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if anyone has any up to date news on the token issue? I've not found anything in the media outlets and had nothing as yet from HL.
Nothing from ii either Italian.
And Napster Ventures is still 'on hold' so the integrated app development is obviously taking its time.
(From our experience it's what new apps seem to do.)
I think someone else with II said that their tokens were confirmed to being held in escrow after chasing.
I think that will be the default position with most people holding with brokers.
I know AJ Bell has asked for cash instead, I can only assume (and I personally hope) this has been rejected and the tokens are also held in escrow until a solution can be found.
I'm not sure if the brokers issue is a regulatory compliance issue or a self imposed issue, does anyone have any thoughts on this? I have asked my broker directly and will share the result when they get back to me.
People who were registered shareholders have said they have been asked to provide a wallet address, but as far as I'm aware no one has received delivery as yet but they are surely to be the first to see them. And I assume fairly soon. That said they would have been required to return the form by 5pm eastern time on 29th to have had a chance of receiving them by yesterdays deadline
thanks for the replies,albert and PG.yes i think someone else did say that about escrow hold on II.dont know if the issue is regulatory or self imposed (perhaps a bit of both in some cases),but i can see things getting bit complicated for those of us not familiar with,or at ease in ,the crypto world.anyway thanks again for the comments.
I’ve been in contact with III regarding the deals - Naps are being very slow in making any of these payments happen. This mornings email was….. they don’t know what’s in the escrow and therefore can’t tell us how much we’re getting and when! So frustrating
How encouraging!!
having heard nothing from HL i have just emailed srs acquiom to see if they can clarify matters regarding the tokens and the 2nd and 3rd payments. if i get any info i will post it.
Thank you the Italian. I thought all of the tokens and payments were supposed to be done and dusted by 31st March 2023? Or was it May 30th 2023?
Thanks Italian! I understand the tokens are unusual but really should have had some Comms about the 2nd and 3rd payment by now.
Kabaa the deadline was end of march like you say but it was around the token creation as oppose to the actual distribution of tokens.
For what it's worth, someone was able to find the tokens on algo.explorer and you can see a few transactions have been made if you wish to search it for yourself. No one has confirmed this to be the real token mind but there was a particular transaction viewable of 687,500,000 which was of particular interest shall we say!!! I should imagine we will all be keeping a very keen eye on the wallet that received the above payment.
Hi Italian. Depending on what reply you get from srs acquiom. I might try emailing Algorand direct. They MUST know where we're at.
PureG, that is an interesting figure. It might just be backfitting but shareholders were due to receive 7% of the allocation of 10 billion tokens i.e. 700 million. The transaction you mention is pretty near that.
Kabaa may have a point I can't recall a date being mentioned but the first tranche was paid in May, so this could be open to various interpretations.
afternoon all.thanks for the responses. my understanding has always been that the 2nd and 3rd cash payments were due after the ist anniversary of the deal,i.e. 3ist march 2023.ive never seen any suggestion of a time scale to make the payments after the 31st,so presumably some time is permissibly allowed to complete the figures and to determine the amount of any contingency deductions.i would have thought it reasonable to expect payments by say end of june at latest.
as to the tokens,yes albert that is what i understand.7% of total issued of 10 billion. PG,i was very interested in what you say about the viewable transactions.i will try and look at this,although im not confident that my crypto knowledge and abilities in that area will prove successful. will advise when i get response from SRS acquiom.
AJ Bell have finally issued a corporate update, about half an hour ago, acknowledging the tokens and claiming to be in contact with Napster to arrange for shareholders to hold tokens directly. I assume this will mean a direct transfer bypassing the broker altogether.
I cannot see there being too much protest at this arrangement.
There was no mention of 2nd and 3rd payments mind.
Unfortunately despite my age I don't know too much about crypto either, but I have a feeling we are all going to be learning real fast.
I don’t understand the token part - with they have a monitory value that we can cash in or can we only use these tokens on the Napster app!? I had a large amount of money in Naps so could do with a bit of cash back ??
Jambor, I can only speculate without seeing the white paper, however it seems very logical that the tokens will be traded on the the crypto exchange and therefore we will be able to cash in on them after the lock in period expires. As to what that cash value will be is anyone's guess.
There are alot of tokens however Napster has a ace card in my opinion; There should be a high velocity given Napsters built in subscription service.
Let's assume around 1 million subscribers paying around £10 per month. We know from the litepaper they intend to have the subscription paid for in tokens. If the tokens were ten pence a piece, that's 100 tokens per subscription. Across the userbase over a year that would mean around 10% of the total token supply would have guaranteed demand
just to let you know that i had a short exchange of emails yesterday evening with srs acquiom. i summarise the gist of this as follows .srs were only engaged to deal with the collection of the initial documentation (shares)and make the initial payment.they have no details of tokens or further payments. these details will be held by what they refer to as the "shareholder representative", who holds the escrow pending determination of the contingency payments etc.according to acquiom the representative is anthony matchett! they suggested i contact him, a suggestion which i will not be following.
clearly they can't help at all,but from yesterday's later posts about II it sounds as though information is starting to percolate through to the platforms, so i'm going to sit back and wait to hear from HL. agree PG that we may be subjected to a high velocity crypto learning curve in due course!
sorry. ajbell, not ii.senior moment!
We just can't shake that matchett fellow! Haha.
FYI a Google search for "Napster foundation Org" will allow you to find the new website.
There is a interesting downloads section with the paper we have been waiting for as well as an upcoming events section. April 19th looks like one for the diary. I have only managed to briefly read the paper at 6am and I'm at work now so won't be able to properly digest the information
I hate to say it, but I emailed Machette as he was quite helpful (for once) last year when trying to get the money from SRS. This email bounced back saying he’s no longer at the company and the emails aren’t being monitored
Once again thanks for your input PureG, Italian.
I would expect to hear from ii next week, then. They said last May they were looking into options re the tokens as they were not likely to be tradeable on their platform. So probably any message from them will only be to say that, which always was the most likely outcome all along.
So AM is still around then. Actually I find that reassuring and his involvement not that surprising .
Presumably he - and others e, g, SH and N & G- are still shareholders. So their financial interests are similar to ours. Greater in fact. In that sense this is no different to the days of EVR/Melody.
afternoon albert.im not certain that AM is actually still involved.i think it quite possible that the reference to shareholder representative is simply historic and a hangover from the original takeover situation.i cannot be sure, but i don't think we have heard of matchett in any obvious current role and not sure he would be a good fit with the current players running the show.anyway looking forward to more news shortly.
sorry jambor. i posted without seeing your 9.07 post.that fits in with what i expected to be the situation.
Anyone heard anymore info yet? - ii claim to be in dialog but still no info on the escrow money which is the bit I’m awaiting - very frustrating
Nothing new here I'm afraid
nothing from HL as yet.im not chasing it up ATM,but may do at beginning of May.
Being patient for the tokens is one thing, and there are a variety of understandable reasons to cut all parties involved some slack.
The other two outstanding payments however are causing some raised eyebrows over here! No news AJ Bell & 212