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DonatorNewbieActivity: 18Merit: 0 OPEN LETTER to Donald, Patrick & Amir RE: Bitcoinica September 13, 2012, 11:05:23 PM

Last edit: September 27, 2012, 07:09:50 PM by hazek #1



Gentlemen, I do not have to remind you of the calamities that have befallen Bitcoinica since April 24. The universal dissatisfaction surrounding the events has been discussed at length elsewhere.



In your absence, Bitcoinica's investors and others have been pursuing options to minimize loss and move the refund process forward. Unfortunately, there are no efficient ways to do this without your cooperation.



I'm writing now to ask you to support the needs of the customers.



Attached you will find a company resolution that authorizes formal liquidation under New Zealand law. As you know, your legal authorization as owners is required to take this step.



If you continue refusing to act, the only way forward is court. This will add months of additional delay and drain significant funds that would otherwise go toward repaying customers.



I thank Patrick Strateman in advance for your promise to assist the liquidator. Words are a good start. What's needed right now is action, from each of you.



It's important that you return the signed resolution before the weekend.



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On behalf of the Bitcoinica investors and customers, I direct this message to Donald Norman, Patrick Strateman and Amir Taaki.Gentlemen, I do not have to remind you of the calamities that have befallen Bitcoinica since April 24. The universal dissatisfaction surrounding the events has been discussed at length elsewhere.In your absence, Bitcoinica's investors and others have been pursuing options to minimize loss and move the refund process forward. Unfortunately, there are no efficient ways to do this without your cooperation.I'm writing now to ask you to support the needs of the customers.Attached you will find a company resolution that authorizes formal liquidation under New Zealand law. As you know, your legal authorization as owners is required to take this step.If you continue refusing to act, the only way forward is court. This will add months of additional delay and drain significant funds that would otherwise go toward repaying customers.I thank Patrick Strateman in advance for your promise to assist the liquidator. Words are a good start. What's needed right now is action, from each of you.It's important that you return the signed resolution before the weekend.----

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Hero MemberActivity: 602Merit: 502GLBSE Support support@glbse.com Re: OPEN LETTER to Donald, Patrick & Amir RE: Bitcoinica September 14, 2012, 01:21:51 AM #15 Why is this being posted on the forums? It's something to be sent to and between lawyers. This is just stiring the shit.



Really this SHOULD go to court, not just for the liquidation but for the theft and for other laws broken.



To ask or even expect this jpeg to be signed before the weekend is beyond wishful thinking.



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Hero MemberActivity: 868Merit: 1000 Re: OPEN LETTER to Donald, Patrick & Amir RE: Bitcoinica September 14, 2012, 01:56:45 AM #16 Quote from: dancingnancy on September 14, 2012, 12:16:12 AM Tihan-



Do you have any idea, after paying for this entire process, what will be left over for the rest of us? Any idea at all would be nice.



Thanks



Liquidators typically charge $200+ per hour, but they also charge for the time of their support staff. There is oversight by the Registrar of the Insolvency and Trustee Service and creditors can request review by the Official Assignee if they're really unhappy with the liquidator, but liquidators have considerable liability in respect of the estates they administer so it's not in their professional best interest to pad the charges.



In this particular instance, there aren't a ton of different assets to be sold, so that part of it should be relatively straightforward. Verifying the claims might be time-consuming given that the records have had to be reconstructed. The more co-operative the principals are, the less it's going to cost. Liquidators typically charge $200+ per hour, but they also charge for the time of their support staff. There is oversight by the Registrar of the Insolvency and Trustee Service and creditors can request review by the Official Assignee if they're really unhappy with the liquidator, but liquidators have considerable liability in respect of the estates they administer so it's not in their professional best interest to pad the charges.In this particular instance, there aren't a ton of different assets to be sold, so that part of it should be relatively straightforward. Verifying the claims might be time-consuming given that the records have had to be reconstructed. The more co-operative the principals are, the less it's going to cost. All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.

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Hero MemberActivity: 868Merit: 1000 Re: OPEN LETTER to Donald, Patrick & Amir RE: Bitcoinica September 14, 2012, 02:02:34 AM #17 Quote from: Nefario on September 14, 2012, 01:21:51 AM Why is this being posted on the forums? It's something to be sent to and between lawyers. This is just stiring the shit.



Really this SHOULD go to court, not just for the liquidation but for the theft and for other laws broken.



To ask or even expect this jpeg to be signed before the weekend is beyond wishful thinking.



The liquidation and the other matters are separate legal issues. Failure to liquidate the company can be an offence in itself. When the liquidator establishes the cause of the company's failure, he is bound to determine if any criminal offences have occurred and refer them to the Serious Fraud Office.



Yes, there are issues which should go to court. Beginning the liquidation should not be one of them. The only people who benefit by the liquidation being delayed are those who may be found to have personal liability in respect of Bitcoinica's failure. The liquidation and the other matters are separate legal issues. Failure to liquidate the company can be an offence in itself. When the liquidator establishes the cause of the company's failure, he is bound to determine if any criminal offences have occurred and refer them to the Serious Fraud Office.Yes, there are issues which should go to court. Beginning the liquidation should not be one of them. The only people who benefit by the liquidation being delayed are those who may be found to have personal liability in respect of Bitcoinica's failure. All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.