Okay!
I am starting to feel like a bad guy over here, which I do not want!
Hence me and INAU will pay the dividend out of our pockets for now until we can do either of:
A, There's evidence or it's obvious that pirate will default or that he will not pay out within a reasonable time limit (one-two weeks)
B, Pirate pays us back.
Then we will buy back the bonds.
Is everyone happy with this deal?
//DeaDTerra
Topic: [GLBSE] GIPPT Delisting 100% paid. - page 10. (Read 19310 times)
Pirate hasn't defaulted technically. He paid interest as a reinvested payment. If the fund chooses to fund that out of pocket, that is the right of the fund and you have no claim.
I agree with this.
Thanks. I'm trying to be as reasonable about this as possible, to all sides involved. If pirate really is leaving with no intentions of coming back, then by all means, the insurance money will get used.
Under what terms? Did Deadterra not pay interest last Wednesday?
The terms of the contract are based on a Pirate default not a Deadterra default.
Quote
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.
Pirate hasn't defaulted technically. He paid interest as a reinvested payment. If the fund chooses to fund that out of pocket, that is the right of the fund and you have no claim.
I'm saying don't be an ass. Obviously, at some point, he'd be adjudged to have defaulted if he doesn't process withdrawals but the whole "Pirate's defaulted" after only a few days of announcing a wind down is a bit much.
From the contract:
Each bond has a face value of 1 BTC and gives the holder the right to a 2.5% interest rate per week (0.025 BTC per bond and week). This interest will be paid as a dividend once a week on Wednesday at 21:00 (GMT+1).
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.
Looks pretty clear cut to me. There are only 2 possible "states" of the bond.
Non-defaulted: we receive 2.5% per week
Defaulted: we receive the insurance money.
It would be reasonable to assume a few days or so to obtain the insurance money, but if the dividends are not payed Wednesday the bond should be assumed to be "defaulted" and the insurance funds should be on the way
It also says we have the right to change the interest rate, right now pirate is not paying out any interest yet he has not defaulted. He has not failed to pay interest when he said he would, he has just stopped interest for now, until he has paid off all his investors. The difference is massive, the default is no yet clear and as Pirate is sticking around it seems like he's going to pay back his investors.Each bond has a face value of 1 BTC and gives the holder the right to a 2.5% interest rate per week (0.025 BTC per bond and week). This interest will be paid as a dividend once a week on Wednesday at 21:00 (GMT+1).
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.
Looks pretty clear cut to me. There are only 2 possible "states" of the bond.
Non-defaulted: we receive 2.5% per week
Defaulted: we receive the insurance money.
It would be reasonable to assume a few days or so to obtain the insurance money, but if the dividends are not payed Wednesday the bond should be assumed to be "defaulted" and the insurance funds should be on the way
//DeaDTerra
DeaDTerra in other words, you can cut the dividend to 0 and never return our funds, is this what you mean?
I am saying that we are going to pay the insurance once there's evidence for a default or pirate pays out.
//DeaDTerra
So which evidence is good enough for you?
Meanwhile we are liquidating capital to prepare for the buyback.
//DeaDTerra
Under what terms? Did Deadterra not pay interest last Wednesday?
The terms of the contract are based on a Pirate default not a Deadterra default.
Quote
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.
Pirate hasn't defaulted technically. He paid interest as a reinvested payment. If the fund chooses to fund that out of pocket, that is the right of the fund and you have no claim.
I agree with this.
Under what terms? Did Deadterra not pay interest last Wednesday?
The terms of the contract are based on a Pirate default not a Deadterra default.
Quote
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.
Pirate hasn't defaulted technically. He paid interest as a reinvested payment. If the fund chooses to fund that out of pocket, that is the right of the fund and you have no claim.
Under what terms? Did Deadterra not pay interest last Wednesday?
The terms of the contract are based on a Pirate default not a Deadterra default.
Quote
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.
