Again, if an issuer of a bond buys back bonds at a discount with "some other source of money" they are defaulting in breach of contract. This is because bondholders who don't happen to have asks up will get the shaft if the bond later becomes completely worthless.
I don't get it. He's breaching the contract because not everyone gets nothing?
If pirate refunds all deposits and closes accounts, Goat should buy back at face value (BTC1.00) using a bid wall.
Yes, if he makes a full refund.
If pirate provides a partial refund, Goat should pay that out as an equally diluted dividend, and let everyone know under what conditions the payout was made, and whether he expects further payouts.
I agree.
The reason Goat can't buy back bonds is that the future payouts from Pirate are not certain and buying back would be deleting information. This is unfair if Pirate eventually pays sometime down the line.
I don't get that. So long as he doesn't trade on inside information, I don't see why he can't buy bonds just like anyone else could buy bonds. Presumably, the people selling are happy to sell at the prices they chose to sell at. (Again, assuming he has no special inside information.) And these buys push up the prices of the bonds, which benefits all the bond holders.
Basically, Goat does not have the freedom to speculate as to what should be the fair price at which to buy back the bonds. He can only retire them at face value or pay out dividends of whatever Pirate sends him.
I don't see why. Why can't he benefit his bondholders by allowing those who prefer to sell to do so and at the same time boosting the value of the bonds? If it's not done on inside information, it's win/win for everyone. How are his interests averse to the bondholders?