Topic: P - page 7. (Read 78397 times)

As you are well aware, there is still plenty of speculation that Pirate might pay, pay in part, or be successfully sued for part or all of his debts.  "Default" does not mean the story ends.

Why all this discussion?

Pirate has defaulted. Tygrr.bond-p is worthless, and holders take the loss, end of story.

An uninsured pass-through will pass through losses, just as it did dividends.

I demand that you send Pirate a picture of you with a shoe on your head, just to show that you mean business.

Not to mention the rights of other bondholders who are entitled to a portion of any payout on the shared debt. If two people jointly own a home, one person can't pick a half of the house, sell it keeping all the money, and tell the other person "well, I sold my half. You can sell yours". The agreement with Goat determines how payments on the shared debt is distributed.

By the way, I've done some more research, and I'm much less confident that the intended third-party beneficiary argument would work unless you could show that Goat was not making reasonable collection efforts.

Right now, the only thing to do is to either sell at the drastically reduced open market price or to wait for Pirate to pay Goat and Goat to make a buy wall.  (Maybe if Pirate were to make a partial payout, Goat could issue a giant dividend - shrug).

Pirate requested that PPT managers pass him sub-holder information directly as a condition of repayment. Goat has not done this because (1) Goat doesn't have this information; (2) it is probably a breach of UK law for the exchange to provide this information; (3) Goat's account with Pirate is actually a personal account and was never structured as a trust account in the BTCST scheme of things -- Pirate owes Goat the coins; (4) Pirate has offered goat no satisfactory explanation -- actually no explanation at all to anyone -- about why this is being "required"; and (5) Pirate has acknowledged that Goat cannot really comply with this demand but has not made any attempt to talk about the actual nature of his needs.

I would advise you to be wary of any scheme set up to circumvent Goat and settle up with Pirate directly.  Firstly, keep in mind that more or less nobody has been paid back yet: for all the talk about Goat, he is not actually in any kind of exclusive position of being left out of reimbursement.  Secondly, unless someone can mount a very strong case in an actual court that this is an intended third-party beneficiary situation (https://en.wikipedia.org/wiki/Third-party_beneficiary), it is not clear that anyone has the right to go behind Goat's back on this.  There might be a legitimate fear that doing so could constitute tortious interference (https://en.wikipedia.org/wiki/Tortious_interference) with Goat's contractual rights.

Lastly, remember that if Pirate wants to pay bondholders for their shares, all he would really have to do is go on GLBSE and set up a buy wall on the asset (announcing his intention beforehand, if there is an ethical bone left in his wooden leg).  If someone is trying to get you into some scheme where you do a share transfer for a personal BTC payment, you have to ask yourself what's really going on.

So what's this I hear about sending a receipt of your GLBSE holdings directly to Pirate in order to be paid out?  I read that in this thread: https://bitcointalksearch.org/topic/i-bought-some-of-goats-ppts-and-now-pirate-wants-to-deal-with-me-directly-104944

Can anybody verify this is how PPT bond-holders are supposed to recoup their funds?

As long as Goat respects the contract, I dont really see the big scam here. Well, no different than before Pirate's default anyway. Wether or not those PPTs are illegal or immoral has been discussed, but Goat selling bonds now isnt different; If people want to bet on Pirate paying out, they can do so Matthew style betting 1-1 or by buying up debt and get 1-6 odds right now. Its quite possible Goat has a lot of coins in BCTST, so this could be a way to bet the other way, as a hedge.

According to Goat, his personal + TYGRR BTCST deposit is greater than the 40k bonds so they do have a BTC backing them. At this point it appears that Goat has basically zero faith that Pirate will pay back and is using the TYGRR.BOND-P issue as a way to sell his personal Pirate stake for ten cents on the dollar. I'd guess he's doing it privately through transfers though, the jump in the number of active bonds since Sept 1st doesn't seem to correspond to an increase in trade volume.

However you'd call this fraud - it it's hugely illegal, as for my knowledge though I'm not even a lawyer.
I mean, if you consider that these are "bonds" traded on a "stock exchange", based on a "contract" an the "IPO"...
These words do have some legal meaning.
So basically Goat is so fucked up - and Nefario as well. But they don't care - they keep selling bonds, as nothing has happened.

Now they need to make up their mind; either by saying that all the "bonds" and "IPO" stuff was just like in farmvillem nothing real - or, if they'd ever like to go to any court, they need to face the punishment for all the financial laws they have broken.

They will not go to any courts - face it.
Where I would advise them going to, is somewhere in Amzaone - just to hide as much as they can, before they can still leave the country

Assuming your conclusion is correct, there is quite a simple explanation. People were (and some still are ) buying pirate debt. For pennies on the dollar, but those newly issued bonds dont even have "a dollar" backing them. Its Goat gambling or knowing pirate wont pay back, so he wont have to buy those bonds back either.

So Goat is issuing more bonds even after pirate obviously hasn't paid many "investors" back?


Wow

Why would he do this?

He's American.. Labor :p

He said that his attorneys contact info would be made available Friday.  Has it?

The man deserves an extended Labour Day Weekend !!! 

I am in the dark. His irc bouncer disconnected yesterday for a bit but then came back.  AFAIK, he's been idle since Friday.

Do you know if he's busy trying to pay anybody back, or did he just go "fuck it..." at this point?

No.

Has there been any word from Pirate at all since the weekend?

I see you have been doing a really great job Goat with countering the bonds - I'm so proud of you!

Unfortunately you have only 1648 left before reaching the 40k roof.
But no worries - I am sure that Nefario can update the database with a simple SQL query, so your number will be able to go even higher.

So I'm looking forward to update my chart further - and don't you both dare disappointing me!

Pirate isnt paying anyone back. Hes most likely sitting on a beach sipping pina coladas and laughing at you.