Though I understand everyones concern and as I was saying capital is being liquidated to be able to buyback the bonds as soon as possible.
But I would prefer waiting until there's evidence of a default.
//DeaDTerra
Under what terms? Did Deadterra not pay interest last Wednesday?
The terms of the contract are based on a Pirate default not a Deadterra default.
Quote
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.
Pirate hasn't defaulted technically. He paid interest as a reinvested payment. If the fund chooses to fund that out of pocket, that is the right of the fund and you have no claim.
From the contract:
Each bond has a face value of 1 BTC and gives the holder the right to a 2.5% interest rate per week (0.025 BTC per bond and week). This interest will be paid as a dividend once a week on Wednesday at 21:00 (GMT+1).
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.
Looks pretty clear cut to me. There are only 2 possible "states" of the bond.
Non-defaulted: we receive 2.5% per week
Defaulted: we receive the insurance money.
It would be reasonable to assume a few days or so to obtain the insurance money, but if the dividends are not payed Wednesday the bond should be assumed to be "defaulted" and the insurance funds should be on the way
It also says we have the right to change the interest rate, right now pirate is not paying out any interest yet he has not defaulted. He has not failed to pay interest when he said he would, he has just stopped interest for now, until he has paid off all his investors. The difference is massive, the default is no yet clear and as Pirate is sticking around it seems like he's going to pay back his investors.Each bond has a face value of 1 BTC and gives the holder the right to a 2.5% interest rate per week (0.025 BTC per bond and week). This interest will be paid as a dividend once a week on Wednesday at 21:00 (GMT+1).
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.
Looks pretty clear cut to me. There are only 2 possible "states" of the bond.
Non-defaulted: we receive 2.5% per week
Defaulted: we receive the insurance money.
It would be reasonable to assume a few days or so to obtain the insurance money, but if the dividends are not payed Wednesday the bond should be assumed to be "defaulted" and the insurance funds should be on the way
//DeaDTerra
DeaDTerra in other words, you can cut the dividend to 0 and never return our funds, is this what you mean?
I am saying that we are going to pay the insurance once there's evidence for a default or pirate pays out.
//DeaDTerra
So which evidence is good enough for you?
From the contract:
Each bond has a face value of 1 BTC and gives the holder the right to a 2.5% interest rate per week (0.025 BTC per bond and week). This interest will be paid as a dividend once a week on Wednesday at 21:00 (GMT+1).
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.
Looks pretty clear cut to me. There are only 2 possible "states" of the bond.
Non-defaulted: we receive 2.5% per week
Defaulted: we receive the insurance money.
It would be reasonable to assume a few days or so to obtain the insurance money, but if the dividends are not payed Wednesday the bond should be assumed to be "defaulted" and the insurance funds should be on the way
It also says we have the right to change the interest rate, right now pirate is not paying out any interest yet he has not defaulted. He has not failed to pay interest when he said he would, he has just stopped interest for now, until he has paid off all his investors. The difference is massive, the default is no yet clear and as Pirate is sticking around it seems like he's going to pay back his investors.Each bond has a face value of 1 BTC and gives the holder the right to a 2.5% interest rate per week (0.025 BTC per bond and week). This interest will be paid as a dividend once a week on Wednesday at 21:00 (GMT+1).
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.
Looks pretty clear cut to me. There are only 2 possible "states" of the bond.
Non-defaulted: we receive 2.5% per week
Defaulted: we receive the insurance money.
It would be reasonable to assume a few days or so to obtain the insurance money, but if the dividends are not payed Wednesday the bond should be assumed to be "defaulted" and the insurance funds should be on the way
//DeaDTerra
DeaDTerra in other words, you can cut the dividend to 0 and never return our funds, is this what you mean?
I am saying that we are going to pay the insurance once there's evidence for a default or pirate pays out.
//DeaDTerra
Under what terms? Did Deadterra not pay interest last Wednesday?
The terms of the contract are based on a Pirate default not a Deadterra default.
