Quote from: Deprived on February 26, 2013, 10:31:32 PM

Quote from: Monster Tent on February 26, 2013, 09:24:02 PM

Quote from: Deprived on February 26, 2013, 01:13:24 PM

Quote from: ZIGGAP on February 26, 2013, 01:03:57 PM

Quote from: Logik on February 26, 2013, 11:40:12 AM

Quote from: Monster Tent on February 26, 2013, 02:09:31 AM

ZIGGAP still owes people on BTCJAM over 900 bitcoins.

Links? / OP care to comment on this?

The initial owner of ZIGGAP did take out that loan to start the company, however that loan was taken out by HIM and not by the company. The funds from this IPO are for the company, and not for him. Ergo the funds from this IPO are not going to be used to pay the loan.

So someone else started Ziggap and has now sold it - and you (new owners) didn't take on the loan?
How do we know you won't sell it again - and this time the next owners won't take on paying dividends to the shares?

Once a company has skipped on its commitments once it's hard to have confidence it won't do it again - especially when there's no record anywhere I can see of a change of ownership (i.e. for all we know the 'new' owners could be same as the 'old' ones - and the change of ownership just an excuse to default on the loan). This really should have been explained in your OP - rather than dragged into the light by someone else later.

The same bitcoin-otc identity is being used on both the loan and in this IPO.

From BTCJAM:
Credentials
OTC: aethero
Forum: ZIGGAP

I hardly need to point out the sad history of bitcoin companies which get sold and then suffer a catastrophic failure. There is also the action of handing over the user data to a new owner without informing the customers.

Looks like they sold all the IPO shares so it doesnt really matter but just from a few things Ive discovered here I would avoid using their site and/or investing in it. Theres too many red flags.

Nah, the company wasn't sold at all. I got that impression from his talk of an "original owner" - as though there'd been a subsequent owner prior to the IPO.

But still amusing how he claims a loan defined as a business loan and taken out in the name of ZIGGAP was somehow a personal loan to one of the multiple individuals/team referred to in the loan description and discussion.

What seems to have happened is they tried raising funds via a loan on BTCJam, it wasn't selling out fast enough so they split it into two loans - one of which got filled. They then abandoned trying to fill the second loan and did this IPO instead and are now trying to reclassify the loan as a personal loan. Reclassing the loan as personal one makes little odds so long as it's paid - and with no assets declared for the company they can strip its existing wallets to repay it (which is why it's always a gamble investing in a company that doesn't produce ANY accounts whatsoever prior to IPO - you can quite easily be buying something with zero assets).

The rush to grab funds whilst giving minimal information is always a red flag to me. Though it by no means always means scam - just means they want cash before people dig too deep or have the time (or information) to do proper math.

This was something that was brought up in the Btc-e chat room by some investors of the loan. They threw a couple coins in and seen the loan was about to close out and were promising them to other people. They then went and had the loan split in two so the first half would fund fully and then they could try to fill the 2nd half. People complained to Btcjam about it and they said it would not happen again. Deprived was right saying the loan never filled. Think it got a total of 10% before it closed out.
So who exactly is responsible for that loan?
If the company was sold why did the proceeds not go to paying off the loan?