UPDATE: BTCST new rates in effect 08/20/2012 - TEEK.PPT dropping interest rate to 2.25%, each bond now will receive .045 per week. Hi all - TEEK Funds is launching it's own pass-through to BTCST today, it will be live shortly. If interested, please place your bids. The face value of each bond is 2 BTC, it pays .08 BTC per week, and we have a contingency if a pirate default event were to occur.
https://glbse.com/asset/view/TEEK.PPTTEEK.PPT-----------------
TEEK.PPT is an interest bearing bond which directs funds to Bitcoin Savings and Trust known as "BTCST".
Each bond issued will have a face value of 2 BTC and will receive an interest payment or dividend of .08 BTC per week. Interest will be paid every Sunday. You must hold the bond at the exact time of dividend payment to be entitled to the dividend.
The issuer reserves the right to change the interest payment if BTCST changes interest rates.
In case of a BTCST default, TEEK.PPT will have a face value of 0 BTC, but each bond may be exchanged for 1 TEEK.A bond.
This loan or bond can be called at any time. If the loan is called, the issuer will place a bid of 2.05 BTC for every oustanding bond or issue a forced buyback at 2.05 BTC per bond. Interest for the weekly period will be paid out on a pro-rated basis.
** This asset does not represent ownership of any company or organization and has no voting rights. **
