Topic: Tezos Founders Enter Legal Battle for Control of $400m in Raised ICO Funds - page 2. (Read 509 times)
October 19, 2017, 06:55:01 PM
It sounds like the Breitmans probably didn't read their contract with the foundation well enough and are now realizing they don't have as much freedom with the money as they'd like. If the foundation wins the lawsuit, that could certainly be problematic for Tezos.
October 19, 2017, 06:39:34 PM
Well it's not comforting but it's also not the big deal the media is making it out to be. There are always legal battles when this much money is involved and the main net release has only been pushed back 4-5 months.
October 19, 2017, 06:02:32 PM
Tezos Founders Enter Legal Battle for Control of $400m in Raised ICO Funds
Founded by husband and wife, Kathleen and Arthur Breitman, Tezos is a decentralized platform that hosts smart contracts that seeks to compete with ethereum. Tezos’ initial coin offering (ICO) did not have a cap on investment and raised approximately $232 million – at the time comprising the largest ICO crowdsale to date. The 65,703 bitcoins (BTC) and 361,122 ETH raised by the company is now worth more than $400 million USD.
What do you think about this guys?
Founded by husband and wife, Kathleen and Arthur Breitman, Tezos is a decentralized platform that hosts smart contracts that seeks to compete with ethereum. Tezos’ initial coin offering (ICO) did not have a cap on investment and raised approximately $232 million – at the time comprising the largest ICO crowdsale to date. The 65,703 bitcoins (BTC) and 361,122 ETH raised by the company is now worth more than $400 million USD.
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The Breitmans Are Reported to Be Attempting to Attain Greater Control Over Tezos’ Finances
The Breitmans Are Reported to Be Attempting to Attain Greater Control Over Tezos' FinancesThe Breitman couple has become embroiled in a legal dispute with Johan Gevers – the president of a Swiss foundation that was set up by the Breitman’s and an independent body that would manage the funds raised through the ICO. Both parties accuse one another of having a conflict of interest which render them unsuitable for managing the funds. It has been reported that the Breitmans are now seeking to create a new foundation, which, if they are successful, will allow the Breitmans to exercise greater control over the management of Tezos’ funds.
Reuters has reported that an attorney representing the Breitmans sent a letter to the two other members of Tezos’ board threatening that if Gevers is not removed from his position then the Breitmans will then remove their support for the project. The letter accuses Geevers of “self-dealing, self-promotion and conflicts of interest.” According to Reuters, Geevers has been asked to “step aside for a month” while the board investigates the matter further. Gevers described the Breitmans’ actions as “attempted character assassination,” and referred to the accusations laid against him as “a long laundry list of misleading statements and outright lies.” https://news.bitcoin.com/tezos-founders-enter-legal-battle-for-control-of-400m-in-raised-funds/
The Breitmans Are Reported to Be Attempting to Attain Greater Control Over Tezos' FinancesThe Breitman couple has become embroiled in a legal dispute with Johan Gevers – the president of a Swiss foundation that was set up by the Breitman’s and an independent body that would manage the funds raised through the ICO. Both parties accuse one another of having a conflict of interest which render them unsuitable for managing the funds. It has been reported that the Breitmans are now seeking to create a new foundation, which, if they are successful, will allow the Breitmans to exercise greater control over the management of Tezos’ funds.
Reuters has reported that an attorney representing the Breitmans sent a letter to the two other members of Tezos’ board threatening that if Gevers is not removed from his position then the Breitmans will then remove their support for the project. The letter accuses Geevers of “self-dealing, self-promotion and conflicts of interest.” According to Reuters, Geevers has been asked to “step aside for a month” while the board investigates the matter further. Gevers described the Breitmans’ actions as “attempted character assassination,” and referred to the accusations laid against him as “a long laundry list of misleading statements and outright lies.” https://news.bitcoin.com/tezos-founders-enter-legal-battle-for-control-of-400m-in-raised-funds/
What do you think about this guys?
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