Quote from: ShadowAlexey on September 10, 2014, 07:05:08 PM

Quote from: OgNasty on September 10, 2014, 01:08:09 AM

As an update to our debt situation, 70% of lenders have now agreed to my offer and as soon as one or two more lenders jump on board, I will ask for NastyFans to vote on a deal proposal.

How can you spend money you dont own without all lenders agreement?

I think you are viewing the situation backwards. Lenders put up funds for an order with Butterfly Labs. Butterfly Labs took 10 months longer than promised to deliver, and in that time the difficulty jumped 50x. They are also refunding nearly 50% of the order funds at the USD rate. That means I am getting back funds that belong to the lenders but that they are not entitled to per the current agreement. This presents a predicament because BFL is refunding in USD, which means paying back all the lenders their BTC per the agreement will most likely take many years to achieve and issuing the refund to the next lenders in line isn't fair to those in the 2nd loan in my opinion, since it is just as much their funds being refunded. I think that not disbursing this refund evenly would be unfair, and I have offered lenders an agreement that does 3 things. 1) Enables lenders to recover a large portion of their USD lended immediately. 2) Enables lenders to begin receiving weekly repayments. 3) Enables lenders to potentially recover more than their lended BTC amount.

With 90% of lenders now agreeing, I see no reason why I shouldn't go forward and let those who want to participate in a modified agreement have the opportunity to do so. I am even providing 500 seats out of my own pocket as a bonus for lenders who want to participate right off the bat. The lenders that do not want to participate are free to keep things the way they are. Their repayment per the original deal will be calculated, and they can be paid out exactly like there was never any new deal at all. If NastyFans approve my offer, I will ask nonnakip to give any seats due to lenders that are holding out to NastyMining in order to aid in the repayment of that lender.

This really is a win-win for everyone involved. Lenders who choose to participate get a generous offer with a front loaded repayment and weekly repayments. Lenders that do not want to participate see absolutely nothing change. NastyFans will have the opportunity to vote for a larger share of the distribution % and NastyMining will become debt free (or nearly debt free depending on the holdout lenders). It will also give us the opportunity to continue expanding, as I have already begun making arrangements (property ownership, electrical upgrades, security system, ventilation upgrades) for our own datacenter in a much cooler location.