Ticker STOCK: ASICMINER-PT
Moderator Score 10 (10/0)
Moderator Votes YES 10 / 0 NO (1 ABSTAINING -- Users with 10 or more shares of LTC-GLOBAL are allowed to vote.)
burnside voted ABSTAIN with comment: Abstaining, this is my security.
Shares Outstanding 14436 / 400000 Issued
Issuer BURNSIDEASICMINER <burnside@kattare.com>
Website https://bitcointalk.org/index.php?topic=99497.0
Forum https://bitcointalk.org/index.php?topic=148350.0
Issuer Detail
ASICMINER-PT - issued by burnside
burnside is currently a 90% stakeholder of BTC Trading Corp.
burnside also operates LTC-MINING on BTC-TC and LTC-MINING.LTC on LTC-GLOBAL
burnside built this exchange so that LTC-MINING would be able to continue operation when GLBSE failed. Such is his commitment to his shareholders.
burnside can be contacted via PM on bitcointalk.org or forum.litecoin.net
Stockholder Agreement
This asset is a pass-through for ASICMINER, the ASIC MINING company.
IPO Terms
For each ASICMINER-PT, one ASICMINER will be purchased from a private party with whom the issuer has a contracted call option for 1000 ASICMINER shares lasting until April 4, 2013.
The purchase from the contracted private party will be done via escrow. If the purchase fails or any part of the IPO is unsuccessful all ASICMINER-PT shares purchased will be bought back by the issuer unless the issuer is able to secure another seller.
Post-IPO Terms
For each ASICMINER-PT, one ASICMINER will be held on file with Friedcat until such time as ASICMINER is listed on a public exchange.
Once ASICMINER is listed on a public exchange, one ASICMINER will be held on such exchange for each ASICMINER-PT.
As long as burnside owns 51% or more of BTC Trading Corp there will be no management fee.
If burnside's ownership of BTC Trading Corp drops below 51%, A management fee of 0.5% will be levied on each dividend payment.
Payment of dividends is to be made within 2 weeks of their issuance from ASICMINER.
Dividend payments made more than 72 hours after their issuance from ASICMINER will be paid 100% of the original ASICMINER dividend.
Each share has no voting rights.
More pass-through shares can be issued, provided there is sufficient backing. For example, if there is sufficient demand, the issuer may attempt to contractually secure more call options for ASICMINER purchases.
Transfer
Transfers in and out of the passthru are supported. Such transfers can take some time, due to the manual nature.
One transfer OUT OF ASICMINER-PT will be processed free once per month per account. Subsequent transfers within the same month OUT OF ASICMINER-PT are subject to a fee of 0.25 BTC for transfers of 49 shares or less.
Transfers OUT OF ASICMINER-PT are always free for any transfer of 50 shares or more.
Transfers IN TO ASICMINER-PT from elsewhere are free for any size transfer.
Asset Termination
Should the issuer of ASICMINER terminate the asset, any funds received through this asset termination will be distributed in full without any fee taken.
During the IPO process should we become unable to secure ASICMINER shares to back ASICMINER-PT the asset will be terminated and all ASICMINER-PT shares will be bought back at the IPO price.
The issuer reserves the right to close down the asset with a 30 day warning. Should this right be exercised, every reasonable attempt will be made to transfer the assets into the direct control of the ASICMINER-PT shareholders using the methods described in the Transfer section above. (but with no fee) Any shareholders the issuer is unable to contact or unable to transfer the shares for within a 90 day window will receive a forced buyout at market prices at the end of 90 days following the closure.
Should the issuer of ASICMINER choose to list ASICMINER on the BTC-TC exchange this asset will be terminated and the ASICMINER-PT shares will be automatically redeemed on the exchange for ASICMINER shares.
Exclusion of Guarantees
This pass-through makes no further guarantee shall any issues arise with ASICMINER's issuer. Should ASICMINER issuers requires any fees/process to claim shares arising from any issue/event, fees will be paid in full in the name of the pass-through holders from future dividends.
Executive Summary
For details regarding the dead mans switch arrangements please visit https://btct.co/faq as a logged-in user.
Anyone holding shares is welcome to connect with me on Linked-In, just mention your btct.co username in the intro message. My profile is at: http://www.linkedin.com/in/ethanburnside
Business Description
A simple pass-through disbursing dividends received from ASICMINER on a per-share basis.
Definition of the Market
Products and Services
Organization and Management
Marketing Strategy
Financial Management
I will be expecting ASICMINER-PT shareholders to keep up with ASICMINER financials via whatever methods Friedcat provides. ASICMINER-PT will not be providing ASICMINER financial statements or financial information.
