Neo & Bee talk (spam free thread) - page 37.

sporket

sr. member

Activity: 280

Merit: 250

Quote from: Kenta on April 05, 2014, 01:44:38 PM

Quote from: Luttinen on April 05, 2014, 12:49:08 PM

Quote from: JorgeStolfi on April 05, 2014, 12:32:48 PM

Quote from: Luttinen on April 05, 2014, 12:02:51 PM

The buyer who takes over MtGox has to cover huge amount of lost Bitcoin. Neo has very low debt and actual BTC frozen and real assets that are valuable. Neo's assets and frozen funds are much higher than the low debt it has.

What other tangible assets do they have, besides the store and servers?

There is the software which is valuable, POS devices, not sure about status of building, the frozen IPO funds. Not sure about other assets. We are going to need to see a report of some sort. But business is valuable sold as a whole not piece by piece.

We don't know the full story of what went down with Bitfunder. Timing was suspicious to say the least, because it came right after btc.to was forced to close by US gov. There's a chance those funds had to be frozen pending investigation.

What other assets?
* They have done pioneer work in preparing Cypriots to adopt BitCoins. First time I read about them was about 2 months ago on the front page of Cyprus Mail, the biggest English speaking newspaper on Cyprus...

Somewhat more recent coverage by Cyprus Mail:

http://cyprus-mail.com/2014/04/04/police-probe-claims-of-bitcoin-fraud/

a day earlier:

Other sources:
http://www.newsit.com.cy/default.php?pname=Article&art_id=134544&catid=31
http://www.coindesk.com/neo-bee-ceo-danny-brewster-faces-fraud-allegations-cyprus/
Plenty more.

So yeah, Cypriots are now ready for bitcoin banks. Might need sum oil, though.

BCTCYPRUS

newbie

Activity: 7

Merit: 0

I HAVE SEEN NEO AND BEE OFFICES IN NICOSIA-CYPRUS
Two floors of offices (550m2) on monthly rend- Fully furnished furniture fully paid
Branch-150m2-on monthly rend-Very elusive development,luxury interiors,fully function bank like space,no othr similar in cyprus.
COST,350,000 EUROS,PAID-225,000 NEO AND BEE NEEDS TO PAY ANOTHER 125,000 Euros

Kenta

sr. member

Activity: 420

Merit: 250

Quote from: Luttinen on April 05, 2014, 12:49:08 PM

Quote from: JorgeStolfi on April 05, 2014, 12:32:48 PM

Quote from: Luttinen on April 05, 2014, 12:02:51 PM

The buyer who takes over MtGox has to cover huge amount of lost Bitcoin. Neo has very low debt and actual BTC frozen and real assets that are valuable. Neo's assets and frozen funds are much higher than the low debt it has.

What other tangible assets do they have, besides the store and servers?

There is the software which is valuable, POS devices, not sure about status of building, the frozen IPO funds. Not sure about other assets. We are going to need to see a report of some sort. But business is valuable sold as a whole not piece by piece.

We don't know the full story of what went down with Bitfunder. Timing was suspicious to say the least, because it came right after btc.to was forced to close by US gov. There's a chance those funds had to be frozen pending investigation.

What other assets?
* They have done pioneer work in preparing Cypriots to adopt BitCoins. First time I read about them was about 2 months ago on the front page of Cyprus Mail, the biggest English speaking newspaper on Cyprus.
* They have agreements in place with SoEasy, which is a chain of small kiosks all over Cyprus. Every little village have one of those!
* They have made some kind of an electronic terminal that accepts a credit-size card connected directly to your bitcoin funds. Almost ready to go live as I understand.
* They have had meetings with banks and govt. officials that more or less gave them green lights to roll out this thing. Approvals that might never be given again if it fails now!

So what are we waiting for! This might become worlds first BitCoin-land and if it has success it might be used as a model for doing the same in Greece.. then perhaps Italy, France, Spain and all the other countries that already had plenty more than enough of ECB and the Eurozone.

Luttinen

newbie

Activity: 14

Merit: 0

Quote from: sporket on April 05, 2014, 01:08:17 PM

Quote from: Luttinen on April 05, 2014, 11:45:59 AM

...Doesn't surprise me inexperienced Bitcoin community geeks can only give MtGox as example. This community is really a sad bunch.

http://i.imgur.com/OhdWa5N.png

I rest my case. Wink

I thought LambChops posts pony gay crap. Forgot to switch accounts?

sporket

sr. member

Activity: 280

Merit: 250

Quote from: Luttinen on April 05, 2014, 11:45:59 AM

...Doesn't surprise me inexperienced Bitcoin community geeks can only give MtGox as example. This community is really a sad bunch.

