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IF: The prospectus directs the usage of the funds raised on Havelockinvestments.com. Summarized: Funds are to be used for the purchase of inventory that will be leased to operators globally. In the highly unlikely event that we are not able to do procure leasees, the funds would be returned to the unit holders since they would not be able to be used for other activities.
Havelockinvestments.com requires proof of usage from the management company for any withdrawal of funds from the Fund. We will provide Havelockinvestments.com with the contract, pre-payment fees invoice & proof of pre-payment payment from the leasee (trackable by them on the blockchain and verified against the contract and invoice provided by Ignite Financing), as well as the invoice from the manufacturer. Havelockinvestments.com can release the funds directly to the manufacturer invoice BTC address from the Fund (all BitcoinATM manufacturers invoice directly in BTC). There is no reason for these funds to ever touch the management company's Bitcoin wallet.
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IF: The prospectus directs the usage of the funds raised on Havelockinvestments.com. Summarized: Funds are to be used for the purchase of inventory that will be leased to operators globally. In the highly unlikely event that we are not able to do procure leasees, the funds would be returned to the unit holders since they would not be able to be used for other activities.
Havelockinvestments.com requires proof of usage from the management company for any withdrawal of funds from the Fund. We will provide Havelockinvestments.com with the contract, pre-payment fees invoice & proof of pre-payment payment from the leasee (trackable by them on the blockchain and verified against the contract and invoice provided by Ignite Financing), as well as the invoice from the manufacturer. Havelockinvestments.com can release the funds directly to the manufacturer invoice BTC address from the Fund (all BitcoinATM manufacturers invoice directly in BTC). There is no reason for these funds to ever touch the management company's Bitcoin wallet.
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If Havelock is to be the custodian of the raised funds, it is not stated in your prospectus. I realize Havelock has experimented with playing intermediary, and doling out raised funds as a parent would dole out his child's allowance, but such stewardship proved problematic for the "investors" of MintSpare (ticker: MS): While Havelock is [allegedly] still holding 100 BTC, both it and the issuer have simply ceased all communications with the unfortunate "investors" after the stock tanked.
The last comment from Havelock (note date):
There are no plans to release any additional units of the Fund.
Everyone understood that the success of this company is heavily depended on the Bitcoin price and popularity.
If and when Bitcoin makes a "comeback" in price, so will the customers that want to trade their electronics for Bitcoin.
Everyone understood that the success of this company is heavily depended on the Bitcoin price and popularity.
If and when Bitcoin makes a "comeback" in price, so will the customers that want to trade their electronics for Bitcoin.
Last dividends: never.
Last official update: February 14th, 2014
The last comment from the issuer (note date):
Update is under review by Havelock.
TL;DR: If Havelock is taking on any, above purely technical, responsibilities upon itself, the extent of these responsibilities should be concisely delineated by Havelock, and included in your prospectus. No one wants another MintSpare.
Oh Jesus, don't tell me this guy ain't 100% legit!
