Topic: NYAN/CPA final claims process (updated September 22nd, 2013) (Read 5404 times)

Update on BMF.

We have received a payment which appears to represent the value of a BFL FPGA single plus the cost of shipping, originating from a BitPay address.

We are operating under the impression this is the refund for the BFL single which had never arrived. We sincerely thank BFL for working with us on this one and don't mind at all that it took so long -- it's been a crazy couple of months!

This is great news. Now, our hardware has all been recovered, and we are only waiting on the final liquidation of one or two securities. We would hope as well that some other issues such as BTC-MINING/BITBOND would be resolved.

We encourage all LTC-GLOBAL moderators to take another look at the BMF security and vote YES, so that we may properly serve our investors. If anyone has any issue, with BMF, feel free to PM me and I will resolve it quickly and amicably. We're probably going to get enough votes to go live someday, and wouldn't it be better if you gave us your input so that we can make something better, and do a better job, for all BTC-TC investors? Thank you.

Update on CPA.

We are pleased to announce that imsaguy has settled his debt with CPA honorably and amicably, and I am glad that I stood by my earlier comments of having faith in him.

As a result of this, CPA has just made the final payment on the last contract it insured, a 1,100+ coin pirate default contract.

This is important news because of the relationship between BMF, CPA and NYAN. Now that CPA has paid back and settled on all of it's insurance contracts, any revenue generated from assets or recovered debts of BMF and/or CPA can go towards NYAN.A shareholders (as both CPA and NYAN.A held substantial amounts of BMF).

The current plan is to liquidate the BitVPS shares which should garner at least another 30 BTC+ (hope!!) We also have 2000+ RSM shares left which, although I covered personally, were never sold. If and when I can get a fair price for those they will go into the pot too. There are a number of other, smaller assets including a BFL single which was discussed before, but will be mentioned here again. There is still one BFL single which we paid for yet did not receive a shipping number for. We're still in contact with BFL on the issue and will probably need to wait another week before an update can be given.

There is other exciting news in store for these companies. Please keep in mind. The real world moves at a snail's pace compared to bitcoin. A bitcoin minute is often a month or more or realtime.  Please be patient as I am still in the process of completing my duty to my shareholders and recovering the fullest amount possible on everything we are owed.

Thank you for your patience and your faith.

Stop agreeing with Ian Bakewell.

This thread is for updates on my securities. I'm locking it until I have an update. Anyone is free to contact me if they have a question.

Noticed a typoe by me in my post you quoted - it says "NOONE could look at that post and work out what assets BMF held" it should say "NOONE could look at that post and work out what assets BMF holds" - the issue isn't so much what he had when GLBSE closed as what's now left of it and what happened with the funds from those parts that were sold (and how much those funds were).

Your explanation is probably correct : he'd prefer his assets to be listed so he could refuse to account for things and just wait until people gave in and sold into lowball offers he placed on the market.  Which is, of course, entirely the opposite of what happens normally in a liquidation - where all assets are accounted for and the proceeds distributed equally between equity-holders (after payment to any debtors of course).

He may also hope that if he can get Nyan.A investors to sell back via the market for cheap he can then give some proceeds out to CPA shareholders - proceeds which should, of course, have been dividended by now to Nyan.A in contribution towards CPA's "guarantee" of their 1 BTC face value.

Usagi knows that if he posts the actual numbers that he will be called out of being a fraud again. As long as he keeps everything secret then he can maintain the delusion that he is a high paid Wall Street broker.   

The first post says things like:

"DMC (1300 shares, claimed on BitFunder, unknown value)
Jan 27 - Estimated value is 0.1 per share based on holdings of 1,000 ASICMINER and 1000 BTC-MINING. We have the shares on BitFunder. Have sold 300. Will post an update after auction closes."

Do you still have them?  Were they sold?  Were the funds distributed?

Others say they were sold but not whether the funds were distributed.

Nowhere do I see the mining rigs/orders.

