Quote from: smoothrunnings on May 16, 2015, 02:45:38 PM

Quote from: varChar on May 16, 2015, 09:43:33 AM

Quote from: smoothrunnings on May 15, 2015, 08:09:02 PM

Quote from: varChar on May 15, 2015, 11:36:49 AM

Quote from: jelin1984 on May 14, 2015, 09:43:04 PM

Did anyone take back 3 btc

I didn't for sure! But I know that I saw someone in this thread that wrote that he did it.

No the only way to get some more back is trough the group action against KnC. 2 lawyers from Sweden and 1 from USA.
http://kncclassaction.com/

You realize if KNC goes bankrupt in the process you will lose your retainer ($1,500.00 ish USD) with these lawyers. You'd be better playing poker at a casino!

Lets play this as a poker game. The pot is $12000.
Your call to win this pott is $1800 (retainer of 15%, might even be lower).
You should always take this call if your chance to win the pot is 1/6 or better. And do you think that the chance to win against KnC is lower then 1/6??
In my opinion the chance to win is mutch better! I havn't any experience from lawyers and the court. But of course there are some risks. Of course there are a risk to loose the case.
But I dont think that KnC wins this 5 times of 6 (5/6), I do rather belive that we win this is 5 times of 6!

And bankrupt? I will celebrate if they goes bankrupt! But I don't think they will do that.
Some weeks ago this news came: http://www.bloomberg.com/research/markets/news/article.asp?docKey=600-201504290300HUGIN___EUPRX____HUG1916185-1
The name of that cerificate is XBT Provider AB, it's a part of KnC Group (where KnC Miner is included).
And some month ago they got a huge amount from investors.

Quote from: notlist3d on May 15, 2015, 09:50:43 PM

And if you lose case you lose that + other's legal fee's it sounded like. And a security bond. So if you lose.... wow world of hurt.

And since the lawyers choose to get paid up front in retainer and not out of winnings, they win no matter what.

"So if you lose.... wow world of hurt"
Wow very dramatic sentence! But ofc it's true that if we loose the case WE in the group action will need to pay some "fees" and trial costs.
But that amount isn't compared with a "world of hurt".
I have some mail conversation with Joakim Strignert. I asked him specifically about this question. What he estimate and if we count high (everything goes wrong)/your world of hurt is:
We win in the district court. KnC appeal to the next instance, and they wins. In that case we need to pay all of it.
If we count that 50 people joins the group action and the cost are $50K. Each of us will need to pay $1000 in trial cost.

Ofc everyone that consider to join the group action needs to take this in his or hers equation.
A bad scenario will be something like this: Retainer $1000 + trial cost $1000 = $2000
$2000 to win $12000 = 1/6. And as I said before. I don't think that we win this case 1 of 6 times. If it isn't 6/6 I think it is at least 5/6.

For me it's good odds even when we count high!
But I can feel bad for those that however they do they can't take a risk. Even if we got the odds on our side, and even very good odds.

There is no guarantee that you will win $12,000. The courts could still say the max pay out below the requested amount, or better yet KNC could position themselves to go into bankruptcy if any verdict is handed down, in that case the company they owe money to such as their chip builder would get access to the money first then those who sued them would get whatever was left which might work out $350 per person. Is it really worth it?

There is so much more that can happen in the court of law that you end up holding the short end of the stick. This whole idea that if you give someone $1800 that you'll get $12,000 has been done before and has always turned out be a scam. You know what they say about things that are too good to be true right? This is one of those things.

Good luck!

I guess that the best way is if we find a solution with KnC before a trial. For an example, I don't think 3 btc is a fair amount instead of a Titan batch 2. If we find an other solution where they pay some more, I/we might agree with that. In that case, we don't need to go to trial. But if I know KnC enough I don't think they will pay a satoshi more then 3 btc.
If my bound is $8000 and if I'll get $4000 it's still better then nothing. But as you said it's no guarantee that we get the amount we request.

If they put them self into bankrupt, may so be. Then you loose the bound of $1000. If you don't have thoose money or if that amount is too big for you. Perhaps this isn't for you.
And ofc there are other things that could happen. But sometime you need to do some things that isn't what you calculated with. That's life I guess!

Even if I only get $100 back, I will tell you for sure that it was worth it! Because I now that I at least did what I could.