Topic: HashFast announces specs for new ASIC: 400GH/s - page 63. (Read 880728 times)

It's my understanding that late Friday Hashfast finally signed the document giving the CRO authority to take control of the company.  Anyone looking for a fair deal that wants to buy chips or other assets should be able to deal with the company now w/o fear of getting taken.  The CRO should start their work Monday.

HF's management, if you believe what the committee is saying, or
The Committee, if you believe what the "newbies" in this thread are saying.

I know with Avalon, I can download the CAD files and presumably order a board from a house, a reel of chips from Avalon (at ehash.com) and produce a product.  This is something an individual with some experience can do.

It seems that if someone built a miner from the already produced Golden Nonce chips that exist, and do so at a cost that still allows profit to be extracted, that would be a win-win.

The LiquidBits proposal was close to that, but it was large scale (a "deal") and still exposed the estate to risk.

What are the show-stopper problems that keep this from happening?

So are we going to get our money back already or not? :-)

Well put.

Is Edward still trying to buy a ticket for virgin galactic? Because you know, it was his major concern back at btcmiami. I really feel sad for him having to live in the office, he must be really poor. But I already tipped him, I dont think I will do it again.

I would think my accounting background is better than yours.    Could be wrong, but I doubt it.   I feel pretty secure about my understanding of what you can and cannot do in business. 
How can you transfer an asset to another company that has value and not receive a payment?   
Ask the IRS that.     I cannot just "gift" assets to companies that are related let alone companies that are "independent" of each other.
The IP cannot get from CA to delaware without a market based payment.    The CA company CANNOT make payments from their revenue to pay for assets that are owned by another company.   Really?   You think it is that easy to dodge taxes and embezzle assets from a company?  Where did you go to business/law school?   That is patently ridiculous. 

Maybe I can make it simpler for you.   You start company A.   You collect $20M from people in exchange for a promise to deliver something.  You buy gold/a house/a boat or even a llama with $6M of the money.    You declare the asset as worthless and you transfer it to company B for free.     Do you think this is legal?   Hint:  it is not.
Then you charge company A $85,000 per month for the use of the asset that Company B never paid for.   hmmm.   Kind of makes your transfer price look like embezzlement doesn't it?
Do you understand?
The raises are not "criminal".   Where did you get that idea?   But, it does make it far easier to argue that all pay to EVERY shareholder of the company while it was undercapitalized could be recalled by the estate.   

You obviously didn't read the transcripts.  The money paid to the other company was for engineering work done for the IP that is supposedly worth $30M according to Simon and worth almost nothing according to Monica.  The fact is the company just did the two company model to hold the IP and move dollars back and forth.  It wasn't even kept right in the accounting per the testimony and had no stealing of assets involved - that just shows how illiterate you are with basic accounting.

However it is sinful that raises were given to employees who had only been with the company months, some of them big so I do agree with you on that point.  Its probably criminal.

I do not know if the committee has plan or not.   The CRO is the one that will matter right now.  The committee still does not have the power to run the company.   The CRO has that power now.   Seriously, I will explain how bankruptcy works if you call me if only to stop you from mistakes like this.   I would assume if you understood how this works that you may be able to help instead of stating crazy things like they are facts.
You speak like a used car or RV/boat salesman, I thought you were a lawyer?   Guess that read was wrong.
I have been through three bankruptcies where people tried not to pay me.   I have received full payment in two of them and the other person is still making payments after trying to hide in PR.   These are not fun.   Especially when management spent their time wasting away creditors' money instead of trying to turn the business back into an ongoing concern.
Attempting to steal the assets from the company is not irrelevant, it speaks to character and lets people know that there could be more diversions to look for.    And I am not sure that it is a slam dunk that the IP is back in the estate where it belongs.   Do you have citation for that?

All the employee raises were done prior to the CFO joining the company.  It was Simon and his wife that granted them according to employees.  The CFO disagreed with the raises and fought with management to lay people off and keep them from buying lunches for everyone every day- this came from one of the layer off employees.  Eddie was seen taking the staff to lunch at a pretty expensive restaurant and we complained to management and were told it didn't happen (through the support line) so they continued to lie to customers even then. 
The equity is typical in any silicon valley company for any executive and is worthless so who cares who has equity?  Eddie squandered his family money and Simon and he never put a cent in anyway, so its irrelevant.  Focus on facts that matter.  Where is the committee plant get creditors money?  They claimed to have one weeks ago and nothing has been posted.  A tiny bit suspicious that maybe there isn't one? 

