Quote from: Minor Miner on August 15, 2014, 05:27:15 PM

Quote from: mikelitv on August 15, 2014, 04:49:09 PM

Quote from: Minor Miner on August 15, 2014, 03:18:22 PM

Quote from: mikelitv on August 15, 2014, 01:41:38 PM

They can bank with as many banks they want where ever they want. I don't care. LB AND its parent company are US companies, and have been for some years. That's all I would have cared about. There are many btc companies that have banks accounts all over the world in case of problems. This being said: 1. which Bank are you refereing to because I didn't see that anywhere; 2. They did propose to put up cash upfront as part of the deal -- vanish to where? I think the DD on them was pretty thorough, the datacenters they do use are all in the US but the deal was NOT acceptable to the Creditor's council. Period. OK. Fine. If there is better, then it was the right call. 3. Who cares ? The deal is OFF the table and has been for a while now.
Can we know what is going on now? What are the propositions on the table and what is the truth of our outlooks? What better proposition do we have? Why don't we have any updates at all besides everything being Monica's fault?

LB's deal never would have went forward. The judge was angered by how it tried to take everything from the creditors. He REFUSED to hear anything more than the filing because it was so stupid. You should listen to the hearing.
Besides, if they did propose a good deal, they would have had to prove the source of their funds. Did you listen to all the testimony? They hadn't even come up with a smaller amount of money on time.
Monica is the incompetent person that has run this company into the ground over the last 4 months while she has done nothing to return it to an ongoing concern. She is now the ONE person that is holding up everything to bring in a CRO. Considering the only deal that she has come up with in 4 months is one so bad a Federal Judge would not even hear arguments on it, she should step aside quickly. More value would have been realized if they just accepted chapter 7.

Yes Minor Miner. We have read your venom against LB over and over. That too is getting old. The fact is that from what I heared from the audio tapes that is NOT what happened. LB put an ultimatum on their proposal to the court. The Judge refused the ultimatum, and didnt like that, perhaps precisely because according our creditor's council, there is NO hurry since the assets are not depreciating. I also easily found out who LB is banking with: WF and UTB (a big bank, and a small bank) IN THE US. So I have no idea where this Indian Ocean Bank thingy came from. I also re-read the LB proposition. THe fact that it was not liked is OK BY ME. I have no problem with that. What do we have today? LB answered on the forum, made their case, it was refused, end of story. WHY THE FOCUS on LB now? WHo cares? They are no longer trying to make proposal.
WHAT WE ALL WOULD LIKE TO KNOW IS WHAT ARE THE OPTIONS TODAY THAT THE CREDITORS COUNCIL HAS? It has to be meaningfull and significant with a lot of cash up --- Like CEDIVAD said to LB at the time: PUT 10million in a company upfront... I'd like to see that. I thought that the creditor's council HAD such an offer on hand. WHAT HAPPENED? What are the assets worth (TRUTHFULLY, not a valuation according to Simon Barber or Edueardo Criminal PLEASE).

Post with your real name and I will answer you sincerely, you can PM me if you want to be secretive. If you had listened to everything and understood, you would know some of the questions you ask are fatuous. I assume LB's lawyer does not even understand what was wrong with his motion, if you do not understand either. Assets valuations are dependent on what you use the assets for. If you liquidate, they are worth far less than before (there are option models to explain that to you). If they attempt at creating an ongoing concern, they may be worth more. Considering Monica has not even published a list of assets, how could you value them? Don't you think if you really wanted to sell stuff, you would list what you have for sale? What IP does the company own? What conditions are held against its transfer? Can you answer this? No. Because the debtor is stonewalling, and trying to make creditors lose more money so that the ONE thing she did for the last five months does not look so bad.
Why does management not care? I do not know.

Your bank information about Indian Ocean and stuff does not really matter. What would have mattered (and does not anymore), would have been where the new company was domiciled AND where the money came from. It could have come from Russia as long as it was legitimately attained (taxes paid on it etc).
But this does not really matter because it is likely dead in the water. None of us could value the estate because we do not really know what is in the estate and what impairments there may be on the assets. Wasting 4 months has probably cost creditors at least $2MM and my guess would be 50 cents on the dollar. If bitcoin goes to $1000 before the stonewalling stops, we might be okay.
On your criminal point, I am not sure that is the case. Monica has been in there for long enough that she should have uncovered any "missing" money. If she had found that, she would have had to report it to the court. Why would she risk covering it up? That would not make sense. I would therefore assume that gross incompetence may be the only "crime" here. That the incompetence is allowed to continue is sickening to me.

Does anyone on this forum deal with reality or facts? There are requirements in bankruptcy for reporting and anyone dealing with facts would know that the court requires inventory to be reported and assets,so the CFO did provide it along with cash reconciliations according to the testimony. Stop making up false accusations against one of the few people that was actually looking out for creditors benefit.

With regards to delays, the creditors committee are the only ones at fault right now as they have come up with no proposals, have used HashFast management time for stalling instead of selling, have blocked all deals, and have now hired an expensive person only to ensure legal fees are covered.

Now that Simon is back he will theoretically be looking out for creditors too, or would that be Eddie boy? How does Monica have anything to do with bringing in the CRO? Wasn't that the creditor committee duty? How can you say she didn't do anything for the company- they had no money, and no financial reports according to the testimony and she recreated and tried to do a CFO job. It wasn't her job to be the CEO, that was Simon, and he was gone out of the country caring for what he deemed more important than his company. From what I've heard, there were others at the company that would support her efforts but that doesn't matter, it's the job of the President to run the company. Don't cast blame needlessly. And the committee had responsibility for ensuring progress and approving or facilitating asset sales.

While there could be some blame that nobody told the CFO what she was getting into,or what the CEO was not doing, where do the lawyers play into this? Aren't they the only ones getting money right now? I doubt that a finance person coming into the company almost a year after all the problems started caused the 20million bankruptcy but I of course could be wrong.