Quote
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.
From the contract:
Each bond has a face value of 1 BTC and gives the holder the right to a 2.5% interest rate per week (0.025 BTC per bond and week). This interest will be paid as a dividend once a week on Wednesday at 21:00 (GMT+1).
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.
Looks pretty clear cut to me. There are only 2 possible "states" of the bond.
Non-defaulted: we receive 2.5% per week
Defaulted: we receive the insurance money.
It would be reasonable to assume a few days or so to obtain the insurance money, but if the dividends are not payed Wednesday the bond should be assumed to be "defaulted" and the insurance funds should be on the way
It also says we have the right to change the interest rate, right now pirate is not paying out any interest yet he has not defaulted. He has not failed to pay interest when he said he would, he has just stopped interest for now, until he has paid off all his investors. The difference is massive, the default is no yet clear and as Pirate is sticking around it seems like he's going to pay back his investors.Each bond has a face value of 1 BTC and gives the holder the right to a 2.5% interest rate per week (0.025 BTC per bond and week). This interest will be paid as a dividend once a week on Wednesday at 21:00 (GMT+1).
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.
Looks pretty clear cut to me. There are only 2 possible "states" of the bond.
Non-defaulted: we receive 2.5% per week
Defaulted: we receive the insurance money.
It would be reasonable to assume a few days or so to obtain the insurance money, but if the dividends are not payed Wednesday the bond should be assumed to be "defaulted" and the insurance funds should be on the way
//DeaDTerra
DeaDTerra in other words, you can cut the dividend to 0 and never return our funds, is this what you mean?
Hi DeadTerra,
Can you please let us know when you will buy back the bonds? Goat is already doing it.
https://bitcointalk.org/index.php?topic=98420.80
Thank you.
Can you please let us know when you will buy back the bonds? Goat is already doing it.
https://bitcointalk.org/index.php?topic=98420.80
Thank you.
Has there been a default?
Wednesday it will be a default, if we do not receive a dividend. I suggest you read the contract again. You can return our funds and if the Pirate is paying you recover your BTC.
Now people calm down, When a pirate default is obvious and we know he's going to buy back the bonds.
We will start liquidation of capital to prepare for such a event but right now, there is no evidence of a default.
//DeaDTerra
I judge the situation the following, Pirate has said he will start payouts and that they should take a week or two right now he's one day late, from what we know. This doesn't necessarily mean that he has defaulted, hence I would like to wait a bit until the situation becomes more clear.
The bond pays out 1 BTC if pirate defaults and 1 BTC if pirate pays back, so far he has done neither.
//DeaDTerra
I'm waiting for someone with a finance background to step in here, but I thought that missing a scheduled payment is considered default.The bond pays out 1 BTC if pirate defaults and 1 BTC if pirate pays back, so far he has done neither.
//DeaDTerra
Quote
The failure to make timely payment of interest or principal on a debt security or to otherwise comply with the provisions of a bond indenture. A breach of a covenant. In context of project financing, a technical default signals a project parameter is outside defined or agreed limits or a legal matter is not yet resolved.
http://financial-dictionary.thefreedictionary.com/defaultQuote
The failure to promptly pay interest or principal when due. Default occurs when a debtor is unable to meet the legal obligation of debt repayment. Borrowers may default when they are unable to make the required payment or are unwilling to honor the debt.
http://www.investopedia.com/terms/d/default2.asp#ixzz24CSbcFRuQuote
In finance, default occurs when a debtor has not met his or her legal obligations according to the debt contract, e.g. has not made a scheduled payment, or has violated a loan covenant (condition) of the debt contract.
http://en.wikipedia.org/wiki/Default_(finance)Quote
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.
The contract of GIPPT states it will buy back bonds at face value in case of pirate default. Pirate has already defaulted. Hi DeadTerra,
Can you please let us know when you will buy back the bonds? Goat is already doing it.
https://bitcointalk.org/index.php?topic=98420.80
Thank you.
