasing or decreasing in "real" value.

ETA: Revised "Soft Debt." Since dividend was made on 10/2 instead of 10/1, I should be liable for compounding interest BEFORE the dividend, not after.

ETA2: At 5/8 confs. Just an FYI - I decided I should at least post each Monday to release the new "Soft Debt" number, and show I'm still alive and aware of what's going on.

ETA3: Dividend has gone out. I've updated OP with critical information. (@GLBSE: ELEVEN confs before a credit, now?! Yeesh!)

How about you release a new bond, with a much lower, more sustainable interest rate, like 0.1% weekly, and use the sales of such to buy back this bond? You could also offer to trade shares 1:1 from the old bond to the new bond?

Well, at least he was honest? The only hope of him paying back those loans 100% is if he seriously values his reputation here. IMO, the best chance of redeeming any money is to consolidate the loans into the hands of a few individuals and work out a settlement for pennies on the dollar.

Would you consider paying a smaller weekly amount and/or trying to buy back the shares at market prices?

It would have been nice if there was a way to clear out the order book when making such an announcement so people with orders up do not get screwed.

Ugh.

I wish you the best as you try to repair the family bonds.  Money has a nasty way of destroying relationships if you're not careful.  Do not let it.

9/30/12

Effective immediately,

I am defaulting on my BDK.BND debt. Beyond this, I will no longer be honoring the contract in the form I originally laid out. I previously intended to empty my non-legal wife's (we personally consider ourselves married, but legally, we are individual and thus have rights we'd otherwise forfeit) 401(k). I obviously did not want to do this, but it became clear it was necessary as I was looking at $200-250/wk interest on this single debt while having been financially raped by loans to various members of the community (No, Pirate is not the primary cause of my distress. Please don't turn this into some Pirate discussion.). After weeks of tha stress, on top of previous stress... heated arguments... -- this is no longer an option. I do not think her response to my actions is unreasonable (she's already effectively lost tens of thousands due to my actions), but this clearly affects my ability to repay within what I'd consider a reasonable time-frame. I currently have a negative net worth excluding my residence which would be protected under a personal bankruptcy filing which I will not pursue unless a suit is formally filed against me. I'd advise against taking action on potential cynicism, and suggest you give me at least a couple months to confirm I am indeed making a decent effort toward repaying what I owe.

I am unable to pay interest on my current BDK.BND debt. It's impossible for me to keep up with that, living expenses, and interest on other debts which are small enough where I can close them - and I apologize, in a sense, for the unfairness of how this is being handled. BDK.BND-holders, who I've always wanted most protected from risk, are now getting the shaft. I cannot subject my wife to more loss, and will be forcing BDK.BND holders to suffer as a result of my unwillingness to liquidate my residence. I apologize for the trust I've violated, the business mismanagement, and this default as a result. If I were unable to compartmentalize, I would be unable to write this. I am truly and deeply sorry. I also apologize for not having the emotional fortitude to prevent what I'm also about to announce: I will not be communicating much, if at all. I will likely not read anything written in this thread beyond this post for months. I just can't handle it when there are many things I need to do to get the situation in order. I will not be responding to phone calls, Skype messages, nor responding to emails. I will not be clarifying what I've written, and will not be responding to questions. I just can't right now, and understand how bad that looks and is. Again, I apologize. I will post an impersonal message each time I make a dividend payment.

All BTC I currently own will go toward BDK.BND payments. These will come in the form of irregular, unannounced dividends -- there will no longer be .001BTC/bond dividends each week. I will never buy BDK.BND back, and that section of the contract can be considered practically void. I can do nothing but assure everyone that I have no intent to make any purchases of BDK.BND units, and will allow them to trade freely on GLBSE as people value them given I have absolutely no information on when, and in what amount, these bonds will be repaid. However, I promise I will repay the debt as it stands, as I'm able. So long as GLBSE is active, I am alive, and earning income, I will continue to make dividend payments on BDK.BND units as a gesture of goodwill (and appreciation for not suing me into bankruptcy) beyond the .101BTC "hard debt" I currently consider as existing. Basically - I will be making larger, more rapid payments until dividends beyond this date reach .101BTC/bond. After that time, I will continue paying irregular dividends in a way which is appropriate for the gratitude I owe, and possible for the amount I need to live. I am unable to provide a repayment schedule or dividend schedule. Essentially - I'm giving what I can without forcing an unreasonable amount of loss (beyond what I've currently caused) onto my non-legal wife, and I naively hope everyone trusts me to be doing exactly what I'm saying I will. I'll provide instructions in my will to give an update (with death certificate) on this forum in the event of my death. Though things have been pretty shit lately, I am not at all suicidal -- just gave the info in that last sentence as an FYI.

