Author Topic: Venture Capitalist Offers $6.2 Million To Buy KarmaShares LILL.com Search Engine  (Read 1297 times)

mouseman

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Disclaimer: I hold both Karma coins as well as KarmaShares.

http://www.reddit.com/r/Karmashares/comments/2awkgk/vc_offers_6200000_to_buy_lill_search_engine/?sort=new

KarmaSHARES is the formal American Limited Liability Company created as a separate entity to Karma the coin. Investors have the option to leverage Karma coins to buy "shares" in the business side and receive payouts in BTC based on their Share % of the company. The company has formed to create crypto and technology related individual projects of many variations.   

The acting Director of KarmaShares and Karma the coin has notified shareholders that he has been in France in talks for multiple days with a French based Venture Capital company/individual that has made a multi-staged buyout offer of the KarmaShares created current flagship product LILL.com search engine. Interestingly, the LILL.com search portal is still only in beta only being created just a few short months ago. The Karma coin rewards integration aspect of the portal was planned to be integrated into the search engine very soon as it continued through its beta testing. 

The KarmaShares Incorporated Company (http://karmashares.com/) is the first Cryptocurrency to incorporate and issue shares to Karma coin investors as of just a few months ago.

http://article.wn.com/view/2014/04/22/Digital_Currency_Karmacoin_First_Cryptocurrency_to_Incorpora/

The Shareholders now have the immediate and challenging task of discerning whether the offer is actionable, realistic and equates to a solid return on investment fo Shareholders.

mouseman

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Just a follow up on this story that involves the sale of the KarmaShares owned search engine LILL.com by a Venture Capitalist in France:

The French VC offer has now matriculated to a fully upfront $2.5 million USD as opposed to the lower initial offer coupled with more over the course of 5 years (if specific objectives were met). 

Aside from the aforementioned higher up front purchase price for LILL.com the terms of the contract have changed quite significantly as follows:

-No control, in any capacity, after signing
-1,900,000 Euro (approximately $2.5MM) due at signing
-All websites, domains, intellectual property included
-No futher remuneration, awards, benefits due (including salaries or related benefits)
-Retaining of Lill core team for 365 days from signing
-Expires August 31, 2014, if no agreement is reached (1 month after planned X11 transition)

Although the vast majority of KarmaShare holders desire to agree to the sale, a shreholders vote has not been arrived at thus far. Additionally, the retaining of a couple core members of the KarmaShare team to further the development of LILL.com is the very aspect of the deal that has most members scrambling for other alternatives.

lovecol

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it is a great idea.
COL: CKVqwvyo1cymXDk89W8EGLAJMYcKr6HUs2
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mouseman

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Very interesting turn of events that has seen the KarmaShares owned search engine LILL.com go from being offered $2.5 million USD by a French venture capitalist to no only being denied by the Karma Project Lead Manager..but to also see the Limited Liability Company known as KarmaShares completely disbanded and all 8.5+ Billion Karma coins returned back to all the investors in the company. Yes, you've read that correctly, KarmaShares has now be dissolved as a LLC, all coins returned to their rightful owners as Karma coins and the assets, etc of the company completely shelved and the corporation as it was known shut down indefinitely.

An unusual turn of events to be sure that just recently featured the Lead Dev reject the $2.5 million offer for various (and understandable) reasons that ended in very harsh community blowback for not following through with the sale. Apparently, the level of criticism harsh enough to the point that the lead Dev enumerated as 1 of the 2 explanations as to why he dissolved KarmaShares and took back the LILL.com project that he formerly owned as his sole creator. Additionally, the Dev has been very unhappy with the lack of investor support he has been requesting for some time to advance Karma the coin worldwide and in particular Philippines.

This is a rather lengthy story that is actually just ramping up and the implications at this point cannot be responsibly gauged until the dust has settled with their community and an understanding if the Lead Dev will completely cease his involvement in the Karma COIN operating side of things.

Stay tuned.