Topic: HashFast announces specs for new ASIC: 400GH/s - page 79. (Read 880461 times)

If you read Liquidbits offer, it is clear they do not have the capital to do what they want to accomplish,   So, they are making a very complicated "deal" in order to get something for free.

They state there is 5.7 Million Dollars of components (possibly understated) held by suppliers.   Instead of offering to buy the inventory, they form a convoluted plan that should demonstrate to everyone that they do not have enough cash to do what they claim they can.   Otherwise, they would propose the FAR more simple deal of paying $5.7M for the chips, boards and components and let the rest of the bankruptcy progress.    That would allow the court to compile a list (I DO NOT SEE ONE) of exactly what these assets are and then seek other public bidders.    If LB's offer was the highest, the estate would have $5.7M to start paying the expenses and some of the creditors, and perhaps prove that it could become an on going concern.

But, if LB does not have enough money to do that, why would creditors want to become subordinated lenders to a company that is obviously undercapitalized and will likely never repay them?

Better still for creditors, let's get a list of these assets that LB wants, break them into 5 -10 lots and see what demand in the market is for them.   Maybe 20 lots so that people like Teal and others may be able to bid on a lot and we get the maximum value.   Keep the IP to sell later or to use to keep producing chips and boards and send every creditor some percentage of what they are owed.   Then we all feel a little better as we continue to pursue the truth about what happened and try and maximize the value of the estate.

It states that the debtors have not shopped the assets, does the committee even have a list of these assets that would allow them to shop them around to bidders?   Or is it just Eduardo shopping them in his own personal interest.

They also say Hashfast has showed these assets to over 20 (?) potential bidders (I find if VERY interesting that Liquidbits has been told exactly how many people HF has shown a deal to and that HF would also give them the information that no one is interested?  That is not how a negotiation works).    I have not been contacted in order to bid on these assets, and I am a large miner and also have the financial resources to purchase them.   No one has attempted to contact me.   So, the statement that these assets have been widely shown is false.   I am easily found and known by HF since they spent months lying to me about their production status and they know how many miners I ended buying from their competitors because of HF's failure to deliver on Nov 15.

I was never shown a list of assets and asked to bid.   I am sure there are tons of others like me that have not seen the list.   Mr Teal, have you seen this list?   Aerobatic have you seen this list?

Uniquify would get cash upfront for the chips. Are they opposing as well?

And btw, I'm the most optimist of the thread, because I dont see any reason why a trustee wouldn't give HF trustworthiness to take new preorders for a 16nm gen.

So, TO BE PERFECTLY CLEAR, Ray Gallo (we keep hearing this name), is the one who negotiated this deal on behalf of his clients?   I, personally, would like to hear from his 40 to 50 clients (he keeps seeming to cite different numbers when he is in the hearings) about why they think this is a good deal and why they asked their lawyer to pursue a deal like this.   If he is your lawyer, he obviously is doing what the clients asked him to do.
If the committee is opposed and Ray represents committee member Hee, how is this lawyer representing his clients?   Which clients is Gallo representing?

The committee is going to oppose this deal.  Ray Gallo, who claimed to 'facilitate' the deal in court, is another question.  If Gallo clients are opposed, it would help to have them say so - to Ray, and if he doesn't listen, to the judge.

Yes good idea

Good idea, if we don't express our opinion on this they will get want they want and stuff the rest of us, the committee could use our petition to support the case! I suggest we put a simple form on Dropbox and every one should sign in and upload it again?

What do you think?

Does anyone have a small amount (5-10) of golden nonce chips to sell?

A guy I know has some technicians at hand who could design an asic board.

So this is the TL;DR version? Liquidbits (whoever they are) get paid and the rest have to wait 2 years to get just a part of what they paid? What's the reason behind this and why isn't everyone treated the same and why isn't HF's crew behind bars?

Barber's revenge: creditors get nothing for forcing his baby into bankruptcy.

I had split a pre-order for one of the upgraded BabyJet's with my roommate.  Are there any special forms or places that we need to register?  I believe he received some sort of documents in the mail regarding it but didn't mention if we had to do anything on our end to get back whatever pennies on the dollar (if anything) we can?

I agree with this comment  . So basically one creditor gets paid off. The rest of us can only dream, hope and wish.