Luttinen

newbie

Activity: 14

Merit: 0

Quote from: JorgeStolfi on April 05, 2014, 12:32:48 PM

Quote from: Luttinen on April 05, 2014, 12:02:51 PM

The buyer who takes over MtGox has to cover huge amount of lost Bitcoin. Neo has very low debt and actual BTC frozen and real assets that are valuable. Neo's assets and frozen funds are much higher than the low debt it has.

What other tangible assets do they have, besides the store and servers?

There is the software which is valuable, POS devices, not sure about status of building, the frozen IPO funds. Not sure about other assets. We are going to need to see a report of some sort. But business is valuable sold as a whole not piece by piece.

We don't know the full story of what went down with Bitfunder. Timing was suspicious to say the least, because it came right after btc.to was forced to close by US gov. There's a chance those funds had to be frozen pending investigation.

velacreations

sr. member

Activity: 476

Merit: 250

he can't say that, he doesn't know what their debt is or their assets or anything else.

JorgeStolfi

hero member

Activity: 910

Merit: 1003

Quote from: Luttinen on April 05, 2014, 12:02:51 PM

The buyer who takes over MtGox has to cover huge amount of lost Bitcoin. Neo has very low debt and actual BTC frozen and real assets that are valuable. Neo's assets and frozen funds are much higher than the low debt it has.

How can one say that without a single financial statement or audit?

Is the store owned, leased, or rented?

What other tangible assets do they have, besides the store and servers?

Since BitFunder went down, there seems to have been no progress on recovering those "frozen" coins. AFAIK no lawsuits were brought against Jon (the owner of BitFunder). Why would a buyer believe that those coins can be recovered some day?

I read this November post by Brewster https://bitcointalksearch.org/topic/m.3732068 as: "Jon has two options, keep saying that he is working on it, or admitting that the coins are lost. I prefer the first." Of course.

Luttinen

newbie

Activity: 14

Merit: 0

Quote from: JorgeStolfi on April 05, 2014, 11:49:00 AM

Quote from: velacreations on April 05, 2014, 11:30:53 AM

they don't have enough money to file for bankruptcy

Please correct me, but I understand that filing for bankruptcy is a way to suspend all lawsuits that creditors and investors may move against the company and their management. These lawsuits can easily cost more in legal fees than a bankruptcy filing.

Gox lost a LOT of customer money. You are comparing Oranges(neo) with horseshit(gox).

The buyer who takes over MtGox has to cover huge amount of lost Bitcoin. Neo has very low debt and actual BTC frozen and real assets that are valuable. Neo's assets and frozen funds are much higher than the low debt it has.

JorgeStolfi

hero member

Activity: 910

Merit: 1003

Quote from: Luttinen on April 05, 2014, 11:45:59 AM

I could give you hundreds of examples of successful turnaround stories.

Can you give me one example of such turnaround by a company which never had any revenue and never published a financial statement, and whose entire staff quit after the CEO left the country without explanation and without paying their salaries?

Quote from: Luttinen on April 05, 2014, 11:45:59 AM

Doesn't surprise me inexperienced Bitcoin community geeks can only give MtGox as example. This community is really a sad bunch.

You and Brewster are part of the "Bitcoin community". I am not, fortunately; and I do have some experience with real companies that failed.

JorgeStolfi

hero member

Activity: 910

Merit: 1003

Quote from: velacreations on April 05, 2014, 11:30:53 AM

they don't have enough money to file for bankruptcy

Please correct me, but I understand that filing for bankruptcy is a way to suspend all lawsuits that creditors and investors may move against the company and their management. These lawsuits can easily cost more in legal fees than a bankruptcy filing.

Luttinen

newbie

Activity: 14

Merit: 0

Quote from: JorgeStolfi on April 05, 2014, 11:38:41 AM

Quote from: Luttinen on April 05, 2014, 11:26:18 AM

No, they haven't [ filed for bankruptcy ]. Last word from the CEO mentioned that a 3rd party agency is looking for a buyer.

Quote

[ ... ] details will be made available to interested parties who wish to purchase 100% of my equity in LMB Subsidiaries Ltd thus taking full control of all subsidiaries. [ ... ] I am working towards having this entire process completed within a short period of time to enable the business to recover, to ensure that those invested do not lose out following this process[/b].

https://bitcointalksearch.org/topic/m.6030319

Yes, that is what Mark Karpelès tried to do before finally filing for bankruptcy. And many MtGOX clients kept hoping that some "angel whale" would buy the company and honor its debts. But no sane person will buy a company in that situation.

Dude. That's one case out of millions of cases of businesses in trouble.

I could give you hundreds of examples of successful turnaround stories. Doesn't surprise me inexperienced Bitcoin community geeks can only give MtGox as example. This community is really a sad bunch.

JorgeStolfi

hero member

Activity: 910

Merit: 1003

Quote from: Luttinen on April 05, 2014, 11:26:18 AM

No, they haven't [ filed for bankruptcy ]. Last word from the CEO mentioned that a 3rd party agency is looking for a buyer.

