During the period of November 13-15, Bittalk had 293 GBP in the bank account, which I could not access. The company had $58 in our PayPal account, which also I could not access. Both accounts were under the sole control of former employee and former Director Mr. Vladimir, after he resigned.
We were already late for the printers which needed cash in advance to print issue 5. Failure to print and deliver issue 5 to Barnes & Noble would jeopardize and possibly put us in breach of contract. We did not have enough bitcoins to sell to pay the printer either. As of this day (nearly 1 month later) no person currently employed at Bittalk (including myself) has access to our bank account or to the PayPal account. Mr. Vladimir is still in full control of these nearly 1 month after resigning, despite repeated requests to relinquish control.
On the 16th of November, as the only remaining director of the company, I sought and received approval from shareholders representing 75% of the voting interest of Bittalk Media to sell company assets for the purpose of raising cash. This was handled properly under UK law by a UK attorney.
While the terms of the deal are undisclosed, I was able to receive a fair price for selling the surplus magazines, iMac computer, and other intangible assets. In addition, all revenue from Barnes & Noble for issues 3, 4, and 5 would remain property of Bittalk Media.
Looking forward to issue 6, the company was in a weak financial position to fund the writers, illustrators, layout, printing and shipping. I worked without a salary on issues 1, 4 and 5 to help the company conserve cash. I would have been willing to work without a salary again on issue 6, but if money was committed to starting on production, there would likely be another shortfall in a few weeks.
To maximize the cash value to shareholders, I decided to stop all production on issue 6, not incur any more expenses at all, and return as much cash as possible to our shareholders.
This process will be handled by a liquidation attorney to make sure all revenue and cash is properly accounted for and distributed. This will include the Barnes & Noble revenue for issues 3, 4, and 5. All shareholders of Bittalk Media will receive a cash dividend payment once this process is complete.
Bitcoin Magazine will live on, and is now owned by a very talented group of persons in the bitcoin community with very good business experience.
Topic: What to expect from Bitcoin Magazine - page 5. (Read 13904 times)
Don't know who is right here, but I have to say I'm really disappointed in how this goes.... and not the least bit surprised.
Why can't you handle something like this, without someone trying to scam another one? Please just once.
Why can't you handle something like this, without someone trying to scam another one? Please just once.
GREED
Thanks Mihai : Those short video are very nice education to me and im sure to a lot of people reading in here... Those video should be mandatory to have the right to post on BitcoinTalk !
Added to Favorite.. those techniques are too much used, here and in mass media too many times.. interesting to have it so well explained..
Thank you for the links !
I have no opinion on the financial matters regarding Vladimir, as I've not been privy to relevant information, but I can confirm that the transfer of ownership was done in a misleading way and one which I consider to be either dishonest, or severely lacking in communication at best.
As an *extremely* minor shareholder due to some work on Issue 1, my signature was obtained to approve asset sales *but* - this was in the context of the recent written resolution which stated that they would be raising capital "for further development and production of our core product Bitcoin Magazine"
Really - my financial interest in the matter is so trivial as to be irrelevant.. frankly, I don't know if it's pennies or pounds.
The point is - it appears to me that the 'asset stripping' of bittalk media was done in a way that was possibly negligent if not outright fraudulent.
As an *extremely* minor shareholder due to some work on Issue 1, my signature was obtained to approve asset sales *but* - this was in the context of the recent written resolution which stated that they would be raising capital "for further development and production of our core product Bitcoin Magazine"
Really - my financial interest in the matter is so trivial as to be irrelevant.. frankly, I don't know if it's pennies or pounds.
The point is - it appears to me that the 'asset stripping' of bittalk media was done in a way that was possibly negligent if not outright fraudulent.
Please sign in to your Skype account and read the chat history before making such statements. Several solutions were discussed and the one that was chosen was approved by the majority of the shareholders.
Unfortunately, I'm unable to at the moment.
I understand you may have been using Skype as the main communication medium - but I guess our expectations differ a little in that regard as I expected communications on major issues like that via email (as the June written resolution was) - or I at least expected the document giving asset selling authority to give more specific notice of it's actual nature.
I'm sorry if my message above was a bit accusational - the truth is I don't know what went on, and the announcement came as a surprise to me.
To temper my statement above - well perhaps I should have been more proactive in seeking out information at the time.
My reaction stems from surprise, and I thought the purpose of written resolutions etc was to avoid just such surprises.
I have no opinion on the financial matters regarding Vladimir, as I've not been privy to relevant information, but I can confirm that the transfer of ownership was done in a misleading way and one which I consider to be either dishonest, or severely lacking in communication at best.
As an *extremely* minor shareholder due to some work on Issue 1, my signature was obtained to approve asset sales *but* - this was in the context of the recent written resolution which stated that they would be raising capital "for further development and production of our core product Bitcoin Magazine"
Really - my financial interest in the matter is so trivial as to be irrelevant.. frankly, I don't know if it's pennies or pounds.
