Topic: P - page 20. (Read 78397 times)

Or maybe he's going into voluntary administration. That would fit with the facts as presented in IRC.

Time to get that crazy statistical software that was used months back by University researchers to prove BTC is not so anonymous.  

Suddenly the need for something like GPUmax becomes much clearer.  

I will be calling 'The Lending Partners' in McKinney to find my funds, as Trendon is the Director (or so he pretends to be on the Internet).

http://www.merchantcircle.com/business/Lending.Partners.972-665-1900

Might as well implicate a financial organization, since this scam could go much deeper yet.....

yea, thats about the lines I'm thinking as well, D&T..

The only thing I demand Goat do is to seriously contact his lawyer and find out what he needs to file to stop any further shinanegans.

Also, if you need help tracking down any real world info on Trendon, the location or routes of BTC funds, etc etc, hit me up. I've got records inbound now from TX on some things and am available to do further 'research'..

cheers

 Pirate may be facing racconteering charges and to lessen his prison term he is working with the feds to get as much info as possible.

It's almost like this could have been predicted.....

Almost like Pirate was paying attention, isn't it?

Wow, 10+++ new replies just from the few minutes I took to read that. ;p

Gonna type it out anyhows, in case it wasn't asked yet.

Not being a lawyer, I may be confused on this. But a Default handled through legal channels should only need the fund managers' info, in the case of the 'pass throughs', I would assume.. Being called pass throughs doesn't really change the legal definition of them. Of which I am not clear exactly what the proper term would be.

I am completely baffled that he would need a break down of all the names though. Some of the things he suggests lead me to believe he has fallen under some kind of AML problem. BUT, if that were the case then they would want a lot more info than just the bond holder's 'handle' and BTC address.

He says this;
" Bitcoin Savings & Trust has hereby given notice of default to it's account holders.
At his time, all Pirate Pass-Thru operators are required to submit a list of their sub-accounts including; balance, forum / IRC name (or any other way of linking and confirming the account) and Bitcoin withdraw address. Payments will be processed directly by Bitcoin Savings & Trust to Pirate Pass-Thru sub-accounts upon verification and cleared of any outstanding conditions.
Payments will be processed directly by Bitcoin Savings & Trust to Pirate Pass-Thru sub-accounts upon verification and cleared of any outstanding conditions.Payments will be processed directly by Bitcoin Savings & Trust to Pirate Pass-Thru sub-accounts upon verification and cleared of any outstanding conditions.
Principal and interest payments are subject to review.
No timeline or further information is available at this time."

Ahh, the only other thing I can think of is that he has some legal requirement to directly inform every holder of the simple statement, "Bitcoin Savings & Trust has hereby given notice of default to it's account holders."

If so, that's pretty fucking slick willy there.

Anyhows, I can think of a lot of other strange reasons for this configuration. And none of them are good.... :/

It makes me laugh.  It is almost identical to the way Bitcoinica handled there shit.  We all know how well that went. 

Simply gave them weeks of extra time to get the hell out of Dodge. 

Quote heavily cut down from original
This bit is interesting to me, but as has been said, smoke and mirrors abound.

Seems like Goat's lawyer's solution is reasonable. As far as pirate is concerned, his liability should be only to Goat, not to some random bondholders, as there were no sub-accounts created with BTCST either as far as I understand.

Makes sense to me.  That was my first (layman) analysis when I read the chatlog above.

Well that is the problem.  Pirate knows Goat doesn't have that data and likely can't get that data, not for every holder.  Some bondholders (who purchased the bonds in private) will not be willing to give up the info.  Hell every bondholder may not even login or know they need to give info before Pirate's arbitrary deadline he pulled out of his ass.

It is just a way to fuck over the victims a little bit more.  To "erase" (at least in his mind) some of the liabilities.  

Step 1)  offer illogical rates of return
Step 2)  collect 500,000 BTC from complete morons
Step 3)  Profit!



But seriously.....what a brilliant end game.  Brilliance in simplicity and execution.  Play on the greed of a group of individuals prone to suspend reality, get them to literally SHOVEL Bitcoin at you, wait until the late comers really amp up your deposits, then make your move.  That move being lawyer up, obsfucate, and demand info from the private accounts of your pass through operators.  How insidiously ingenius!  

He has you guys by the balls.  He holds all the cards, and will probably force a settlement of 20% or less of the owed amount.  And honestly, what is your alternative?  Get your own lawyer and sue him for stealing your BITCOINS?  Do Bitcoins even constitute a tangible item?!  99% of lawyers and prosecutors will laugh you out of their office, yelling after you "good luck finding your magic internet monies!"  

The real beauty is that even iaf you fools can get a lawyer to take the case, Pirate can simply claim business went bad, he got in too deep, and now must close up shop.  Happens every day across America.....and the creditors (you guys) are left holding the bag.  Except in those cases, it was probably not so blatantly easy to see the scam.  


Game.  Set.  Match.  Pirate.  

It doesn't work that way, at least not in the US.  
You can only file a PETITION for bankruptcy and only a judge can discharge your debts.  An open lawsuit it going to stay the discharge.
Now maybe Pirate thinks it works this way or maybe he is just an idiot.

Also I have slammed Goat pretty hard the last couple days but Pirate actions are totally dubious here.
Technically Goat's bond is a derivative of Pirates investment.  Goat is the only investor.  That doesn't mean Goat can keep any money from Pirate but the bondholders are creditors of Goat not Pirate.  Pirate should pay Goat and then Goat disburses payments to bondholders.  My guess is Pirate is using this as a totally lame ass method to reduce his liabilities.  He thinks he can negate any debtor who's information he doesn't get before his arbitrary deadline.  It also puts Goat between a rock and a hard places.  Many of the bondholders will be demanding Goat do what Pirate asks (even if wrong) so they can at least get pennies on the dollar.  If Goat resists then he will get blamed.

TL/DR:
Pirate isn't just a scammer he is a fucking sociopath. Even in the very end he is willfully fucking over everyone,  even the bond issuers.

Crappy situation to be in Goat.  It is going to be lose-lose.

Seems like it would be the only way out for him to avoid legal or other trouble at this stage. He has hinted at having a "legal team" from the time he originally announced the default.

What problems do you see with giving him the data? (i.e. assuming you can somehow get the data in the first place)

Yes, just seems like more stalling.  Did you ever get a real contract from pirate or was it only a online agreement?

Yes. In the end only the lawyers win.

Discovery will be interesting 

Hes basically saying "Come at me bro"