-Ben

(Additionally... Someone may remember I recently posted assets/liabilities on my side. This included many of my non-legal wife's assets. The CU/bank assets have been largely emptied to repay CD-holders and my mother, who fronted us money to purchase this house [I've since defaulted on that loan, too, after a partial repayment so I could repay CD-holders]. There is still one outstanding CD-holder who has been excessively generous in providing me time to repay.)

(Many individuals have my home address [NOT the Spring Arbor address. That is a family member's house. DO NOT release that address.]. I would prefer my home address not be released publicly, but would also not consider public release of that information unwarranted. If you are coming for a visit, I would like at least a voice message a day or two prior. Harm toward family's off-limits, and I would physically object to bodily harm which may result in my stay in a hospital, as that'd further impede repayment. I am armed, so please keep ideas of physical violence in check.)

Dividends paid.

Issued: 19590 bonds (1959BTC FV)
Interest Payment: (1959*.01)=19.59BTC

Next payment date: October 1

ETA: I'm reversing my position (again) on JRO after a couple more phone calls. I don't really have a statement to make. They're trying. Still scares me a bit, but it seems like they're trying. I'm very confident they aren't scammers. They need a lot of things to come together at this point. If Jered hasn't already, I believe he's planning on making a statement. I don't consider it a write-off anymore, just... dangerous, but also full of potential.

My Internet connection still sucks, and now it's violating ToS. Tethered for Internet with 2 bars of EVDO A. 20-80kbps, but at least it's fairly consistent, good latency - and hey, it's symmetric! Most importantly, I'm not giving money to Hughesnet. They offered to waive the contract and offered me $10/mo off. Maybe it's because I know they're still making good margins on that... but that offended me about as much as the actual service I received (or, more accurately - often did not receive).

Dividends paid.

Issued: 19728 bonds (1972.8BTC FV)
Interest Payment: (1972.8*.01)=19.728BTC

Next payment date: September 24


ETA: Not that I'm objecting to it, but if anyone thought they were helping me by out-bidding me for BDK.BND - you're wrong.

I'm sorry to see you go, Kluge. You were an asset to this community and you will be missed. Best of luck in whatever project you choose next.

Nah - I'm gone. This has totally wrecked myself and my family for a good year - or a bad year, depending on your melodrama preference.

I still have a couple FPGAs going, and there are a few services around here I like which I can't use USD for - but that's it. I've got my wife, daughter, farm-land, battery-testing equipment, and a likely steady job to keep me busy and satiate my curiosity. I thought I couldn't escape Ron Paul fanaticism either, but haven't read an article about him or his doings in nearly a year, and rarely think about it. Someone, in another thread, asked me how old I am. I'm not sure if that was supposed to be accusatory, or out of genuine curiosity. I've stated it before - a few months ago - in some thread it's deeply buried in now, I suspect. I'm young enough that when Paul ran in 2008, I contributed to his campaign out of lunch/Christmas/birthday money and donated books I bought for essays to "troop bombs" (I hope that wasn't the name, but I don't remember, anymore) where collector/distributors would amass items to send to soldiers overseas.

I have a couple pending business ventures on the side unrelated to finance, which BTC would be well-suited for, but my contacts aren't willing to take the plunge, and I'm not very interested in pushing it, anymore. Still, they're areas in need of innovation, and as long as there're innovative approaches I can study and contribute to, I'll obsess about it until I burn out (or, in this case, get burned badly enough by my actions involved with it), then move on to something else. I figure I have a 50-60 more projects I'll obsess about before I die, but I usually forget everything I learned once I leave something. If someone asks me, in ten years, if I had any early involvement in Bitcoin, I'll give my usual evasive/lazy (though often true) "I don't remember much, anymore" answer, and that's that.