Satoshi•Pie Liquidation

in satoshifund •  4 months ago 

As stated in this document (https://golos.io/bitcoin/@satoshifund/evolyuciya-satoshi-pie), on January 31, 2019, we are liquidating Satoshi Pie fund. This means that until January 31, 2019, all the assets of Satoshi Pie will be converted into bitcoins.

The current state of the Satoshi Pie portfolio
https://docs.google.com/spreadsheets/u/1/d/e/2PACX-1vRrTmJ6WtocPv6gvrvN8JAVOYGEOjCKrxaFff40POox9bvhy4F0dTTrERxQFVeT-za-rxdjXvfNwBIW/pubhtml

The valuation of assets will be carried out and fixed for February 1, 2019.

If Dfinity, Cosmos, and Airalab projects are not liquid until January 31, 2019, the tokens of these networks will be transferred to Satoshi Fund to redeem its SPIES tokens according to the valuation made on February 1, 2019. (The illiquid tokens are valued at the price of their purchase).

From February 1, 2019, only bitcoins will remain in Satoshi Pie fund portfolio.

Standard Tokens Redemption Procedure

In order to receive the corresponding share of bitcoins all the SPIES token holders (BitShares id 1.3.1010 - https://wallet.bitshares.org/#/asset/SPIES) could use the standard token redemption procedure until March 31, 2021. Additional redemption requirements will be applied after March 31, 2019, they can be found below.

Description of the procedure

In order to receive the bitcoins, the SPIES token holders should send them (SPIES) to the satoshi-pie-redeem account (BitShares id 1.2.113611 - https://wallet.bitshares.org/#/account/satoshi-pie-redeem) and specify the bitcoin address, to which they want to get their bitcoins, in MEMO. Managers will burn incoming SPIES tokens and send bitcoins to the specified btc address.

In order to make this transaction the SPIES token holders can use the https://satoshi.fund/ service or the standard BitShares client https://wallet.bitshares.org

SPIES tokens redemption schedule until March 31, 2021
January 17, 2019, January 24, 2019, January 31, 2019, February 15, 2019, March 1, 2019, March 15, 2019, March 31, 2019, June 30, 2019, September 30, 2019, December 25, 2019, March 31, 2020, June 30, 2020, September 30 2020, December 25, 2020, March 31, 2021.

Fund commission for the redemption of tokens is 5% until March 31, 2019, then the commission will be increased to 10%.

Non-standard cases

The users who lost access to their Satoshi Pie accounts should try to restore the access on their own. https://satoshi.fund/ has never had access to data that allow to get access to accounts of the SPIES token holders. All possible recovery methods can be found here https://intercom.help/satoshifund.

Any questions for non-standard cases could be sent to [email protected] till March 31, 2019.

Safe custody

On April 1, 2019 Satoshi Pie liquidation balance will be recorded and a liquidation decision will be prepared. All remaining funds will be transferred to the new liquidation multisignature address managed by fund managers. All Satoshi Pie fund documents (history of SPIES token prices, asset valuation history, balance history, the registry operations for issuing SPIES tokens, the registry operations for burning SPIES tokens) will be held in custody by the Moscow Central Branch of the Moscow Regional Bar Association.

In the period from April 1, 2019 to March 31, 2021, the SPIES token holders can address all their questions regarding the redemption to the Moscow Central Branch of the Moscow Regional Bar Association at 293022 Krasnaya Presnya, Moscow, office 14 (email - [email protected]).

If the user has access to his own SPIES tokens, he or she should notify the Moscow Central Branch of the Moscow Regional Bar Association (e-mail mentioned above) about the number of SPIES he or she wants to redeem. At the same time, the SPIES token holder should send them to the satoshi-pie-redeem account (BitShares id 1.2.113611 - https://wallet.bitshares.org/#/account/satoshi-pie-redeem) and specify the bitcoin address in MEMO to which he or she wants to get the bitcoins. In order to make this transaction the SPIES token holders can use the https://satoshi.fund/ service or the standard BitShares client https://wallet.bitshares.org

Once the transfer of the SPIES tokens to the satoshi-pie-redeem account is completed, they will be burned on the dates mentioned above (tokens redemption schedule) and the holders will receive bitcoins to the address mentioned in the MEMO.

If the user has lost access to his own SPIES tokens, he or she should notify the Moscow Central Branch of the Moscow Regional Bar Association (e-mail mentioned above) about the number of SPIES he wants to redeem. For identification purpose the user should provide the following information:

  • Account email (specified during the registration, if available)
  • Account phone number (specified during the registration, if available)
  • Copies of complaints, questions to the Satoshi Fund and answers sent to the email associated with the account (if available)
  • Proof of ownership of the btc address from which bitcoins were sent to the Satoshi Fund account

In the case of loss of the access, redemption is possible only if the mentioned SPIES tokens are not redeemed by the time when the application is received.

The custodian has the right to call the applicant to meet in person in order to confirm the identification of the applicant or to sign tokens redemption documents in the case of a positive decision on the bitcoin payout.
In the case of a positive decision, the bitcoins will be sent with a 10% commission.

Unclaimed funds

All the funds that will not be unclaimed until March 31, 2021, shall become the property of the owners of the Satoshi Fund who could spend them at their discretion on causes including charity (transfer to the organizations like White Hats), excluding expenditures on administrative and liquidation procedures.

After March 31, 2021, no claims or complaints will be considered due to the expiration of the statute of limitations.

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