Quote from: sporket on April 12, 2014, 05:05:34 PM

Quote from: arij on April 12, 2014, 04:58:55 PM

Quote from: sporket on April 12, 2014, 04:56:26 PM

Quote from: arij on April 11, 2014, 03:38:51 PM

... We purchased the entirety of BitVPS for 100 BTC...

Odd question: How did you buy the entirety of BitVPS without buying the shares which represent it?

Maybe that was just badly worded. If you read RG's contract you can clearly see that the investor/shareholder side of the business was to end with the sale.

Not sure how else to put it, but you bought something from rg which he did not fully own. Such sales are invalid. If I buy a stolen car, even in good faith, I'll have a hard time registering it.

This does not change anything for us. It was his duty and obligation to share the proceeds with his investors.
Once again, he failed to do so. If you look back you will see many instances where his original contract was in fact breached by him.

1) Failure to publish monthly statements by the 5th of each month -
(e) The Directors solemnly promise and warrant that complete and accurate Statements of Profit and Loss for each calendar month will be published by them no later than by the fifth day of the new month. Under exceptional circumstances and for good cause the publishing of the Statements of Profit and Loss can be deferred no more than once in a calendar year so that the Statement of Profit and Loss of one month is published together with the Statement of Profit and Loss of the next month.

2) Failure to share proceeds with investors -
(g) In the event of the sale of BitVPS or voluntary liquidation thereof, all proceeds will be distributed fairly to all shareholders by proportion to the shares they hold.

3) Failure to use IPO funds to expand business -
(d) The Directors solemnly promise and warrant that all proceeds from this IPO will be used to develop and expand BitVPS and will not be taken out of the company by them. The Directors further solemnly promise and warrant that they will not introduce their own expenses into the expenses of BitVPS, and that all money taken out of BitVPS by them will be in the form of dividends, paid fairly to all shareholders by proportion to the shares they hold.

Finally, I would like to add this:
3.2. Should BitVPS fail to execute this Agreement, as for instance by but not limited to breaching 2.2.e above, MPEX will notify the named individuals of their breach and may, at its sole discretion, suspend BitVPS from trading thus activating the liquidation of BitVPS.

And what should have happened in the case of this contract being breached:
(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 ;

Putting all of this aside, we have stuck with you guys for a while. At this point the need to pay employees a realistic salary is greatly outweighing any of our other needs. Out of respect and sincerity we have decided to take on the responsibility to pay for these shares when we have no obligation to do so.

If you want to track down the previous managers to get your slice of the sale proceeds go ahead. It is your right.