Quote

[ ... ] details will be made available to interested parties who wish to purchase 100% of my equity in LMB Subsidiaries Ltd thus taking full control of all subsidiaries. [ ... ] I am working towards having this entire process completed within a short period of time to enable the business to recover, to ensure that those invested do not lose out following this process[/b].

https://bitcointalksearch.org/topic/m.6030319

Yes, that is what Mark Karpelès tried to do before finally filing for bankruptcy. And many MtGOX clients kept hoping that some "angel whale" would buy the company and honor its debts. But no sane person will buy a company in that situation.

NotLambchop

sr. member

Activity: 378

Merit: 254

Quote from: Luttinen on April 05, 2014, 11:26:18 AM

...The whole process will be completed and handled through an agency that specializes in these matters ...

velacreations

sr. member

Activity: 476

Merit: 250

they don't have enough money to file for bankruptcy

Luttinen

newbie

Activity: 14

Merit: 0

Quote from: JorgeStolfi on April 05, 2014, 11:13:23 AM

Quote from: NotLambchop on April 05, 2014, 10:48:20 AM

^Yep. I think the pitch was "to eliminate [Havelock] third party risks." Wonder what those (NEOBEE as opposed to NEOBEEQ) shares are worth.

According to an earlier post, it is customary on real stock exchanges to append a "Q" to the symbol, as a warning to traders, when the company is involved in bankruptcy proceedings. Havelock apparently is imitating them.

However, N&B has not yet officially filed for bankruptcy, has it?

No, they haven't. Last word from the CEO mentioned that a 3rd party agency is looking for a buyer.

Quote

The whole process will be completed and handled through an agency that specializes in these matters, once the final details are completed, the agency details will be made available to interested parties who wish to purchase 100% of my equity in LMB Subsidiaries Ltd thus taking full control of all subsidiaries. I shall also be providing the new owner full rights over the Bitcoin debts currently owed by BitFunder/WeExchange as I know people are working on a solution to recovering those debts for everyone that has funds stuck there. This process will also write off all directors loans I have made to the company and I shall not receive any financial compensation through this sale process.

My biggest mistake was using BitFunder/WeExchange during the initial stages of fund raising, had I not had to cover those losses my pockets would have been deep enough to cover all creditors and OPEX for the foreseeable future allowing the company to achieve a positive cash flow during that period, the choice was one made by myself and for that I am responsible for that decision. I am working towards having this entire process completed within a short period of time to enable the business to recover, to ensure that those invested do not lose out following this process.

https://bitcointalksearch.org/topic/m.6030319

velacreations

sr. member

Activity: 476

Merit: 250

Quote from: Luttinen on April 05, 2014, 11:05:52 AM

Of course you can https://www.havelockinvestments.com/order.php?symbol=NEOBEEQ

No you can't. Those are not shares from LMB, those are shares on Havelock. Roll Eyes

NotLambchop

sr. member

Activity: 378

Merit: 254

Quote from: Luttinen on April 05, 2014, 11:05:52 AM

Quote from: velacreations on April 05, 2014, 11:04:00 AM

Quote from: NotLambchop on April 05, 2014, 10:48:20 AM

Wonder what those (NEOBEE as opposed to NEOBEEQ) shares are worth.

nothing, since you can't trade them or move them to an exchange.

TAT was the only one that was moving shares between platforms, and he ran off.

Of course you can https://www.havelockinvestments.com/order.php?symbol=NEOBEEQ

How would one go about transferring the shares from the LMB site to Havelock?

@JorgeStolfi: Not that I know of. You're right about the "Q" though. Since the shares represent NeoBee profits and not equity, it's hard to say what they would represent if NeoBee files for bankruptcy.

JorgeStolfi

hero member

Activity: 910

Merit: 1003

Quote from: NotLambchop on April 05, 2014, 10:48:20 AM

^Yep. I think the pitch was "to eliminate [Havelock] third party risks." Wonder what those (NEOBEE as opposed to NEOBEEQ) shares are worth.

According to an earlier post, it is customary on real stock exchanges to append a "Q" to the symbol, as a warning to traders, when the company is involved in bankruptcy proceedings. Havelock apparently is imitating them.

However, N&B has not yet officially filed for bankruptcy, has it?

Luttinen

newbie

Activity: 14

Merit: 0

Quote from: velacreations on April 05, 2014, 11:04:00 AM

Quote from: NotLambchop on April 05, 2014, 10:48:20 AM

Wonder what those (NEOBEE as opposed to NEOBEEQ) shares are worth.

nothing, since you can't trade them or move them to an exchange.

TAT was the only one that was moving shares between platforms, and he ran off.

Of course you can https://www.havelockinvestments.com/order.php?symbol=NEOBEEQ

Topic: Neo & Bee talk (spam free thread) - page 37. (Read 262056 times)