Quote from: pmorici on August 02, 2014, 02:57:23 PM

Quote from: jjiimm_64 on August 02, 2014, 02:26:03 PM

I have been out of the loop last couple of weeks..

Sounds like the lawyers are going to be making money.

What percent of our bitcoins are we likely to receive? if any???

Can someone summarize where we are at?

Hashfast negotiated a horrible complicated deal to sell most of their assets to one of their supposed creditors Liquidbits, who was more like a business partner. The committee was against the deal because it would have in all likely hood resulted in $0 going back to the customer creditors. It was so blatantly horrible that the judge said he wouldn't approve it even before hearing arguments on the matter. Hashfast's plan was to sell all the first generation assets to Liquidbits then run off with the IP for the second generation chip and start a new company with it w/o the liability of all those pesky customers who are owed money.

Now that that scheme has been halted for the time being they are under pressure from the court to work out a plan in cooperation with the creditor's committee by Aug. 20th at which point if a mutually agreeable plan hasn't been reached then there will be a hearing about appointing a trustee who will come in and take charge of the company.

Hashfast claims they only have a negligible amount of BTC remaining somewhere between 0 and 5 BTC depending on which of their court filings you think is correct. What happened to the Bitcoin is still being investigated.

In the meantime Simon went on a month long vacation to Europe.

From the testimony, Simon's vacation was part of the contract that he negotiated up front so it was owed by the company. Good for him to have the foresight to negotiate it.

You say the LB plan didn't make money, than does the plan given the the company now make money and if so how much will we see and when? Most of the employees left last week so how do the creditor committee expect to get money back? Are they selling more of the company inventory cheaper, or going with Eduardo and Guido plan? (the give away franchise plan) That couldn't make any more money than the LB deal could it?