This would also explain genjix statement:
Tihan denies being in charge, which means his parent company (Core Credit) has to authorise the payments. However Tihan is saying we don't need that.
Color me confused. What is going on and how does this benefit customers?
You should quote the entirety of my post:
It's pretty easy, Genjix, what are you working on today? Right now. What is Patrick working on? What is Donald working on? You are all hard working guys, and can't be just sitting around drinking coffee. What exactly is it that you've spent the last four weeks doing? Even if the answer isn't "writing cheques to repay you", just tell us. It's not like you can be "incorrect" or "inaccurate" about what you're doing.
Until Saturday (or so), I was working on helping process the claims. Since then I've been working on libbitcoin and Electrum.
Now the thing is that for payments to be processed, we need legal authorisation from the person in charge. Tihan denies being in charge, which means his parent company (Core Credit) has to authorise the payments. However Tihan is saying we don't need that.
The problem is that Bitcoinica Consultancy only begun the process of being formed when the attack happened. The paper work was not completed and we weren't acting as GP. Tihan is asking us to finish completing the formation of Bitcoinica Consultancy first, while we are asking for legal authorisation to conduct payments on their behalf.
But I think the issue may be resolved now although I'm not sure of the specifics (I'm not a lawyer). Hopefully someone acting on proper legal representation can respond.
Anyway I'm going to avoid posting now, since the technical problems have been resolved, and the remaining things are legal. I've probably made a bunch of mistakes or inaccuracies above as I don't have a complete understanding of this and don't have a legal background.
Bitcoinica Consultancy registration was never completed. I for instance had not signed and my documents weren't notarised. Similar things for others. So there is no clear ownership here.
Tihan was asking for completion of the registration for Bitcoinica Consultancy, whereas Donald was asking for legal authorisation from Core Credit.
Tihan sent this email:
This is what I need from each of you today:
1) A sign of life that the claims processing has begun -- an announcement to that effect and/or actually paying people back
2) An email reply that you are acting as directors for the Bitcoinica LP general partner.
3) An email reply that you will supply the NZ Companies office with valid docs to reflect your director status at your earliest opportunity
I must consider anything less to be an abandonment of your legal obligations.
Donald, since you are the only one not in favor of moving forward, I will look for you to respond first.
Donald:
I've tried to contact Andrew Thornhill but haven't been able to. Do you have his contact? The question in my mind is if you had the authority to hand us the claims process and what that extends to- does it extend to actually making payments? I think your speculative judgements or opinions are worthless in this regard. You cannot say that we have the right to make them and that you are an advisor. We need to determine if we do have the right. It could potentially be a lengthy process but if you provide me with Andrew Thornhill's contact it can be resolved immediately.
Tihan:
I never had the authority to hand you the claims process. By my recommendation, that authority was handed to you by the legal owner (the investment fund) when you accepted responsibility as General Partners.
Quoting from the Bitcoinica limited partnership agreement...
"
4.1 Management
(a) The General Partner has exclusive responsibility for the management and control of the business and affairs of the Limited Partnership
...
4.2 Authority and Powers
Subject to and without prejudice to the generality of clause 4.1, in respect of the Business, the General Partner and its agents and delegates and their respective delegates have the full powers and the authority of the Limited Partnership and the power to bind the Limited Partnership without prior consulation with any of the Limited Partners
...
(And then this goes backwards and forwards with Donald asking for Andrew Thornhill's contact details, and Tihan saying we don't need them, as we are in charge. The issue being of course that Bitcoinica Consultancy is a non-existent/unformed company)
He also sent me an email asking me for the documents to complete the formation of Bitcoinica Consultancy, which is a bit weird as we're paying people back, and I don't have a spare day or two to go get my documents notarised.
Anyway I'm not sure who's right between Donald (being excessively "by the book") or Tihan (trying to limit his perceived involvement). But it does not matter who is legally in charge right now as the way forwards is clear and everyone is in agreement about what needs to be done. We will make the payments, we now have consolidated all the records and the money.
