Quote from: thy on April 11, 2014, 12:21:18 PM

Quote from: pankkake on April 11, 2014, 10:47:52 AM

http://trilema.com/2013/sbvps-delisting-notice/
http://web.archive.org/web/20121015125121/http://polimedia.us/bitcoin/mpex.php?mpsic=S.BVPS
https://bitcointa.lk/threads/mpex-s-bvps-bitvps-com-ipo.50036/
Can't find the contract on BTC-TC, only http://web.archive.org/web/20130618185830/https://btct.co/security/BITVPS

Apparently this started at 3000 BTC!

Good links there with the buyback clause from the listing on Mpex:

"2.2. The Terms of the IPO.

(a) The Directors have elected to divide BitVPS into 1`000`000 (one million) equal non-voting shares with a total equity value of 1`200 BTC (0.0012 BTC each). In the event of liquidation or breach of this Agreement they solemnly promise and warrant to repay all investors holding shares at this minimum value. The Directors through their elected representative solemnly promise and warrant never to issue more shares either on MPEX or any other venue nor in any way to dillute existing shareholders at any point in the future ;"

So it looks like 0.0012 BTC per share is the minimum BitVPS has to offer per share if they like to buy them back.

and the price structure for the first 150 000 shares looks like it was:

"(b) Based on the Statements of Profit and Loss published as per 2.1.b above, as well as on evaluation of market demand, future profitability and projected evolution, the Directors have elected to offer in this IPO a total of 150`000 (one hundred thousand) shares, as follows : one block of 30`000 (thirty thousand) shares at a price of 0.0022 BTC each ; one block of 75`000 (seventy-five thousand) shares at a price of 0.0024 BTC each ; one block of 45`000 (fourty-five thousand) shares at a price of 0.0026 BTC each.
(c) The Directors warrant that no further shares will be offered by them for a period of 30 days from the date these offered shares are sold. The Directors further warrant that they will never sell more than half the total shares."

If one assumes that the first 150 000 shares were sold out at there stated price then they raised 30 000 * 0.0022 + 75 000 * 0.0024 + 45 000 * 0.0026 = 66+ 180+117 = 363 BTC there and possibly 700+ btc more if the rest of the shares up to 419 306 that have been sold (accourding to outstanding shares on the link to the btct page) were at 0.0026 or higher price.

According to RG's original contract, at the time of sale, he was supposed to share the proceeds with the investors. We purchased the entirety of BitVPS for 100 BTC. This included simply a domain name, a handful of customers, and rental contracts for servers which were a huge burden as the company was not profitable at the time (BitVPS owned no assets at this time). RG failed to share the BTC he acquired from us, with the investors. At this point we had no obligation to continue supporting the investors.

On top of this, RG was in breach of his own contract for various reasons. BitVPS was de-listed from MPEX as a result. It is outlined in his contract what should be done, by him, in the case of his contract being breached.

We decided to keep paying out dividends while neglecting the fact that we had no real obligation to do so. We are trying to close this chapter in BitVPS's life in a way where we wont go bankrupt. I understand while this may not seem ideal for all, it is what BitVPS can realistically afford while basing the buyout on numbers from our recent financial statements.

We currently have ~$4,500 in the bank. Most of the money for the buyout was going to come straight out of my pocket. BitVPS is already in debt to me for over $8,000 which I decided to just forget about and start with a clean slate. As mentioned earlier there were two options we felt we had. One being this buyout, and the second option being to declare bankruptcy. As much as we wish we could pay 0.0012 BTC per share, it is literally not possible. This amount, unfortunately, would put us directly into bankruptcy. I shouldn't need to explain where bankruptcy would lead us.

To answer some of the other questions:
-0.025 * 1,000,000 = 25,000 (not 2,500!)
-We will grant a three day grace period (on top of the original 5 business days) to claim your shares. Final day for claiming your shares will be 4/18/2014 (typo, edited the date). We will process claims made after this date only under certain circumstances.
-If you need to find out the BTC address associated with your account just send us an email. As long as you email us within the 5 (8 days including grace period) day time frame, you will not be disqualified.

I hope this answers some of your questions. If you have any further questions (and comments or suggestions) please ask. You will get a much faster response if you are able to msg me on freenode (nick: arij).