NOONE could look at that post and work out what assets BMF held - let alone what they were worth.  As it's out of date and incomplete.  All it needs is a spreadsheet with a column for the asset, a column for the quantity a column for any value realised and a column for any value distributed.  You certainly used to know how to make spreadsheets like that - and you don't even have to make up values for things you haven't sold this time.

The first post in this thread has BMF's assets and NYAN's assets are listed a few posts down from that. All of your other questions were answered in this thread months ago as well.

I'm not claiming Nyan.A has no assets - I've never claimed that.  Quite the contrary.  If you won't post details of what assets they have (or a valuation of them if you have a reason not to disclose them) then it has no business being listed.

Pure gambles where "investors" are supposed to trade things with no information on their worth are entirely inappropriate.  Well done on debunking a point that not only did I not make, but is the opposite of what I stated.

That nyan.b/c want some cash is NOT a reason to let them try to sell worthless shares to the public.  Or are you saying nyan.b may have a non-zero value?  If so then we need information on assets even more badly.

If you want to reopen the TU/Silver dsicsussion we can do that.  Here's a clue - if you take double something's current value then take away what you paid for it you don't necessarily (or often) get the current value.  You were doing 2*X-Y and believing it ended up with X.  It usually doesn't.  I dropped it as it was boring and entirely trivial compared to your contract still containing lies that it's a silver shop (it's not - only a small % of share price is silver), the cheapest on the net (it's not by a mile) etc.  Given that you weren't even doing what you said you'd be doing, arguing over how you valued it seemed pointless - though I do note you've changed your calculation, so the mistakes are likely different ones now.

Please read the recent explanation on this thread a few posts up regarding the forced buyback a few weeks ago. WRT the assets -- again -- you don't know what you are talking about. People have been saying there were no assets back when we did the liquidation auction. People were saying we had no assets back before I went after brendio. Now here you are saying we have no assets again. You're welcome to your opinion, it has nothing to do with me.


Go back and read what you posted in the TU.SILVER thread about how I was doubledealing silver etc. before you ask me a question like that. Right now I don't have time to help you with that. Just make sure you don't scam people with your LTC-ATF.B1 and we'll be cool.

Why does Nyan.A need to be approved?  You previously said everyone would get their full 1 BTC back eventually.  So just dividend out until they've received it back - with a forced buyback on the last one.

If anyone wants to sell to you cheaper it can be done by trade.

I don't actually disapprove of it being listed - IF contract clearly states your commitment (if it still exists) to pay back the full 1 BTC, gives some sort of schedule (to whatever extent it can) and there's a link to some post that very clearly says what has been paid back so far, what (if any) assets remain, what funds are owed by Nyan and/or CPA and what remains to be paid back.

Similarly I don't object to BMF being listed once the contract is updated to reflect that it's closing, any commitments you've made about value (I recall one about a guaranteed minimum) are clearly in the contract and there's somewhere a clear list of what assets it had at closure, which have been paid for and which still have funds owed (not sure whether all the mining gear has been paid for - seem to recall you saying  2 had been refunded).  Without ANY information on what current assets it has noone can possibly place a value on it and it has no business being listed.

As far as I know (correct me if wrong) nyan.b/c and nyan/cpa all have zero assets (or - in the case of CPA and nyan - have liabilities exceeding assets).  As they have absolutely zero value why should they be listed?  Anyone who buys them is paying something for nothing.  Any assets CPA has should by now have been paid to nyan.a on liquidation.  Any assets Nyan has should by now have been paid to either nyan.a or nyan.b (there's an issue on that which means nyan probbaly should hold back payment until it sees whether CPA clears nyan.a's capital repayment).

I can't see ANY reason to try to let the market find a price for things which have no value - that's a charity not an investment.  

