Topic: Its Official Pirate Has Defaulted!! - page 21. (Read 63493 times)

There are advantages for him in going through the legal motions even if there's not a cent available to pay people.  I'm curious about why he's not shutting down GPUMax, though.

He is not going to pay back at all.  It's over. 

+1

Calgary, Alberta, Canada.

I've known people who've scammed way more than pirate has who didn't go around looking over their shoulder.  Businesses fail every single day owing more than is owed to BS&T users and in most cases nothing of consequence happens to their operators.  

If I was in pirate's shoes and I was planning on winding down operations in a legitimate manner, I would want to deal with the pass-through lenders directly, so I'm kind of surprised by his request because I wasn't expecting any legitimate moves by him at this point.


I suspect something similar to be the case too.  If he can come to an agreement with his creditors, he can probably avoid total bankruptcy and any obligation to apply future earnings to the debts.

lawl, i knew it since day 1....

so many fools who build pass throughs off a scam....sigh, greed got into the minds of too many, and it bit you all back in the ass.

Where are you located Bitlane?  out of sheer curiousity......

From what I have seen he is in Texas and they have a very conservative view of property in that state if that is where he is operating out of.  I think that based on what he wrote he is building a bankruptcy case so that if anyone does come back after assets or claims claw-backs that he had a record of what actions were taken and then he came to a settlement with each person listed for the best he could come up with.  I would expect that if the lists are turned in by Friday (and if they are not oh well, shit out of luck) that those folks will be sent back a counter offer to close out the debt.  The key here is what he sends back in the counter if you ask me.  Basically he is going to make each of the trust account holders take a deal for all the accounts they hold and make them go back to their investors/contributors and say here is what I got, .  If it were me that is what I would do so that I could move on with my life and basically pass the buck.  BTC are still property and the law may not fully understand this digital item/effort but they will break it down to the basics and apply the law that fits to this matter.  If he did move the BTC and covered his track he could claim default and still walk away with the funds unless someone get some savvy legal people involved.  All in all this is legal protection, maybe some small payouts to show good faith and the end to this effort.  Also as it was said in this post, someone or a few someones would need to have the balls to push the legal issue if they are not happy with what comes out of this weekend, maybe we will see that and maybe not.

For those of us involved with this investment this saying fits:  It is a big shit sandwich and we are all going to have to take a bite.

..and assholes such as myself don't add to the 'discomfort' I am sure.

I HONESTLY thought his game was Realestate/Loans etc in the REAL world and I fell for it hook, line and sinker.

Goat, I apologize for being a douche to you..... I only NOW realize that you are getting fucked just like everyone else, or perhaps worse from the requests of Trendon.

Maybe.. But watching over your shoulder for years to come aint a pretty thing.

Edited to add... I did not lend him a thin dime. I am just thinking how i would feel in his place. And that is shitting my pants.

You're about a day late.

You missed a line.  FTFY.......

I have learned that it is MUCH easier to file an International Fraud Claim, since I am from another country.
Internet and Confidence Scams alike are punished SEVERELY every day in America.

If I am to be another statistic, then so shall he.

If he was going to disappear he would have done so already.

Instead, he's realized that he didn't cover his tracks effectively from the beginning and now disappearing is not an option. He's spent the last week scrambling to recover BTC... and talking to a lawyer or two.

The original plan was to cash out, announce termination of service, buy up cheap BTC in the ensuing market crash, return the coins and pocket the extra cash. It would have been a perfect scheme... except the market didn't crash hard enough.

Now, his lawyer tells him that he's going to be on the hook for returning that money, and his life will be destroyed by endless lawsuits unless he can settle up. He needs to spread the responsibility for his failed scheme around so it doesn't all fall on his shoulders. His lawyer advises that if he can show that his pass-through cronies knew or should have known that he was running a ponzi then they will be liable to their pass-through customers, not him.

But the lawyers need a list of all those pass-through accounts so they can divert liability to their respective operators. And that's exactly what he asked for tonight.

DISCLAIMER: wild speculation, IANAL, etc.

And they've begun.  

http://bitcoin-otc.com/viewratingdetail.php?nick=pirateat40

seems likely. safe lawyer games. he actually gave out a fricking email address using a reg domain name. seriously.

A lot of people talk big on the interwebs.  Very, very few have the balls or the ability to follow through on threats.  

I will believe it when it happens.  Most (and I will bet all) will shirk off to the corner, nurse their wounds, and hope legal remedies will get something back.  I doubt even Bitlane will go break his legs in exchange for 20 years in prison.  

I'm honestly not familiar enough with the terms of all the pass-throughs and the jurisdictions in which they operate to give an informed opinion on that.    I don't know how their pass-throughs would be regarded legally in the jurisdictions in which they're located or whether they'd be regarded as promoting/operating an investment scheme, or if they've fulfilled product disclosure requirements.

My uninformed opinion is that in some jurisdictions the operators would not have personal liability because the product and the risks were fully disclosed and investor funds weren't misused.  They may have technically breached financial services regulations in some places, but that alone won't necessarily make them liable for their lenders' losses.

When a few of us dared question how someone can make why someone would give away 7%, pirate's loyal supporters  flamed us pretty good. Guess we deserve to say: "Told you so!"

Sad how he and his buddies are so firmly entrenched in the bitcoin WOT. What a joke. Fuck, pirate himself is an OP there.