The point is - it appears to me that the 'asset stripping' of bittalk media was done in a way that was possibly negligent if not outright fraudulent.
As an *extremely* minor shareholder due to some work on Issue 1, my signature was obtained to approve asset sales *but* - this was in the context of the recent written resolution which stated that they would be raising capital "for further development and production of our core product Bitcoin Magazine"
Really - my financial interest in the matter is so trivial as to be irrelevant.. frankly, I don't know if it's pennies or pounds.
The point is - it appears to me that the 'asset stripping' of bittalk media was done in a way that was possibly negligent if not outright fraudulent.
Please sign in to your Skype account and read the chat history before making such statements. Several solutions were discussed and the majority of the shareholders approved the current solution.
I have no opinion on the financial matters regarding Vladimir, as I've not been privy to relevant information, but I can confirm that the transfer of ownership was done in a misleading way and one which I consider to be either dishonest, or severely lacking in communication at best.
As an *extremely* minor shareholder due to some work on Issue 1, my signature was obtained to approve asset sales *but* - this was in the context of the recent written resolution which stated that they would be raising capital "for further development and production of our core product Bitcoin Magazine"
Really - my financial interest in the matter is so trivial as to be irrelevant.. frankly, I don't know if it's pennies or pounds.
The point is - it appears to me that the 'asset stripping' of bittalk media was done in a way that was possibly negligent if not outright fraudulent.
As an *extremely* minor shareholder due to some work on Issue 1, my signature was obtained to approve asset sales *but* - this was in the context of the recent written resolution which stated that they would be raising capital "for further development and production of our core product Bitcoin Magazine"
Really - my financial interest in the matter is so trivial as to be irrelevant.. frankly, I don't know if it's pennies or pounds.
The point is - it appears to me that the 'asset stripping' of bittalk media was done in a way that was possibly negligent if not outright fraudulent.
Vlad, are u still moving forward with your ASIC mining project?
Vladimir, I have prepared an itemized invoice with regards to services rendered to you. You can view the invoice here. The dates are not ordered, but (for a fee) can be corrected by me. Prompt fulfillment of your obligations would be appreciated. I am willing to accept BTC payment at GoxLast. Should you choose to pay with BTC, I can receive payment at 179bVt2N36ozpk1vutFfBeVfj75uN4vGF8 -- please sign a message using the address you sent payment from to confirm you were indeed the sender.
And again -- Thank you!
And again -- Thank you!
LOL
there's no replacement for keeping good records.
Quote
Mr. Vladimir fails to explain what caused this transfer of ownership.
(...)
I would also like to point out that since the beginning of the company, he has included his wife as a Director and has awarded her equity for taking care of the accounting. To this day, I am still patiently waiting, to receive the income statements, balance sheets and the statement of cash flows of this company. During the course of due diligence, the new owners discovered that in fact these accounting documents did not exist.
If Mr. Vladimir wants to perpetuate this drama on the forums, I can publicly disclose the invoices sent by him to BitTalk Media as well as the shareholder signed documents.
(...)
(...)
I would also like to point out that since the beginning of the company, he has included his wife as a Director and has awarded her equity for taking care of the accounting. To this day, I am still patiently waiting, to receive the income statements, balance sheets and the statement of cash flows of this company. During the course of due diligence, the new owners discovered that in fact these accounting documents did not exist.
If Mr. Vladimir wants to perpetuate this drama on the forums, I can publicly disclose the invoices sent by him to BitTalk Media as well as the shareholder signed documents.
(...)
The words highlighted above as bold are false statement of facts, defamatory and misleading. And I do not mean minor technicalities like 100BTC or 1000$ I mean either very significant misrepresentation or just outright lies. (...)
https://i.imgur.com/pAZyp.jpg
https://i.imgur.com/v13bp.jpg
https://i.imgur.com/gnlLx.jpg]https://i.imgur.com/gnlLx.jpg
Vladimir, I have prepared an itemized invoice with regards to services rendered to you. You can view the invoice here. The dates are not ordered, but (for a fee) can be corrected by me. Prompt fulfillment of your obligations would be appreciated. I am willing to accept BTC payment at GoxLast. Should you choose to pay with BTC, I can receive payment at 179bVt2N36ozpk1vutFfBeVfj75uN4vGF8 -- please sign a message using the address you sent payment from to confirm you were indeed the sender.
And again -- Thank you!
And again -- Thank you!
The above bank statement is incomplete and misrepresents the facts of the matter. Tony Gallippi was informed about that.
Hey Vlad, are you going to try and charge for your time posting to this thead 
hey, i have an expense account labelled "Defending My Integrity"!
The above bank statement is incomplete and misrepresents the facts of the matter. Tony Gallippi was informed about that.
Hey Vlad, are you going to try and charge for your time posting to this thead 
In order to refresh Mr. Vladimir’s memory also regarding the over $3,000 payments for the digital edition software expenses I am attaching the following bank statements:
http://www.xe.com/ucc/convert/?Amount=1921.79&From=GBP&To=USD
http://www.xe.com/ucc/convert/?Amount=529&From=GBP&To=USD
Regarding the denial of the fact that he blocked the $65,000 investment in the company I will let the other shareholders speak.
