DigiCash Update, part II

As some of you may be aware of, I am involved with an effort to
acquire DigiCash. Allow me therefore to suggest that now is not a good
time to attempt to purchase a patent license directly from DigiCash.
You would most likely be paying too much.

DigiCash has for months now attempted to find a buyer for the
company's assets. Due to the expectations on the value of the assets, and
differences between this and the offers they've received, the board has
turned down these offers, including the first offer by my group. Ultimately,
the
differences between some of the high expectations the board has, and
the actual offers they are receiving will be worked out between higher
offers and lower expectations. Until then, DigiCash operates on a
post-bankruptcy filing bridge loan. This loan won't last forever.

Ultimately, DigiCash will be sold. But nobody wants to wait forever.
Not you, not me, not the DigiCash board. The faster DigiCash gets sold
to our group, the faster the technology will become available to all
interested parties under low cost (and in many cases free) licensing
terms. Even if DigiCash should now be willing to sell licenses to
generate cash flow or reorganize in some new plan and forestall the
inevitable sales of assets a little bit longer, the current DigiCash
is unlikely to make the licenses available for as low of a cost as our
group will make them available after an acquisition of DigiCash.

We are in a position to offer potentially significant cost
minimization to any prospective licensee of DigiCash IP. With every
additional party committing to our effort, we can reduce the cost per
license. Scott of course would be amiss of his fiduciary duty would he
not attempt to maximize the financial return to DigiCash. We have no
such constraint.   I have a lot of respect for Scott and he is trying
to do what is best for the DigiCash shareholders and debtholders (As
he should).   We on the other hand are more focused on what is best for
the technology, to ensure it is deployed widely and in all it's
various potential uses.

The more serious parties join our effort, the faster will we be able
to make another bid and the faster the DigiCash board will review and
hopefully approve our next offer. Ultimately, everybody will be happy.
The creditors will be happy since they get their money, the current
executive group at DigiCash will be happy to move on having
successfully found a palatable deal, and the licensees will be happy,
since they will be able to obtain the IP and options for support and
technology development instead of being held in limbo with the present
DigiCash situation. And of course the developer community will be
happy, since the patents will be available to all, not just to the few
to which DigiCash might license the patents to improve their
unfortunate cash flow situation. This broad availability will allow
the market to validate the technology. No single player, or even small
group of players, can make eCash a success. Only an aggressive push by
many large, small and medium sized players who are all deploying eCash
and blinded private payment systems can.

This is one of the many reasons our group has the support of several
of the larger banks in the world, banking software/EDI vendors, credit
card clearing houses, personal financial/cryptography software
vendors, global media corporations, and other players that are
required to make eCash and other DigiCash IP derived technologies
ubiquitous.

Feel free to contact DigiCash directly if you must.   We certainly
encourage people who are interested in exclusive ownership of the
DigiCash IP, and are not interested in opening up the patents or
technology to deal directly with them since this is contrary to our
goal.   But if you are interested in any one part, one use or
application or even in all of the parts in a non-exclusive way please
make sure to email me first as I believe it will benefit everyone for
a lot less money.

--Lucky Green <shamrock@netcom.com>
  I will soon revoke my PGP key 0x375AD924 for
  administrative reasons.

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At 11:06 PM -0500 on 12/15/98, Lucky Green wrote:


> This is one of the many reasons our group has the support of several
> of the larger banks in the world, banking software/EDI vendors, credit
> card clearing houses, personal financial/cryptography software
> vendors, global media corporations, and other players that are
> required to make eCash and other DigiCash IP derived technologies
> ubiquitous.

Kewl!


So... Lucky?  Who do you have?

I mean, it looks like you're announcing that you have the only people of any
financial substance who really care about *using* this technology, much less
investing in it, and they're all lined up for you to pull the trigger and bag
DigiCash.

- From here on out, it's simple, yes? Just announce who they are, publically,
and make your tender offer.

You do that, Scott sees the writing on the wall that he can't sell to anyone
else who's not already on your list of investors, and surrenders, Dorothy.
Gotta know when to fold 'em, and all that.


So, again, Lucky, care to tell us who's backing you up?

After all, *that's* how they do hostile takeovers in *real* life. Just like
secret crypto protocols, there are no anonymous investors on the street. That
stuff's for financial fairy tales.


Well, okay, to be fair, there *is* another way to do this, too, since DigiCash
is a private company currently in the lap of a bankruptcy trustee. It's pretty
simple, really. Just buy up the outstanding debt that caused DigiCash to file
Chapter 11 in the first place and hold out until Scott & Co. forks over the
company. I'm sure that it's less than $10 million. Maybe it's way less, and, I
bet the number's completely knowable, or will be soon, since the legal
documents on the DigiCash bankrupcy are completely public information.
Whatever the amount of the nut is, it's easily chump change to a bunch players
as august as yours must be.

