So, if MP Legacy only sold its assets MonsterByte, what happened to the payments MonsterByte made to MP? If the company has any liabilities, any proceeds from the sale of assets should go towards those liabilities rather than to the owners - that's just corporate law works, even in Costa Rica I'm pretty sure. In this case, especially, because the debt had been called prior to the asset sale, meaning MP has an obligation to direct any proceeds from the sale to the owner of their liabilities. Anything else is pretty much just embezzlement...
The merger deal is for equity swapped. Moneypot legacy is using the income gained from the equity to pay for things such as debt tokens, support for R2B2 in the future, and increased development of Moneypot. No direct payments were made to the owners.
To add to this, Keeth is correct - there hasn't been any transfer of money to MoneyPot, and it's important to note that we haven't closed the deal yet. The potential deal we have in place is development and marketing support to help MoneyPot realize their vision, as well as restricted equity in Monster Byte assuming certain conditions were made throughout 2018.
Contingent upon our deal was that the old MoneyPot team would make realistic arrangements to settle all their previous liabilities from future revenue of the MoneyPot platform, and solve the Rubies token situation. The proposal that Keeth put out there seemed realistic and in the best interests of anyone that had a vested interest in MoneyPot fixing this situation and moving on under the Monster Byte umbrella. The alternative is that they would fold operations and everyone is left with nothing.
However, there was a legal claim presented in the Canada courts that we need to see through before we move any further. It's unfortunate as I believe we were making some good progress on foundational items, but we (Monster Byte) will need to see how that case ends up before we officially close the deal with MoneyPot.
This thread isn't helping matters, and anything can (and most certainly will) be used in the court system - so this is the last I'm writing publicly on this matter until it's resolved.
Sounds like casinobitcoin did a deal with moneypot, with good intentions. But why would a company like moneypot, who is clearly in need of money since they are selling there site, even bother to repay debts owed? They are off the hook now.
The part that confuses me is:
Contingent upon our deal was that the old MoneyPot team would make realistic arrangements to settle all their previous liabilities from future revenue of the MoneyPot platform
That is very vague, and I imagined the conversation with casinobitcoin and moneypot went as follows:
casinobitcoin: hi we want to purchase your site
moneypot: ok, you see that we're in debt and owe well over 100 Bitcoin. You sure you want to buy our company even with our shady past and bad reputation?
casinobitcoin: Sure do, just as long as you make realistic arrangements to pay your debt before you skip down. Oh, and you must solve the Rubies situation. Whatever that means. You promise to do that?
moneypot: no problem, we will definitely pay everyone back. You have nothing to worry about! Forget our bad past, you've got yourself a deal! Thanks suckers!
I bet the poor man owed 100 Bitcoin along with everyone else will never see a penny of it. It just doesn't seem like moneypot has the funds.
And casinobitcoin isnt going to pick up the tab. So who will?
They aren't off the hook, legally at least. You can't transfer all the assets of a company and just let the empty shell retain the liabilities...that's straight up fraud.
