Topic: Lab Rat Data Processing, LLC (LabRatMining) Official Announcement - page 49. (Read 452170 times)

I appreciate there are many with more skin in the game than myself. That being said I believe the new contract doesn't hold water if challenged. Assign your own risk valuation to signing the new contract.

Had i known the rules were going to change mid stream, no way in hell would I  have agreed to what I agreed to. We cant change the rules, can we? lol..

I agree with BAR.. I don't feel comfortable with the way its written.. I think the bonus bothers me. What is the bonus? It needs to be put in GHS or MHS or whatever.. just saying bonus is too broad....

No, it was just open market on bitfunder.

Did those that bought shares at the very beginning digitally sign an agreement?

Zach do get a refund when we accept the new contract.

Refund Policy: This policy applies to all of our purchases with Lab Rat Data Processing, L.L.C. sold through our website, EBay or any other means. We have a 7 day cooling off period where Refunds are available. After your purchase is completed and 7 days have passed ALL PURCHASES ARE FINAL Please make sure you understand this. By purchasing from us you agree to this 7 day Refund Policy.

So when i accept the new contract will i be treated as a new customer with a new purchase and will i be able to get a refund for my purchase ??

I'm looking at the bond list and your BTC address 1MQLfiKA5A6goEiSwMdVyVvFw4YgCj489V shows 159 bonds (x3 due to the split) so 53 Bonds originally. It makes sense for you that signing this new contract is probably easier than fighting for a proper non arbitrary contract would.

How many of the larger bond holders would like to see a more concrete contract put in place?

My BTC address is 1FscNBYzd5CqDzUVQ9YapLQNtLbswkM4NL

http://eligius.st/~wizkid057/newstats/userstats.php/1FscNBYzd5CqDzUVQ9YapLQNtLbswkM4NL

I have 5007 shares (1669 before split)

Looking at the bond list,
There are a total of 365 Individual Shareholders in the list (If you take out the ones that have 0 shares and assume that no one is using multiple addresses)

Top 10 Shareholders - 2.74% of Total Shareholders
own ~40% of all of the bonds

Top 15 Shareholders  - 4.11% of Total Shareholders
own ~48% of all of the bonds

Top 20 Shareholders  - 5.48% of Total Shareholders
own ~54% of all of the bonds

Here's another delicious morsel:


If I'm reading this right the bold part talking about "future modifications" means that by signing we agree to all modifications LRM makes for perpetuity.

What?

So if he wants to he can modify the terms so that, I don't know, all our rights are meaningless? Maybe he'll make it so that we pay him dividends instead. Perhaps he'll modify terms so that he can put a lien on our private property to purchase equipment. Better yet he can claim custody of your spouse and/or kids. Not married? No problem! Just become the indentured servant of Lab Rat.

OK, so it's a ridiculous over reach to claim signing a contract holds you subject to future guidelines and modifications. Again that would be the purpose of a statement of integration and every time there are new guidelines and modifications they must be entered upon by signing a new contract either supplementing existing agreements or negating all previous agreements in favor of the new.

Hi All,

Haven't seen this mentioned.  LabRat sent out an email last night (UK time) to bondholders who have registered email addresses.

Reproduced here for those that did not receive it:

I would agree but I think the contract as it exists has loopholes. Again I'm not a lawyer but I've had quite a bit of experience with contracts due to business in film, television, healthcare and the oil industry. I'm going to include a few excerpts that caught my eye.


Nope, sorry, you can't abolish your contract holder's rights by simply stating thus. If there is sufficient evidence of wrongful conduct, particularly criminal conduct then this line will be summarily dismissed.


OK, so this line is a CYA that we cannot rely upon information outside the terms of the contract to reference our rights, guarantees etc. What's missing, and please correct me if I'm wrong but I haven't found it, is a statement of integration. Something like:

This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and the Underwriters, or any of them, with respect to the subject matter hereof.