Presto-chango, you get the same result without making the headlines.

Nonetheless, your investors would still have to be public, yes? That's the
consequence of buying assets out of Chapter 11.

But, like the sign says, "If you lived here you'd be home now." If you *could*
do one or the other of the above, you'd have done it already. Shades of Enrico
Fermi, who noted that if there were extraterrestrials within
geologically-attainable timescales of us, they'd *be* here already.


To be honest, I don't really give a hoot *who* owns the blind signature patent
as long as they license the damn thing so the rest of the world can get on
with using it.  However, DigiCash, at the moment, has a nut to crack in the
millions of dollars. The people holding those um, nuts, don't care who pays
them as long as they get their money back. After that's taken care of, all of
us can go play moneypunks to our hearts' content. I'm pretty sure that Scott
Loftesness, after being a permanent fixture on all of the lists I've ever
started :-), knows *exactly* what to do with the patents once the bills are
paid. Or at least what *I* think he should do. :-).


Frankly, Lucky, just promising us, "HAL"-like, that "something wonderful's
gonna happen", that you have, like Nixon, "a secret plan to end the war" just
doesn't cut it anymore. Been there, done that, that dog don't hunt, etc.

Just about every time I turn around, I get private mail from some cypherpunk
or other with a secret plan to take over DigiCash and free the blind signature
patent for us all, that they're really just a stalking horse for some really
huge and famous investor, but they can't tell me who, just now. It's getting
tiring, frankly, and, like always, money talks, and so forth.

The cost of anything is the foregone alternative, including reputation
capital.


So, I guess it's time I anted up some of what little I have myself, :-), and
called your hand, here, Lucky. First, *my* cards...

After my recent trip to London, I have enough actual cash, promised from about
3 sources, and maybe from one or two more, to form a small syndicate which can
pay the present value, at 15% and an 8 year remaining life on the blind
signature patent, on about $1-2 million in equivalent patent income. I think I
can get more people and money signed on over the next few months, but if you
do the math, the amount I'm talking about is not much actual cash, paid up
front. Enough for a nice house in some places, but that's about it. However it
may be that it is, quite literally, a cash bird in the hand vs. two future
revenue birds in the bush, frankly, Scott hasn't gotten that close to the end
of his rope, just yet. He's already turned down a cash offer for more than
that that I know of, whether you and I are talking about the same rejected
offer or not.

But the amount I'm calculating above is still pretty much fair market on
what's left of the residual financial cryptography *research* value on the
blind signature patent, and that much money could, just barely, keep the
patents from being buried with DigiCash if it ever came to that. That is,
nobody knows how to actually *make* money on these patents. (Or DigiCash would
have done it already and/or somebody would have coughed up the money to buy
DigiCash out of hock by now otherwise.) But a lot of us have research *ideas*
which *might* make money, and which need to be tested in the marketplace to
see if they actually work, the payments business being what it is. So, a
million or two is about what I would guess the *entire* market is willing to
pay for the privilege of *experimenting* with blind signatures over the
remaning 8-year life of the patent. That comes to up-front, present value,
"bird in the hand", cash in the low to mid six figures, depending on how much
you think the patents can earn out in research payments.

I haven't announced the folks who've verbally committed to fund this syndicate
yet. But, I'm changing that.

I'm asking the person who's volunteering to floor-manage the legal part of the
syndicate to draw up an offering memorandum, or whatever, and when these
people who have made verbal offers have actually signed something legally
binding, I'll announce who they are publically on the Philodox website.


So, that's what I have, Lucky. My game plan is to form a small syndicate to
buy the blind signature patent, and a few patents, from DigiCash, or what's
left of it, for the estimated research revenue they may bring, but, only
*after* Scott has exhausted any ability he has to get any revenue from other
sources.


Now for *your* cards: It sounds like you're promising your investors something
significantly more than the present value of the returns on research
royalties, and I wish you luck. But it seems to me that you don't have to be
so skulduggerous, if you've really got what you claim you have in your quote
above.

And, so, Lucky, whatcha got, and, more to the point, who do ya have? Have they
signed memoranda of understanding, if not actual legal committments of
capital? Have you formed a corporation to transfer the patents to, or are you
going to purchase DigiCash, Inc., with all it's potential domestic and foriegn
liability? And so on.

Details, please.


Cheers,
Robert Hettinga


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-----------------
Robert A. Hettinga <mailto: rah@philodox.com>
Philodox Financial Technology Evangelism <http://www.philodox.com/>
44 Farquhar Street, Boston, MA 02131 USA
"... however it may deserve respect for its usefulness and antiquity,
[predicting the end of the world] has not been found agreeable to
experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'

-----BEGIN PGP SIGNED MESSAGE-----

At 2:55 PM -0500 on 12/16/98, Tim May wrote:

> The bankruptcy laws simply don't work this way. At least not in the U.S.

