LBS: All of our payments were liquidated. There was originally $1 million in an escrow account, but Hashfast claimed they needed that money to complete our order, and the funds were released from escrow. Hashfast has received all of the payments we cite directly and in cash, nothing remained in escrow
If every payment was liquidated, why is your claim listed as unliquidated in the schedules?
So, short answer what guarantees you that we will build the boards is our own enlightened self-interest; building the boards is the only way we get paid back, and not building them means we have just given away $7.3 million ($2 million in cash, $5.3 million in waived claims) and get nothing in exchange.
Maybe you think your claim to be worthless already and 2M is peanuts in respect to the value of having your engenieers studying the IP and using it for whatever purpose. So I'm sorry, but that explanation is inconcludent.
LBS: This is already the case. Specifically we are forming a new company in which this venture will occur (sometimes called NewCo in the 363 sale terms), and Liquidbits cannot take any profits or dividends from this company until after the note/IOU and the stock/equity given to the creditors has been totally paid off.
You get to fund the llc only after having received the chips, with whatever amount you want. You should move the money first and move ahead with the judge after. I also need be sure that our interests will be covered. You will have the control of the administration of the company, so our interests must be protected. I dont know how, I dont know from what. I just dont like the idea of gifting a company the chips in exchange for a promise of doing something while not having any kind of control on the delivery of the promise at all.
this is why we are hosting the interactive phone session tomorrow, so that we can explain the terms document more clearly to people.
As you can see, forums are working great as well.