Did you guys file claims?
Please let them know the small orders represents individual people and the capital investments that was committed was individual not institutional funds. Cdavid is correct. Please request a forensic accountant to look at the books as they moved cap ex between the LLCs which is why they want seperate approach to each.
Edit the chaper 11 LLC may have been paying all of the expenses... Wheres the other LLC is all profit. This is legal to an extent. I can have an shell LLC charge rent to the parent company Or lease a paid off vehicle to pay less taxes. US tax code is what it is.
Noted, I'm in the same boat as you individual small orders, just that I (unfortunately) have a bigger order.
Of course it'll be in all us creditors' best interests to have some serious auditing done to claw back as much of what is due to us as possible.
Again, please file your claims if you have a legitimate claim, so that you can be accounted for.
YES PLEASE LET US KNOW ABOUT SMALL ORDERS? What must we do, i also cant read law letters, its confusing me
Only thing you can do is file the claim.
The only positive thing I can see is they filed in San Francisco California. Very liberal and very keen on consumer protection. They should have filed in another state like Gox did that's pro big business. Our rep will need to be assertive regarding individual funds compared to institutional funds on the hope he can get a higher percentage of the money back compared to the institutions. This committee is every man for himself. Their is not enough funds left to go around. They know HF is dead and they will try to recover as much of their investments or outstanding bills as possible. I have been out of this realm for many years because I hate it. The representatives may be professionals who have a bonus tired to the funds that they recover.
vokain hammer them on the personal aspect please.
Creditors' Committee definition:
The secured creditors' committee consists of lenders that have a first claim on assets that collateralize their loans. Members within the unsecured creditors committee generally have more or less power depending on the amount they are owed. Although the court will take into account the position of the creditors' committee, the bankruptcy trustee has ultimate power in deciding what is fair to all parties.
Note to future self: avoid any sort of situation that might invite me to deal with courts of law ever again if at all possible.
Stan, to clarify, when you say "personal aspect" you do mean "small orders represents individual people"? I don't quite follow what you mean by "Our rep will need to be assertive regarding individual funds compared to institutional funds on the hope he can get a higher percentage of the money back compared to the institutions." I'm currently interpreting this that this whole debacle probably hurts individual purchasers more than the individuals of an institution that purchased from HashFast. If so, then of course. The trustee is in SF so like you said, hopefully we stand a good chance of her being as fair as possible to those who suffered most from this