You are ONLY NOW getting to the first days when someone other than HF has control over the delays.    We are basically at day ONE because of the stonewalling of HF management.   Even after they agreed to give up some control, they then delayed before doing what they agreed to.   Disgusting behavior.   Just like their testimony where Simon "has no idea why they set up the Delaware LLC".   
Just read the sworn testimony at the link above.   While people were asking for refunds AND MANAGEMENT INCLUDING MONICA knew the company was insolvent, they gave everyone raises (some of them $100,000 per year) for FAILING and they started paying 85,000 per month in "royalties" to a delaware company for use of the IP that the delaware LLC paid NOTHING FOR.

This is probably the most important point everyone needs to read in the testimony for themselves and think about what kind of people would do that.   You have wasted $20 Miilion of other people's money and your actions AFTER it is clear the ship is sinking is to enrich yourself personally through cash raises and an attempt to steal the assets of the company (that other people's $20MM paid for) by transferring them to another company that MOST employees (including the CFO) own shares in.

So more and more talk and no actions.

No, you are incorrect and entrenching on a FACT that you do not understand.   I realize that you are embarrassed about how many of the legal terms you have not understood and likely some of the financial also, but you should not be as these things are complicated.   But do not call someone "full of shit" that does understand.   Monica was actually the person that would have had to sign off on the hiring of the CRO.   Read some of the court documents.     Let me know if you would like some help understanding but stop being an idiot and tone down your language especially when you address people that are obviously better educated (and likely more intelligent) than yourself.

you are full of shit as usual.  The CRO is a CEO, nobody other than the president can appoint him.  Probably the board has to also.  Get your facts straight dude.

1.   You are wrong.
2.  You are wrong again on both you "points" in the one sentence.

You should stay anonymous, your statements are idiotic so anyone with any pride would want to keep their face covered while spewing them.

Simon is the only one at the company that can sign for a CRO but who cares.  The real question is who is getting money for the creditors?  the committee isn't for sure.  Any deal would have been, in hindsight, way better than the legal fees that the CRO is going to cover - we creditors are completely fucked.  And its good the committee is being sued since they are the ones that have caused the damage. 

So whats the plan?  Now that there are no employees left other than an engineer and the illegal founders who screwed everyone, and a CRO how is the money going to be made back for us all?  seems like a trustee is now in order.

The link didn't open - who is suing the creditors counsel?  Eddie?  he's the only one although I have heard there is a lot of disgust on the committee since the leaders don't agree on a direction. 

And the only reason I'm not posting my name is that this forum just likes to trash people for the heck of it as nobody has any brains on here as all they do is sit around all day on blogs and complain.  take some action instead and figure out a plan and sell the shit.

WHO wouldn't be happy leaving the likes of Eddie and his dog and Simon who bolts the country and leaves a team behind just to clean up their mess?

I know someone who used to work there and it is true - you can checked their profiles - they have all left the company in disagreement with not being able to run it like a real business.  From what Monica told the lawyers the only reason she joined was that there was a term sheet and a real CEO about to join, then she had to switch from consultant to employee just to get paid.  She told my friend she tried resigning a few weeks ago and they said she couldn't.  Bad choice of hers.  There is an engineer left who is supposed to be good but he can't run the whole show.  Tim left a while ago and so did the chip design guys.

no she is not responsible for it.   BUT, if she found anything amiss in the books and did not report it, she would be.   Any CFO or CPA of any kind, would first reconcile all the books to get YE books (they were only in business 7 months in 2013 so this is not that hard to do).   What I would take from her NOT saying anything is that maybe there is nothing bad to find.   It is not in her interest to cover it up, so you need to assume there is nothing to cover up.   Or, that it is hidden and she was not smart enough to find it.   
I do not find it credible that someone with no real interest in the company (she only was awarded 3% equity in the delaware company that was formed to try "shield" the IP) would take any personal risk of perjuring themselves. 

The ruling is the creditors committee screwed the creditors for their own personal interests.  They hired a CRO type to run the company and he's very expensive even though they don't have money to pay their staff. 

this might be because Eddie is too "attached" to this little puppie. As time goes by, the individual orifices get worn and defective.

They talked about how happy they were to be done with HF.  Eddie apparently lives at the office, along with his dog that is pooping a lot, even on someone's computer monitor.