Quote from: burnside on September 29, 2013, 08:01:43 AM

I'm pretty sure that we can sell assets as long as they are used in a legal manner and we do not sell them as an ongoing concern. This is why no sale can complete prior to shutdown, and the domains, database content, and my involvement cannot be included.

My thoughts are that we should have a silent auction for the site code, with a proportional portion of the purchase price able to be paid in LTC-GLOBAL revenue shares. For example, if you own 10% of the shares, you would get a 10% discount. I likely would apply a multiplier though, such that if you owned 10% of the shares, you'd get a discount equal to 3x that percentage, or something similar, thus diluting my own shares to the benefit of the other revenue shareholders.

I am aware that some of the existing LTC-GLOBAL revenue shareholders would prefer first right of refusal, but I do not believe that such an arrangement would be fair for other revenue shareholders that are not part of the deal because an alternate offer could come in for 2x more, and revenue shareholders that cannot be involved in the deal going forward (US residents) would not receive a fair value. It is my opinion that giving a discount/credit toward the purchase price is the best compromise available.

Given the limitations at hand, I am open to alternate suggestions.

Cheers.

Very glad to hear about this Burnside. The exchange continuing forward outside of American jurisdiction with the code base intact strikes me as the best possible outcome at this point.

Am I right in assuming that the existing entity 'LTC-GLOBAL' will wind down after the sale? Does this mean that LTC-GLOBAL (and BT-TRADING-PT) shareholders might look forward to a final payout of some kind after the site code is sold or auctioned? Can you say anything yet about what you anticipate the hierarchy of creditors will look like in that event, given that LTC-GLOBAL still has significant liabilities on its books (in the form of outstanding legal bills and the balance of the loan you made to LTC-GLOBAL to pay the initial legal retainer)?

Esh

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