Actually, Tim, they do. And, frankly, what an amazingly silly thing to say.


A day doesn't go by when debt-holders don't convert to common, or are asked
to do so, bankruptcy or not, and take over what's left of a corporation
like DigiCash. Frequently, debtholders are the people in the strongest
position to do so, and the trustee agrees. Almost all bank mergers happen
that way, for instance, and a patent's as good an asset as a bank deposit,
especially if it's earning revenue, like DigiCash's are, however small that
revenue might be.

Actually auctioning off a company's assets doesn't happen nearly much as
the Small Business Adminstration -- or whoever your sources are -- say they
do. Mergers are usually the rule. Look at PGP, if you want a pointer.
Cybercash will probably be sold, someday, debts and all, and probably for
the amount of their debt, which, by now, I bet, is as considerable as
DigiCash's.

So, indeed, if partners of the caliber Lucky is boasting he has went out
and bought up the debt of DigiCash, it would take about a heartbeat and a
half before Loftesness, or even the bankruptcy trustee, would offer them
stock, if not control, just to take the company out of Chapter 11. Or, more
likely, to merge it with a more solvent business.

To think otherwise, is, frankly, a complete betrayal of your cluelessness on
the subject, Tim, and I don't use that word lightly in your regard.

> If a company is ultimately liquidated the physical plant, furnishing,
> equipment, bank accounts (if any), patents, and (sometimes) "good will" are
> sold. Proceeds then go to the various debt holders according to their class
> of debt.

Right. If it gets that far. Usually, it doesn't. In the case of DigiCash, it
might, except for one rather obvious thing. They still have outstanding
revenue from the likes of DeutcheBank, Nomura, and a few other rather large
financial institutions. That means that the patents, at the very least, are
worth something on the books, and probably *won't* be sold at auction
unless everything else fails. Frankly, converting all the outstanding debt
to common would be the cheapest thing to do, and you could bet that if
Loftesness could do it, he would.

Finally, if all that doesn't work, there's still the possibility of buying
the patents at graveside, like you, and, frankly, I, were talking about,
but, given the capital market's thorough disfavor for internet transaction
protocols these days, the patents are probably not worth much to any of the
"players" Lucky says he has, especially in the modern world of hockey-stick
internet IPO's and VC-induced investment bubbles.

So, outside of their residual remaining royalties :-), the patents *might*
be worth something to some financial crypto labs, and to the internet
crypto community at large, but that's about it, which was why I'm trying to
put together a syndicate to backstop whatever Loftesness tries to do to get
DigiCash back on it's feet.

To be blunt, nobody has *proven* that they're worth anything else but
research curiosity, so far. And, until the debts on DigiCash are taken off
the books (by stock-for-debt swap, or outright buyout, or whatever), we're
not going to find out anytime soon.

> The debt holders _may_ have side deals, contractually arranged, which give
> them rights of first refusal on certain patents or assets. But not usually.

More properly, DigiCash's debts may, in fact, *be* secured by the patents
themselves. In which case, the debtholders *do* get the patents.  Given the
quality of the outstanding debtholders, (most of whom *are* VC folks, if I
remember what I've heard) I expect that if it were at all possible to
collateralize the debt with the patents, they would have done so.

Of course, we'll find out the real answers to all of this when the Chapter 11
filing is actually final. Right now, I hear that there's nothing there but
a placeholder filing, with no actual assets listed in detail, much less
whether they're secured by anything.

> So, buying the debt of a company facing liquidation guarantees almost
> nothing about gaining access to patents.

Nonsense. Utter, complete, absolute -- and, clueless -- nonsense. See above.

> Someone who has no debt interest
> in the company may well end up outbidding others for assets, including
> patents.

Sure. Except, of course, when the judge turns the debtholders into
controlling shareholders instead. Go read up on a few actual bankruptcy
cases, Tim. It might help you state your case better if you used actual
data.

> This is just basic business stuff. I'm an investor in

<and so forth...>

Yes, I know, Tim. You "know" <drop a name here>, and *I'm* no <dropped name
here>, and so on, and yes, we all know, you're a tycoon of massive renown.
A giant unsold position in Intel, which you have now retired early on, to a
fortress out in the thules somewhere, proves you must be such.


Of course, Tim, if you really were clueful about business as you say you
are (instead of just a commendably frugal case of being exactly the right
employee at the right time), *and* you cared about making blind signatures
ubiquitous, you, the man who taught us all how important they were to begin
with, could have probably *bought* the patent yourself, probably for a
song, at least once when they were up for grabs in the last few years. And
you might even made money on them, being so clueful in business, of course.
:-/.

