Basho investor to pay up $20m in damages for campaign that put biz on 'greased slide to failure'

Monday 9th July 2018 13:14 GMT Blockchain commentard

Shot themselves in the foot methinks. But I'm surprised Basho was going through $1.5 million a month. Seems a tad excessive.

4 1 Reply
1. Monday 9th July 2018 13:47 GMT James 51
  
  Depends on what they friendly directors thought they were worth.
  
  6 0 Reply
Monday 9th July 2018 13:46 GMT James 51

Hope that the fine goes to the individuals if the investment vehicle doesn't have the money to pay. This kind of 'management' style needs to be treated in the same way as Japanese knotweed.

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Monday 9th July 2018 14:51 GMT Fatman

Good Luck

.. in collecting that judgment.

I am fairly confident that Georgetown has anticipated a ruling against it, and has taken steps to insure that there are little or no assets to levy upon.

7 2 Reply
1. Monday 9th July 2018 16:24 GMT Anonymous Coward
  
  Re: Good Luck
  
  Insure? How do you get insurance for a situation like that?
  
  Or did you mean ensure?
  
  8 1 Reply
2. Tuesday 10th July 2018 09:29 GMT Anonymous Coward
  
  Re: Good Luck
  
  The judgement is against Georgetown and Davenport jointly and severally - which means the plaintiffs can recover the money in full from either party. Even if Georgetown has been wound up, the plaintiffs should still be able to recover from Davenport, if he has assets.
  
  We don't know yet whether the defendants plan to appeal the finding
  
  0 0 Reply
Monday 9th July 2018 14:59 GMT Pascal Monett

Chester Davenport

To think that he is apparently a Distinguished Service Scroll Winner and got honors at a law school.

Looks like he was just pond scum looking to gain shark status.

Failure across the board, I say.

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Monday 9th July 2018 15:50 GMT 2Nick3

People worked at Basho

While these idiots were playing their games there were people working at Basho. Hopefully this opens the door to them being able to recover some of the losses incurred through these antics.

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1. Tuesday 10th July 2018 06:18 GMT james 68
  
  Re: People worked at Basho
  
  It's a nice thought, and I fully agree, but the proletariat rarely see anything from these kinds of fun and games. The lawyers will get the lion's share, the bigwigs will get the remainder and the taxman will get the scraps.
  
  1 0 Reply
  1. Tuesday 10th July 2018 07:44 GMT Doctor Syntax
    
    Re: People worked at Basho
    
    "the taxman will get the scraps."
    
    If that's so the US taxmen have a lot to learn. In the UK they're usually first in line, then secured creditors then anybody else. True the line will form behind the lawyers but even then the taxman will be looking at what they take.
    
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Tuesday 10th July 2018 09:14 GMT Alan Brown

Interesting because Delaware

Delaware is extremely corporate-friendly, which is why do many companies are incorporated there. In order to get a ruling like this the bad behaviour really does have to go beyond the pale.

It's going to be interesting to see what happens next. This kind of judgement effectively means that Georgetown - and Chester Davenport in particular will become untouchables.

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Monday 3rd December 2018 09:18 GMT rodmena

a little hope

I am happy at least riak-core technology is open source and accessible. Riak was a brilliant idea and I think it simply faded away by mismanagement.

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