Topic: SCAM IPO [Bakewell] - Finally, a 'transparent' investment that will 'grow'! - page 9. (Read 47798 times)

There is many to do, bakewell looks transparency but it istn for me..
Whats the value of the Hardware, whats the value of cash in the company?

if we want to be professional we need a Supervisory board, and something like a balance sheet..

Are the 5700 Shares only private ownership or are they including the Company & CEO shares?
When is it planed to give out "new shares"?

greets Chuck

+1

It's getting more important by the day.  I'm hating having to hop around accounts when it's dividend paying time.

Of course they can't vote.  Otherwise you'd have 50% of votes even if you didn't invest a cent of your own in buyinh shares.

Same as if company shut down they wouldn't get a share of what was raised from selling assets - as those shares are owned by the company itself not by you.

They're basically treasury shares that are being reserved so as to mess up voting/valuing etc just to save having to multiply income by 0.3 to work out how much to reinvest.  Put like that hopefully it's pretty obvious how bad an idea they are.

Shares for management is different - those are owned by you, though debatably it's still a bad way to do it as in theory you could have closed down right after selling first load of shares, distributed raised funds amongst shares and kept 20% for doing nothing).  Plus it by no means clear what happens if you ever buy shares back - do you have to return some management shares to treasury?  Do you not get to take new ones until shares sold surpasses old highest level? etc.

Just something you ought to know about motions on BTC.CO.

The criteria for a motion to pass is that 50% or more of ALL outstanding shares must vote Yes - there's no putting up a motion for 24 hours, only a handful of shareholders vote then something major gets changed.   I think you probably rushed this motion before everyone even realises the share has been relisted - and will struggle to get 50% to vote.

There's also a problem with this - as you have non-voting/non-equity shares allocated to collect growth fund.  If you don't vote with these it would be hard for a motion to pass, if you DO vote with them then votes get decided largely by shares that shouldn't vote at all.  Only way round it right now is that before vote ends, transfer those shares back to treasury - so they don't get counted in vote result - then transfer them back after the vote.  Then whenever you sort contract out you need to change the part regarding those shares and just take 30% for growth and then dividend other 50% out (which will allocate correctly to your management shares which I think ARE entitled to vote). 

Using shares to split income - when the shares aren't bought, don't own equity and can't vote is just terrible: not just for votes, but also for calculation of share value and distribution of equity in event of a closedown.

+1

When do you expect that to happen?

My initial leaning was towards paying out, but then I decided to vote my 310 shares YES for retaining the earnings.

I believe Ian can put the earnings to work (once ASICs are available) and best increase the value of Bakewell shares that way.

(sorry, too lazy to search) 48 BTC over how many shares?

You know, that's a pretty good point.

What's the amount per share that's in question here?

I can't vote and apparently I am not the only one who can't vote:

Are you sure the motion is unlocked?

I will tell you why i vote for dividends.
If i get dividends i can buy new shares.
So my personal value raises und the company value raises.

But if we retain the money, the company value raises but not my personal, because when people buy shares in 6 months they profit form my "dividends" i diddnt get payed..


greets Chuck

I see the Motion but where ist the Vote, or yes or no button?

greets

It may have been in your Spam box, search in there. I got mine ended up there

+1

Coupleof points on this, to avoid problems down the line:

The unclaimed shares should be transferred to a seperate account on btc.co (this procedure is described in the thread about migrating to btc.co).  It's not safe at this stage to assume they'll never be claimed - some may be people who were away, or ones where nefario screwed up, or people who couldn't get the GLBSE 2fa working to register a claim etc.  They need to go in a seperate account -so their share of any dividends paid gets held for them.  Also, do bear in mind that the shares held for management/growth would need to be adjusted if you ever do return shares to treasury.  My recommendation would be that you don't treat any shares as totally unclaimed until the point is reached where nefario stops providing further updates on GLBSE.

Second point is that you really shouldn't be selling any new shares at all - no matter how high the bid - until you've disbursed the back-logged dividend (or voted to apply it to growth).  Those funds are due to the investors who held shares whilst GLBSE was down, not to anyone buying new shares now.  This is a pretty trivial point really - but basically you have to get finances up to date before selling new shares.

Not sure what you're proposing to do going forward, but my recommendation is that the very first thing you need to do is work out a pretty good valuation of the company's current assets: the hardware presumably now has a lower resale value than you bought it for (exchange-rate change for one thing).  Then you need to work out what price shares would sell for NOW if that is what funds were being raised for.  That's complicated a bit by the management/growth shares - you'd need to leave those out when calculating value per share (as I assume those wouldn't count for division of assets if there was liquidation).  TBH I heartily dislike artifical shares like that - as they pollute valuations and votes plus can be abused if a manager tries to close down and keep a share of company value equal to them, when all they really are is a lazy way of splitting profit and not an equity share.

Reason you need to revalue shares is otherwise if you try to sell at original price then you just won't be able to sell much - as new investors will be being asked to help pay for dividends and losses already received/made by existing investors.  That's a problem faced by lots of mining companies - where asset value decreases.

Is it planed to pay dividends next few days?

This email was caught in my spam folder.

Also,
I just want to let everyone know that once you log in to the "conversion" account that was automatically created and verify your shares, you can log out and create a new account on btct.co, perhaps with a username that you prefer.

After you create a new account, you can transfer any shares from the "conversion" account to your account for free. Then you can forget about the "conversion" account.

This is great! Things seem to be progressing very smoothly. And I can't believe how fast it was approved. 


I'll be waiting for my email from btct.co.

Details of the import process are here : https://bitcointalksearch.org/topic/glbse-to-btc-tc-transition-import-strategy-for-asset-issuers-127215

You need to get moderator approval for the share before he'll do the import - so finish contract up as it is then unlock it for voting.

You'd need to have the list imported before you change contract anyway - as distributing the shares is pretty much a prerequisite to hold a vote to apply any contract changes.

When you PM burnside don't forget to ask for your 5 BTC registration fee back.

Very pleased! 

I look forward to the reincarnation of Bakewell, especially on BTC.CO

This is great news.



This is even better news! 

I'm glad to see the operation continuing. And I will offer my help with the transition, if you need it (I'm sure you won't).

On a personal note, it was "not cool" when you locked the thread. With the history of open communication that you have had here, I was surprised that you would just give up, and quit.....


... instead of continue your open dialogue here.


Anyway, keep us informed on the progress. And thanks for looking out for all your shareholder's interests.