Quote from: filharvey on February 24, 2014, 10:47:26 PM

Well, for the lawyer to work, we need to figure out:

1) How do we raise the $1000. This will not happen split between all investors. I for 1 will not put more money down this money pit.

2) Then if the $1000 is split between a smaller group, how / if we win, does this $1000 get paid back. Is it purely just the $1000, and then the rest is split. Or does the people who put up the $1000 expect more payment back as it is another investment by them. For that you will need a majority agreement, but nothing has been put down as to what sort of majority is expect, 51%, 75%?

Again, at the end of the day I just want back what I can get and want it now, not in x years time.

Phil

I'd say pay back the $1k the same way you handle it in calculating the lawyer's fee. The costs come out of the recovery before anything else happens with it, so the costs that come back get distributed back to those who paid them. After that, the lawyer's fee is deducted, and the remaining recovery is split based on shareholder stake.

But that also means a potentially small group of investors bears all the risk of loss, as they may be out their portion of the $1k if we lose. I'd be willing to chip in a bit (and if Waldo is still reading this, and not simply pulling his hair out in frustration, I'd welcome him to message me about this), but I'm probably in the minority in that.

Quote from: paulej on February 25, 2014, 12:01:41 AM

Legal proceedings are never fast. I mentioned that before. There's really no reason to demand speed, because you cannot hurry the legal system.

I would really like to know, however, whether a BTC refund was promised by HashFast or not. I read on this site that it was, but I also saw various purchase agreements that said nothing about a BTC refund. However, the purchase agreements did offer a refund if the miners were not delivered on time. So, were the miners purchased in dollars or BTC?

What's happening here isn't really legal proceedings. At least, not as most people think of them. The purchase agreement required arbitration to settle disputes, so arbitration is where we'd be going. That's significantly simpler and faster than full-blown in-court litigation.

As for the rest, the original purchase agreement was ambiguous on how refunds would be calculated, but there were representations by HashFast that BTC payments would receive an equal amount of BTC in refund. And that's generally the way refunds are understood. This group buy paid HashFast entirely in BTC.

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