Can you please let us know when you will buy back the bonds? Goat is already doing it.
https://bitcointalk.org/index.php?topic=98420.80
Thank you.
Has there been a default?
Wednesday it will be a default, if we do not receive a dividend. I suggest you read the contract again.
There's a difference between "will be" and "has defaulted". Perhaps you should read the question closer.
You are right. Allow me to rephrase: When will we get the insurance, if you can't make Wednesday payment? Can you cover the payment from your pocket?
From the contract:
Each bond has a face value of 1 BTC and gives the holder the right to a 2.5% interest rate per week (0.025 BTC per bond and week). This interest will be paid as a dividend once a week on Wednesday at 21:00 (GMT+1).
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.
Looks pretty clear cut to me. There are only 2 possible "states" of the bond.
Non-defaulted: we receive 2.5% per week
Defaulted: we receive the insurance money.
It would be reasonable to assume a few days or so to obtain the insurance money, but if the dividends are not payed Wednesday the bond should be assumed to be "defaulted" and the insurance funds should be on the way
It also says we have the right to change the interest rate, right now pirate is not paying out any interest yet he has not defaulted. He has not failed to pay interest when he said he would, he has just stopped interest for now, until he has paid off all his investors. The difference is massive, the default is no yet clear and as Pirate is sticking around it seems like he's going to pay back his investors.Each bond has a face value of 1 BTC and gives the holder the right to a 2.5% interest rate per week (0.025 BTC per bond and week). This interest will be paid as a dividend once a week on Wednesday at 21:00 (GMT+1).
In case of Pirate default INeedAUsername will pay 95% of the bonds face value to the bond holder, while DeaDTerra will pay the other 5%.
Looks pretty clear cut to me. There are only 2 possible "states" of the bond.
Non-defaulted: we receive 2.5% per week
Defaulted: we receive the insurance money.
It would be reasonable to assume a few days or so to obtain the insurance money, but if the dividends are not payed Wednesday the bond should be assumed to be "defaulted" and the insurance funds should be on the way
//DeaDTerra
Hi DeadTerra,
Can you please let us know when you will buy back the bonds? Goat is already doing it.
https://bitcointalk.org/index.php?topic=98420.80
Thank you.
Can you please let us know when you will buy back the bonds? Goat is already doing it.
https://bitcointalk.org/index.php?topic=98420.80
Thank you.
Has there been a default?
Wednesday it will be a default, if we do not receive a dividend. I suggest you read the contract again.
There's a difference between "will be" and "has defaulted". Perhaps you should read the question closer.
Hi DeadTerra,
Can you please let us know when you will buy back the bonds? Goat is already doing it.
https://bitcointalk.org/index.php?topic=98420.80
Thank you.
Can you please let us know when you will buy back the bonds? Goat is already doing it.
https://bitcointalk.org/index.php?topic=98420.80
Thank you.
Has there been a default?
Wednesday it will be a default, if we do not receive a dividend. I suggest you read the contract again. You can return our funds and if the Pirate is paying you recover your BTC.
I judge the situation the following, Pirate has said he will start payouts and that they should take a week or two right now he's one day late, from what we know. This doesn't necessarily mean that he has defaulted, hence I would like to wait a bit until the situation becomes more clear.
The bond pays out 1 BTC if pirate defaults and 1 BTC if pirate pays back, so far he has done neither.
//DeaDTerra
The bond pays out 1 BTC if pirate defaults and 1 BTC if pirate pays back, so far he has done neither.
//DeaDTerra
Hi DeadTerra,
Can you please let us know when you will buy back the bonds? Goat is already doing it.
https://bitcointalk.org/index.php?topic=98420.80
Thank you.
Can you please let us know when you will buy back the bonds? Goat is already doing it.
https://bitcointalk.org/index.php?topic=98420.80
Thank you.
Has there been a default?
Under what terms? Did Deadterra not pay interest last Wednesday?
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