Unfortunately I cannot show the expenses that he has failed to explain because there are no accounting logs (surprise).
http://www.xe.com/ucc/convert/?Amount=1921.79&From=GBP&To=USD
http://www.xe.com/ucc/convert/?Amount=529&From=GBP&To=USD
Regarding the denial of the fact that he blocked the $65,000 investment in the company I will let the other shareholders speak.
Unfortunately I cannot show the expenses that he has failed to explain because there are no accounting logs (surprise).
Why wasnt there a company secretary ? If the company is a legal entity who were the company officers responsible for accounting and invoices ?
Vladimir and his wife.
Well there is your problem. Who elected them to the position ?
In order to refresh Mr. Vladimir’s memory also regarding the over $3,000 payments for the digital edition software expenses I am attaching the following bank statements:
https://i.imgur.com/A49dJ.jpg
http://www.xe.com/ucc/convert/?Amount=1921.79&From=GBP&To=USD
https://i.imgur.com/FgG91.jpg
http://www.xe.com/ucc/convert/?Amount=529&From=GBP&To=USD
Regarding the denial of the fact that he blocked the $65,000 investment in the company I will let the other shareholders speak.
Unfortunately I cannot show the expenses that he has failed to explain because there are no accounting logs (surprise).
https://i.imgur.com/A49dJ.jpg
http://www.xe.com/ucc/convert/?Amount=1921.79&From=GBP&To=USD
https://i.imgur.com/FgG91.jpg
http://www.xe.com/ucc/convert/?Amount=529&From=GBP&To=USD
Regarding the denial of the fact that he blocked the $65,000 investment in the company I will let the other shareholders speak.
Unfortunately I cannot show the expenses that he has failed to explain because there are no accounting logs (surprise).
Why wasnt there a company secretary ? If the company is a legal entity who were the company officers responsible for accounting and invoices ?
Vladimir and his wife.
In order to refresh Mr. Vladimir’s memory also regarding the over $3,000 payments for the digital edition software expenses I am attaching the following bank statements:
http://www.xe.com/ucc/convert/?Amount=1921.79&From=GBP&To=USD
http://www.xe.com/ucc/convert/?Amount=529&From=GBP&To=USD
Regarding the denial of the fact that he blocked the $65,000 investment in the company I will let the other shareholders speak.
Unfortunately I cannot show the expenses that he has failed to explain because there are no accounting logs (surprise).
http://www.xe.com/ucc/convert/?Amount=1921.79&From=GBP&To=USD
http://www.xe.com/ucc/convert/?Amount=529&From=GBP&To=USD
Regarding the denial of the fact that he blocked the $65,000 investment in the company I will let the other shareholders speak.
Unfortunately I cannot show the expenses that he has failed to explain because there are no accounting logs (surprise).
Why wasnt there a company secretary ? If the company is a legal entity who were the company officers responsible for accounting and invoices ?
Quote
Mr. Vladimir fails to explain what caused this transfer of ownership.
(...)
(...) and for over $3000 in software for “digital publications” of Bitcoin Magazine that never produced any digital publications.
(...)
If Mr. Vladimir wants to perpetuate this drama on the forums, I can publicly disclose the invoices sent by him to BitTalk Media as well as the shareholder signed documents.
(...)
(...)
(...) and for over $3000 in software for “digital publications” of Bitcoin Magazine that never produced any digital publications.
(...)
If Mr. Vladimir wants to perpetuate this drama on the forums, I can publicly disclose the invoices sent by him to BitTalk Media as well as the shareholder signed documents.
(...)
The words highlighted above as bold are false statement of facts, defamatory and misleading. And I do not mean minor technicalities like 100BTC or 1000$ I mean either very significant misrepresentation or just outright lies. (...)
In order to refresh Mr. Vladimir’s memory also regarding the over $3,000 payments for the digital edition software expenses I am attaching the following bank statements:
https://i.imgur.com/A49dJ.jpg
http://www.xe.com/ucc/convert/?Amount=1921.79&From=GBP&To=USD
https://i.imgur.com/FgG91.jpg
http://www.xe.com/ucc/convert/?Amount=529&From=GBP&To=USD
Regarding the denial of the fact that he blocked the $65,000 investment in the company I will let the other shareholders speak.
Unfortunately I cannot show the expenses that he has failed to explain because there are no accounting logs (surprise).
Usually the CEO doesnt control the company bank accounts which are run by the treasurer. He has to submit invoices to the secretary.
Putting the ceo in charge of both the bank accounts and invoices is usually a recipe for embezzelment.
Putting the ceo in charge of both the bank accounts and invoices is usually a recipe for embezzelment.
the above bank statement is incomplete and misrepresents the facts of the matter.
for god sakes man, your integrity is on the line here. you need to be more specific than that.
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