Post
Topic
Board Securities
Re: [BitFunder] IceDrill.ASIC IPO (235 Thash Mining Operation powered by HashFast)
by
WillMilk4Coin
on 26/06/2014, 17:44:35 UTC
Anyone feel they have a firm grasp on the status of this venture?

A summary of the situation as I understand it -please correct me where I'm wrong:

· Bitfunder shuts down so accounting for shares transferred to icedrill.io
· HF delivers late with faulty & underperforming hardware
· Shares are converted to profit units and transferred from icedrill.io to cryptomex.io
· All terms and agreements made at the start of the IPO are thrown out in the share conversion process
· IceDrill's reinvestment strategy is scrapped while mining returns diminish and hardware assets devalue
· Profit unit trade becomes subject to KYC information filed with cryptomex
· Profit units depreciate while there remains no method for trade
· Profit unit allocation and dividend distribution executed manually, behind schedule with a fraction of available funds
· IceDrill admin in court seeking financial reimbursement alongside other creditors with HF filing chapter 11

...
Is there any other outlook for investors besides hoping for the largest possible award in the settlement with HF, mining with current hardware for as long as mining return outweighs hosting costs, liquidating assets for whatever value remains and hoping IceDrill management distributes the balance of funds to investors?