[GLBSE] GIPPT Delisting 100% paid. - page 9.

DeaDTerra

donator

Activity: 1064

Merit: 1000

Okay,
I just wanted to let you guys know that today a 2,5% dividend will be paid for the interest rate.
Then tomorrow 1745 BTC out of the 5000 will be paid back as a dividend, this will be the first out of two payments. The second one will come once the third party lenders pays out the deposits that has been placed with them.
The reason why I am announcing this a head of time is so that the share holders knows that after this payment the face value of the bond goes down to 0.651% (0.651 BTC per shares), after the second payment the bond become useless and will be locked and removed from GLBSE

//DeaDTerra
*side note, there still seem to be a delay with the GLBSE deposit, I will send the transcation and hopefully it will come through*

DeaDTerra

donator

Activity: 1064

Merit: 1000

Sorry for the delayed dividend, the Bitcoins are on their way to GLBSE but due to their reboot of the wallet it might take a while Sad

//DeaDTerr

Rockefoten

full member

Activity: 134

Merit: 100

Quote from: DeaDTerra on August 21, 2012, 12:33:46 PM

Though paying dividends until a default is clear (no payment within 1-2 weeks), I hope most people can agree upon?
//DeaDTerra

I agree on this too. I trust that you guys will not run away with our money, so as long as you're paying dividends I'm in no rush having shares bought back.

Timbo925

sr. member

Activity: 352

Merit: 250

I understand why people would like their money as fast as possible. But indeed I also think pirate hasn't defaulted yet.
To me he is just in the fase of returning the funds. He told us it could take upto a week. If the payment is still delayed after that I would start to expect an liquidation of the assets.

If you bought this share you put your trust into DeaDTerra to do the 100% payback. So if you don't trust him now to handle in good faith, I don't see why you would buy the shares in the first place. I do agree with the planned dividend payment. If I remember correctly pirate also stated he would pay the interest when paying back the funds so if all goes like planned you wouldn't take a hit on the payment.

ciuciu

donator

Activity: 588

Merit: 500

Quote from: imsaguy on August 21, 2012, 12:34:54 PM

Quote from: ciuciu on August 21, 2012, 12:28:59 PM

Quote from: DeaDTerra on August 21, 2012, 12:26:15 PM

Pirate would have defaulted if he scheduled a payment and then didn't pay it and had no intent of paying it. Right now he defaults if it's obvious that he is not going to pay back or won't do it within a reasonable time limit. I think this definition might not be perfect but considering the situation it will do. Next time I will have to be more clear on this as a default can be many things.
//DeaDTerra

I partially agree with you. I would say if we can't get to an agreement to ask Patrick or Kluge to mediate this dispute.

Thank you.

I'd say we go with Nanotube. He's already deciding the outcome of the bet with no complaints from either side, it would seem only natural to me.

No problem with Nanotube.

ciuciu

donator

Activity: 588

Merit: 500

Quote from: DeaDTerra on August 21, 2012, 12:33:46 PM

Quote from: ciuciu on August 21, 2012, 12:28:59 PM

Quote from: DeaDTerra on August 21, 2012, 12:26:15 PM

Quote from: ciuciu on August 21, 2012, 12:23:51 PM

Quote from: DeaDTerra on August 21, 2012, 12:19:02 PM

Quote from: dust on August 21, 2012, 12:15:27 PM

Quote from: imsaguy on August 21, 2012, 12:06:53 PM

Quote from: dust on August 21, 2012, 12:06:11 PM

Quote from: DeaDTerra on August 21, 2012, 12:01:55 PM

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

This violates the terms of your contract, but investors will probably be ok with it. However, it does raise some doubts about the availability of the insurance money.

Please elaborate. There hasn't been a default and everyone is getting paid as usual. What's the issue?

There has been a default. Pirate has defaulted. That does not mean he will not eventually pay back.

A default is when he doesn't pay a scheduled interest or doesn't intent to pay back. Which he has done neither. This weeks interest was descheduled last week when he announced that he's closing up and there are yet any evidence that he doesn't intend to pay back. Hence not a default.
//DeaDTerra

DeaDTerra, the way you put it, Pirate will never default.
On the other hand, for me as a bond holder as long as I get the weekly 2.5%, I do not care about the pirate.

Pirate would have defaulted if he scheduled a payment and then didn't pay it and had no intent of paying it. Right now he defaults if it's obvious that he is not going to pay back or won't do it within a reasonable time limit. I think this definition might not be perfect but considering the situation it will do. Next time I will have to be more clear on this as a default can be many things.
//DeaDTerra

I partially agree with you. I would say if we can't get to an agreement to ask Patrick or Kluge to mediate this dispute.

Thank you.

Though paying dividends until a default is clear (no payment within 1-2 weeks), I hope most people can agree upon?
//DeaDTerra

I do agree with this.

imsaguy

vip

Activity: 574

Merit: 500

Don't send me a pm unless you gpg encrypt it.