For those trying to contact VLPC about seedinvest - a question

Discussion in 'General Discussion' started by FinallyGivenUp, Oct 17, 2019.

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  1. Forum Name

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    For anyone trying to contact VLPC to find out what happened to the Seedinvest, could you on occasion respond here to let us know if you have received an actual answer?

    Keep in mind, I do not want to know the actual details, as answers may be both private and different across investor types. I am just trying to gauge if someone, anyone, is actually getting a response from VLPC.

    The only response I have received in a week is VLPC saying they are checking with Seedinvest for a list of investors, but have since been radio silent on any progress or ETA for a detailed response.

    Anyone else having better luck?
     
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  2. dayero

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    Second that. I hope there will be a statement through Seedinvest eventually. Having 500+ people all ask the exact same questions individually is just bullshit. Also great fun communicating as a non-native speaker with lawyers in a foreign juridiction.
    I'd rather save myself that ordeal until I know it's absolutely unavoidable.
     
  3. Copperhead2

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    Same here, initial email and response... now silence... What I do know is you can not issue common or preferred stock being an LLC. CN may have purchased all assets, but as I have been told, series B stock I am afraid is now dead weight as it still sits with the issuing entity (Port) and can not be transferred... but we need to hear this officially from both Port and CN...
     
  4. Forum Name

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    Thanks for your update @Copperhead2 - again, I'm not trying to speculate on what the outcome or answer is, just trying to see if we get an answer sometime soon. And agreed @dayero , having us all hit the attorney/accountant with the same question is a bit, well, inefficient. But it is what we were instructed to do, for better or worse.
     
  5. Dark Tidings

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    I’m interested in knowing the situation as well, as far as making anything on my investment or getting any money back I’m not holding my breath ;)
     
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  6. Warrior B'Patrick

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    Greetings all
    I email tbailey@vlpc.com on Oct 10th, so not that long ago but have not gotten anything back.
     
  7. Rat2

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    Nothing. Crickets.
     
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  8. Sulaene Moon

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    On Chris's Wednesday stream he mentioned that Richard told sotacon members the outcome of their seedvest shares. Chris said you should be able to find it on one of the recordings someone who was there did. Perhaps if someone could link that video or post what Richard told them it might help.
     
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  9. Forum Name

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    I have seen that video clip (thanks @Lazarus Long and @Jack SinAssist), but I wouldn’t say it provides any outcome. “If Catnip does well, Port does well, so SeedInvestors will do well” doesn’t tell me anything as an investor. What were the parameters of the asset sale? How did that benefit Port (and seedinvestors if our shares are still with Port)? How is selling your only material asset and IP not a liquidation event?) Etc, which is why Chris likely pointed everyone to VLPC to actually provide specifics.

    Those are things investors need to know, not the vague statement Richard gave. Of course, if @Lord British wants to share details here, go for it :)

    But otherwise I would prefer if the focus of these stayed on tracking if anyone actually gets a substantive response from VLPC.
     
  10. Tiina Onir

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    As the person who asked the question, the answer really wasn't satisfying. Honestly, I want something more lawyerly.

    hopefully @Warrior B'Patrick gets a response similar to what I'm really looking for. Please let us know when you hear back (even if you can't say what you're told).
     
  11. Arkah EMPstrike

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    Im not sure i understand why (or how?) more than this should be understood?

    And something more lawyerly sounds like just wanting the same thing said in a more complicated way?

    EDIT: Im wondering what specifics exactly you are looking for, i guess stated in a simpler way because if you mentioned them in that post above i dont really understand it
     
  12. Forum Name

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    I’m not going into the details here, but if you are a SeedInvestor you have an investment agreement, and this transaction raises a bunch of specific questions that investors would need to know the answers to. If you are not an investor, then correct, one doesn’t need to know more.
     
  13. Arkah EMPstrike

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    Why wont you go into the details? Im just curious what the details are
     
  14. Forum Name

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    Because the purpose of the thread is to find out if the lawyers/accountants Port steered us to, responds with details, not to go into the details here. I am worried they won’t respond anytime soon, so am checking with others here to see if someone gets an email back from VLPC.

    There isn’t anything sinister here about the details, but they are important from an investor perspective. Which, apologies, isn’t really a topic for the forum at large.
     
  15. Arkah EMPstrike

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    You can PM me if you want. Cuz to me the whole thing sounds pretty straight forward with that statment. Shares in port/ catnip either owns or supports port/ Share value dependant on catnip's success.
     
  16. Tiina Onir

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    The problem is they are glossing over the specifics. The problem with that is that when your talking about ownership of a company (and let's be clear, the shareholders are (partial) owners of Portalarium) the specifics matter.

    I suspect the REASONS they are glossing over the specifics are because they don't want to misspeak and get sued, which is fair. That's why I kinda want a lawyerly response, someone who CAN get into the details without fear of misspeaking onto a landmine. I'm not expecting any malintent, I just want to know where we stand (as someone who invested in the seedinvest campaign).
     
  17. Arkah EMPstrike

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    That sounds reasonable, so your basically jsut asking the details about thier plans for these 2 companies and what they are to each other?

    I know chris mentioned they shouldnt be talking about it too much as per the lawyers' advice, and that kinda makes sense that the legal folks wouldnt respond either. They probably directed us to them because they know better than anybody what they should and shouldnt talk about i guess. And if they arent talking, i'd figure thats why.
     
  18. Oakenhammer

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    Lawyers work in timescales of weeks to months, so it might be a while before we hear anything back. While getting these answers may be a top priority to us, the lawyer probably has a full case load and our questions are probably not a top priority.
     
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  19. Forum Name

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    Depends on the quality of the attorney, really.

    And yes, the actual answer may take a bit, but even mediocre attorneys keep people up to date on expected timelines, not keep people in the dark. I am hoping this attorney is at least mediocre and provides updates at the least.
     
  20. Tiina Onir

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    You're making a false dichotomy, and an assumption that is incorrect. There is only one reason to invest in a company: you believe in the company AND you like what they do AND you expect other to do the same to generate a return. If you are missing the latter it's not a investment: it's a donation. If you're missing the former you shouldn't invest, because you can't expect the return.

    I haven't seen any haters here at all, just people who want an answer to a reasonable question, "With these changes, specifically, what am I holding?" That's not an unreasonable question, and it's not even a negative one.

    Is the the ideal venue for that question to be asked? No. I'd really would have liked to have seen a formal letter addressing these concerns sent to all shareholders. These types of questions are only really relevant to shareholders, and I'd rather they be addressed in private, but we're talking here because that's not happened.

    To answer your question: I am an investor in many companies, all of them regularly update their shareholders as to how major events in the company affect them. Again, it's not "hating" to ask "how does a major event affect me."
     
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