With nyan.a/BMF there's no reason why they shouldn't be tradable once the contract reflects accurately the situation and sufficient information is provided to allow the market to properly assess their value.  Though I don't approve of blackmail attempts by threatening to withhold funds due to investors until you're allowed to trade.  If I were more cynical then I may even guess you just want to try to low-ball investors at below value by failing to provide information letting them realise what assets remain.

EDIT: Removed comments about SILVER/TU.SILVER as not relevant to thread.

We are now in receipt of 33,828 shares of BitVPS, which will be sold for what they are worth and used to repay NYAN.A shareholders as per our prior announcement.

Thanks to BURNSIDE and NAMWORLD very much for making this happen.

Note to LTC-GLOBAL moderatrs:
1. We're still not approved for trading on BTC-TC.
2. The comments left need to be followed up on because I have addressed all outstanding issues with the securities. Please vote YES so my shareholders can be taken care of, thank you.

YES 4 / 2 NO    (2 ABSTAINING -- Users with 10 or more shares of LTC-GLOBAL are allowed to vote.)

Anonymous voted NO with comment: 6 months after GLBSE shut down and still no list of assets (specifically mining rigs/ASIC orders). Seems abandoned to focus on new silver asset.

A quick response to this NO vote.

None of my assets have been abandoned. I have contacted ALL the people who owe BMF, NYAN, and CPA money. These people have promised to pay and I believe them because they are active in the community and have made payments in the past. I have calculated how much there is left to pay after that, and I have paid it personally. So there is really nothing left that I owe anyone -- as soon as I receive the money from the people who owe us, I will give it to the investors and we will be done.

Secondly and most importantly. Until that time I will no longer pay distributions on any of the securities. Instead, as soon as these securities are approved for trading I will buy them back on the open market and close them that way. This is the only way to provide closure to investors. There's just too many complications with people who don't read contracts, don't read the threads here on bitcointalk, and in general don't know what is going on. The goal is to provide closure, so putting the action in their hands and getting them to sell for a price they feel is worth it has become the only way to finish this.

That's what everyone else did.

There's really no reason to vote NO on any of my securities.

Voting YES will help my shareholders quite a bit and will enable me to do the right thing in a manner that everyone understands.

I'm hoping you'll realize that and be the fifth YES vote on BMF. Thank you for your time,

Hi! Also, I'd like to add, I'm here if you have any questions. You can e-mail me at [email protected].

Thanks! Will do.

Check your junk folder for the email sent to you when the account was created.  That will have your PIN in it.  If that doesn't work you'll need to contact burnside and he'll resend the email to you.

So, I received a dividend notification a few days ago and managed to get access to my account via password recovery. However, I need a PIN of some sort to withdraw or transfer my shares. I'm confused. Didn't even know an account had been created for me. 

Sure I can admit that. If you are talking about FPGAMINING I had contacted the guy and we were talking and he made it seem like he was just having a few minor problems. So I bought more shares at half price. I was wrong.

I learned a lot from cases like that. One thing I am making sure of in my new venture is to hold on to all the money and assets myself. I'm not going to let anyone else spoil the party for me and my investors this time around. I actually like running TU.SILVER better anyways. Silver doesn't depreciate like mining gear, and there's no counterparty risk. And instead of being denominated in bitcoins, it is BTC which is denominated in silver ;-) so it's a much safer business to be in for sure.

There are also some bad decisions, such as buying shares in a mining operation after the issuer bailed and stopped issuing dividends, but yeah.

I do not follow your drama, I let Deprived to get off on it. Good luck to your investors!

Sorry ciuciu, if you wanted to complain about auctioning imsaguy debt you should have complained when we were discussing the auction itself. Two or three weeks ago.

As I said earlier I will be making payments out of my own pocket to pay back NYAN.A. So the fact I won the auction is meaningless. I will be giving up 2 months of salary for this. Cool huh?

Anyways, you go run along now ciuciu, and handle your own business. As I recall you had over 4,000 coins in pirate while you were running CIUCIU.BOND and shorting GLBSE securities. How did that work out for you? I hope you managed to pull out before it blew up.