The whole event was apparently intended to unload to an SPV a hotel on Balearic islands that is otherwise illiquid. ) The promoters effectively re-sold the property to the crowd and kept it at the same time. )
They are like evil geniuses if that's true. Hopefully there's an independent valuation or some other oversight to determine the price if it's not an arm's length transaction.
Oh no, definitely not genuises - if you had a semi-legal beachfront hotel that you cannot get rid of, this would pop to your mind with very little thinking. ) A lot of ICOs did more or less the same before.