Do all these companies have some secret pact to screw everybody?

My dog didn't have too many fleas when I got him but then in January he started dragging his ass on watts per Gh/s. This lasted for 2 months then he started barking "next week" for 3 months. Most recently he's puked up a few 80Gh/s units to randomly selected customers.

My dog is a sick flea infested little bitch!

We could start collecting signatures to show the judge that we are against the sale for x reasons. He will be the one making the final call.

Btw, on the dream side of things, if the 16nm design is ready for tapeout, and we only need the money, and we collect say $5M from the sale of chips and another $5M from an external investor, that could be a better use for the money rather the the proposed "hold bitcoin to pay back our creditors, our estimates are saying so" (they didn't knew bitcoin was going up so they didn't hold it, but now they do and they will be betting our money on it).

This deal is all back ended and too risky for creditors, chances are we won't see a cent from this deal. Don't we have a voice collectively, can't we overrule this ridiculous proposal. It is so one sided any one with half a brain can see it! Haven't we been shafted enough? I vote that HF liquidate it's assets for as much cash as possible, I think they said $9m and then they should sell the IP to anyone that will buy it, to pay off the rest!

What a crappy deal for creditors.  Do we get to know everyone who has any financial interest in liquidbits?   Because they are obviously in bed with Eduardo and Simon.  
Simon and Eduardo get to keep all the intectual property that was paid for with creditors' money. And they avoid all the nasty inquiries that seem even more likely to route out misuses of company money.  The little inconveniences that would require them to repay money they took and possibly face charges.
Liquidbits gets free use or all the chips and the IP to make more chips and boards without paying creditors anything up front.  
And we creditors get nothing but the hope of a chance to get partial repayment of our claim over two years by a company none of us know and who had already entered into shady deals with hashfast before.  
Hopefully the judge sees what a joke this is.   They seem to value their debt at 100 cents on the dollar and include it in their assets or contribution yet all other creditors' debt was valued at zero and only given a contingent npossible partial payback.   Where is the notarized capital structure of liquidbits so creditors can even see if they have sufficient equity in place to do what they claim?

Ok, so, if the sale is approved LB would take every asset but the IP. They would give back a $3M debt to HF payable after two years and a LLC where they get to decide everything whatsoever always about anything, and where the declared goal is to make boards. If they are succesfull into making those boards, they would pay the $3M debt to HF and another $3M for us, the creditors, in the best case scenario. That would be after that the investment into the mine is repaid. Unsure of what happens if they successfully arrive at that point, since that I guess the share creditors would receive to depend on how many other shares would be emitted, that its not something I see on the terms, but its probably a problem of mine.

Sale Motion:
http://hashfast.org/Sale-Motion.PDF
http://hashfast.org/Sale-Motion-Declaration.PDF
http://hashfast.org/Sale-Motion-OST.PDF

Transcript of the committee hearing with debtor (includes the one we dont have an audio for):
http://hashfast.org/071514.pdf
http://hashfast.org/071514.2.pdf

Well take Bitmain for example they are shipping 3 batches of S3's at the moment all on time and as promised probably with less revenue, that is because they care more about spending money on the right things to get the job done and to put their customers first, it really doesn't need to be made so complicated they were clearly a) Incompetent and B) Having a field day in Silicon Valley spending money like they were Google! Didn't give a shit about their customers or reputation because we already made them rich within the first 3 months of trading!  They spent money like no tomorrow moving it around from one company to the other, why not just keep it all under one company, IP and sales if they were expecting to be in this game for years to come etc, it stinks to me all of it, but they will get caught out IMO

There were no more to make because they tossed off everyone's money, the expenses they ran up the salaries they were paying out all prioritised before what they should have focused on first and foremost their customers!

It will all come out in the wash, they won't get away with it!! It may take time but barber will probably stay abroad rather than face the music IMO!!

But still less than half the current cost, that again, is an interesting proposition. And again, the cost of the PCB was irrelevant back in January. They never let us pay for it, they preferred to lie about not being broke.

Edit: I knew that checking the dockets on a Saturday morning would have resulted in interesting stuff... The motion for the sale to liquidbits is there.

The substrate is the little PCB that the four dies are placed on. Simon is saying that they can place the cut dies on a chip for $20. Making boards will cost significantly more than that.