The lack of the above essentially assures that signing the new contract adds provisions to our previous agreements, but nowhere does it negate the provisions of past agreements. Furthermore, when provisions are found to be in conflict with one another there is no procedure or resolution to be found. All of our previous agreements should be fair game in a court trial because the new contract negates nothing.

Actually, I've come to thinking that the way this contract has been presented, we lose no rights whatsoever in being forced to agree to it...

http://en.wikipedia.org/wiki/Duress#Economic_or_pecuniary_duress

"A contract is voidable if the innocent party can prove that it had no other practical choice (as opposed to legal choice) but to agree to the contract."

LABRAT/GRNBRG

HOW MUCH LRM HAVE RUNNING HASHRATE, ORDERED, RECEIVED BUT UNINSTALLED, OTHER HASHRATE?

Lol as per new contract you have given up right to sue as you agree to dividends being issued on sole discretion of lab_rat.

I'm going to sign the new contract.
300 plus bonus will in all likelihood be better than 300 no bonus.

No, it's not ideal but if Zach's intent is good we can all continue to make money. Many here have chosen to punish Zach for the fact he's not obligated to pay a bonus. How about we reserve punishment for when/if he fails to pay a proper bonus or fails to supply us with adequate info after the new contract is in place?

I view a lawsuit as the nuclear option. The new contract and the way it was introduced to us would probably not fare well in court. I'm no lawyer but signing the contract appears to be a far cry from waiving all rights.
   
What we have is a Mutually Assured Destruction situation.

Zach knows if he acts irresponsibly with the bonus we will sue and if we sue there's no real chance of a good bonus.

Uncomfortable yes, but it's incentive enough for all involved to play nice until somebody is truly being screwed over.

TLDR: We have a M.A.D. situation. Zach knows a lawsuit will ensue if he's tight with bonuses and we know suing would torpedo the whole venture. Best way forward is to cooperate.


Edit: This hasn't played out in it's entirety. Let's see how things look a few Months after the new contract is being served. I'm glad some are prepared to lawyer up. It's prudent, but please keep your finger off the trigger until we really know.

P.P.S. Edit: Anybody here a lawyer or have one looking into this? It would be helpful to know how binding the new contract is should we choose to sign it. Specifically in a hypothetical case against LRM how much would signing the new contract affect proceedings or possible judgments or our right to claim that LRM should honor a verbal agreement assuring proportional payout?

Veal is not lamb. Veal is the calf of a cow that has been only fed on milk.

Let's run this one up the flagpole again...


But with wording something along the lines of..

Each contract gives the holder the right to buy another contract out of every subsequent issue of bonds for the sum of 1 satoshi.

This means effectively that should new issues be mainly 100% for existing holders that the number of outstanding bonds will double every time, but since the hashpower required to "compete" in bitcoin is doubling every few months this sort of makes sense.

I do not eat veal because of the cruel conditions under which the lambs are held prior to slaughter.

Is this some kind of comparison?

My $.02.

Dinner and a show!

Lol, is there anyone you *don't trust*, Bar? 

I've had a number of people PM me, asking how they can convert to the new (April 25th, 2014) contract.

There are two options to do so:

• Email Lab_Rat (at [email protected]) from an email address that you have previously verified and state that you wish to convert to the new contract.  As long as the email address you have used was previously verified with LRM, he is not requiring a signature.
• Alternately, you can email or PM myself with this information.  I, however, will require that the message is signed with your LRM address.  I will confirm receipt, and will ensure that Lab_Rat has the information before the deadline.

Note that you are not being required to convert to the April 25th contract, but if you do not do so, you will not eligible to collect dividends under the payout terms outlined in that contract.  (ie:  The old contracts will be paid divs for 100MH/s per contract.  The new contracts are paid divs for 100MH/s plus an optional bonus, at the discretion of LRM.)



grnbrg.

Probably won't be difficult to find a prosecutor in NJ who is just itching to get on the "bitcoin scam train"... just to get one under their belt...