I was chatting with David Irvine earlier this morning and he suggested that I post my query regarding my MaidSafe shares that are locked-up with Simon Dixon’s BnkToTheFuture.com - purchased in October 2016.
This is a longish story, however, to keep it short, in essence:
BnkToTheFuture (BTTF) is not answering my questions regarding my shares they have locked up since 2016.
The share certificate is entitled: “BNK TO THE FUTURE MAIDSAFE SP, a Segregated Portfolio of BnkToTheFuture CAPITAL SPC”.
They (BTTF) have now cut-off my access to my online account with them and do not effectively answer emails and snail-mail I send to their registered office in the Cayman Islands.
I am concerned that I might have been scammed and would like to take possession of my shares.
Does anyone here have any advice as to how I should proceed?
I live in the United Kingdom (Scotland).
Thank-you very much for your time.
David spoke to me this morning about this and we are investigating this. If there are any other shareholders via BTTF having these issues could you please drop me the details at firstname.lastname@example.org.
I had exactly the same problem:
After quite a hassle managed to go through their “revalidation” - which, after successful revalidation - they said was Step One - and that there are another 2 steps to be able to become an accredited investor and partake in their bitcoin buying program. I said I wanted nothing more that access to my account and did not wish to undergo further accreditation for their offerings. They have still not replied and I am still locked out of my account. I am worried - and hope the MaidSafe team will be able to do something about this.
I wonder how much of this issue with BNK is to do with AML/KYC + accredited investor regulations that now affect them that didn’t (or were overlooked) when they started.
Small fish that can’t get accreditation because they (literally) are too poor may be locked out forever.
If so, then getting together with others and forming a collective front may allow application of enough pressure to work out a solution - some sort of buyout or perhaps forming a third-party company that can be accredited and so manages the shares on your behalf.
It’s all a real pain I’m afraid. For legal reasons, BNK probably won’t say anything unless pressured - as anything they say can be used against them in court.
If nothing works the individual route, then I would aim to pull everyone together and hire a lawyer to pressure them for a solution.
Regarding our MaidSafe shares currently locked-in at BnkToTheFuture (BTTF) / Simon Dixon:
I purchased my MaidSafe shares from BTTF in October 2016 on the understanding that it was seed-money for the MaidSafe enterprise. BTTF had apparently acquired a block of shares direct from MaidSafe, and then sold them on to us investors. MaidSafe used the money received from BTTF (in 2016) as seed money. What BTTF now does with its shares has no impact on MaidSafe.
Now, 7 years later, I see no reason why BnkToTheFuture (BTTF) will not release our shares to us as this will have no impact on the finances of MaidSafe. I have asked BTTF a number of times for clarification around this issue but they have not been helpful. I have been persistent and now they have cut me off from my account for no valid reason - I have at all times been civil.
One of our number (MaidSafe shareholders, via BTTF) has explained to me that investigations undertaken by him and discussed with BTTF have established that our online-pdf-based MaidSafe share certificates are not legally valid.
Clearly, we investors in MaidSafe via BTTF have cause for concern.
How should we proceed?
As a start, I hope David (Irvine) reads this, and perhaps he, or one of the team knowledgeable in these matters could comment.
I was rather hoping that they - the MaidSafe management team - could influence Simon Dixon / BTTF to do the honourable thing and release our shares to us.
BTTF set up a separate holding company that was to own/hold the Maidsafe shares
People buying into it were buying shares in the holding company.
there were some other offers for share holders.
Basically people were not actually buying personal Maidsafe shares. But they were buying shares in the holding company. Now as to how that works out in the long run i don’t know, but I guess if the holding company folds then the shares are sold and funds distributed (firstly to lawyers handling the sale)
Correct, I think Duncan has misunderstood both what happened and what he’s entitled to. Participants should read the offer documents and anything else received at the time to confirm this.
For example, and please correct me if I’m wrong, but I believe BTTF acted as a broker so they never held and do not hold MaidSafe shares. These will be owned by the SPV.
Once someone was allocated shares in the SPV they were, in theory, able to trade these but there is no way to convert them to MaidSafe shares and I don’t think there ever will. I’m not certain about that last point.
The exit offered was an option provided by MaidSafe to convert SPV shares to a specified number of SNT after launch (and receive some merch IIRC). There was also talk of trading platform on BTTF but that never happened AFAIK.
I think the risk of being scammed here is low, firstly because Dixon probably doesn’t need the money and secondly because I hope that not much can happen to the SPV without MaidSafe’s consent.