For those that are curious about what we are currently trying to figure out, it's this clause:
...
We have asked for verification of the withholding of 30% of the shares.
Are you referreing to a breach of contract or not being in line with what they have announced?
Can you please elaborate your point of view and what exactly is the breach is? What is your definition of "will hold" according to the contract?
General shareholder contract and IPO information
Labcoin.com aims to raise 7.000 Bitcoin (BTC) through the issue of 7.000.000 shares in the IPO. The shares will be issued at a price of 0.001 BTC per share. The total amount of shares in labcoin.com will be 10.000.000 shares, with labcoin employees, representatives and owners will hold 30% of outstanding shares.
Source: asset contract
Regarding shares owned by the Labcoin founders and developers.
Due to inquiries LABCOIN has received from investors, the founders and developers involved in the LABCOIN project has decided to voluntarily lock in 75% of all shares owned by the LABCOIN core team for 12-months.
This means that no founder or developer owning shares in LABCOIN will sell an excess of 25% of their shares for at least 365 days from today's date.
This is being publicly announced to set to rest any concern that the LABCOIN team has any interest in liquidating their holdings in the project.
Q: Why not lock in 100%?
A: Simply because we feel that it is only fair to allow the members of the LABCOIN team that wishes to sell smaller portions of their ownership should they need some Bitcoin for any unforeseen expense during the first year of operations.
Source: asset news
I read the contract and to me it means they'll hold 30% indefinitely. (IE, their profit comes from dividends, thus keeping them motivated.)
This may no longer be possible, but it should be cleared up and addressed. If it only applied to the IPO then it should probably be removed, because right now it has the potential to confuse people as it did me.
Once the contract issue is addressed, (remove it, or make it 25%?) then there's the other issue of locking the 25% of the shares as they announced they would. It's easy for me to do, I just need to know the account login. (and... it should only hold those shares, because an account lock is going to prevent any actions in that account.)