I even expect that you could even buy those pantents now, all by yourself,
if you could remove yourself from your Barcolounger, except for the odd
trip to the shooting range, to buy a new stereo, or to wait for the
millenium. Yelling insults at the local gendarmarie as they drive by your
Y2K-proof stone-by-stone replica of Wolf's Lair, challenging them to come
and shoot you out, copper, doesn't exactly help, either, I suppose.

If you thought financial privacy was so important, you, personally, Tim,
could have done something about this, a long time ago. All by yourself,
without anyone else. And you didn't. Instead, you snipe.

Oh, well. Cypherpunks now ride Barcoloungers, I suppose.


Frankly -- if I may step aside the point of the thread, here -- since you
started this chicken-little, off-the-pig, shoot-the-"criminals",
Junior-Birdman militia kick, you're just plain boring, Tim. Tireder than
Wired, you are.

Which is a real drag to lots of folks who are still here, because you
really had a lot to say once. You taught everyone here most of the way they
think about the world, in fact. Double that for all the people who've left
the list already in the wake of your recent thermite infatuation.

Nowadays, though, I remember a very sad, but funny, Firesign Theater
takeoff on 'Desiderata' which seems to sum you up pretty well. It said
something like '...you're a fluke of the Universe, and, while you're
sitting there, looking stupid, the Universe is laughing behind your back'.

That is, you pop off with the occasional "kill the bastards", or the
occasional "pearl" of business wisdom like the above, and we'd laugh,
except that you're no funnier than any other incontinent old gentleman,
yelling at the local skatepunks trashing his flowerbeds. Or minefields. Or
whatever.

> About the wisdom of announcing a takeover publically I'll say nothing.

That's nice. Glad to hear such a well-founded opinion.

Except, of course, that that's the way it's usually done, Tim.  People
raise their money, they get their partners signed up into a legal
arrangement of some kind, they hoist the Jolly Roger if necessary, and they
make a tender offer. In public. No veiled intimations of a "Secret Santa",
somewhere in the wings, come to save the day.

Transactions, for the most part, are based on reputation, or have you
forgotten that as well?


And, yes, Tim, I actually do know how it's done. I've seen it. I've been
right there, albiet with an extremely junior clerk's-eye view, and almost
two decades of hindsight. :-). Certainly, close enough to know when someone
isn't blowing smoke, which is what I'm increasingly convinced I see, here,
so far.

And, sadly, what's really more important here, is that I now know you
*haven't* seen this kind of thing done, Tim, and you don't know any more
about what you've been saying about mergers, or bankruptcy, than what
you've read in the papers. If you read the papers at all anymore, that is.


So, to return to the point, here, if anyone's going to make a run at
DigiCash, they should do something, or, to fracture some scatology, get off
the pot. They should not go stomping around public mailing lists saying the
equivalent of, "I have secret partners and we have secret plans, and we're
going to free the blind signature patent for all to use".

So, please, give me a break. About the "secret santa" bit, anyway. It would
be very nice indeed to pry the blind signature patent out from the beached,
debt-ridden carcass that DigiCash has now become, :-), and I think that
it's going to happen sooner or later.

Whether a bunch of cypherpunks, with or without Timothy C. May, will ride
up in a cloud of dust and save the day remains, of course, to be seen.
Frankly, I'd rather expect that the financial crypto community will step up
to the plate, here, but we'll see.


And, so, with the above, -- and now final, as far as I'm concerned -- pile
of, well, clueless dreck, from you, Tim, I've reached an amazing decision.

Something I never thought would happen, even with all the excrement you've
heaped in my, and other people's, general direction over the years. To
paraphrase the joke about the optimist child at the Christmas tree, there
was usually a pony in mess somewhere.

But, with this, it has finally happened, Tim.

Welcome to *my* killfile.


Given the quality of your contributions to this cypherpunks lately, I
expect that I won't miss you very much, and that is a very sorry shame indeed.


Cheers,
Robert Hettinga

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-----------------
Robert A. Hettinga <mailto: rah@philodox.com>
Philodox Financial Technology Evangelism <http://www.philodox.com/>
44 Farquhar Street, Boston, MA 02131 USA
"... however it may deserve respect for its usefulness and antiquity,
[predicting the end of the world] has not been found agreeable to
experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'

At 8:22 AM -0800 12/16/98, Robert Hettinga wrote:

>Well, okay, to be fair, there *is* another way to do this, too, since DigiCash
>is a private company currently in the lap of a bankruptcy trustee. It's pretty
>simple, really. Just buy up the outstanding debt that caused DigiCash to file
>Chapter 11 in the first place and hold out until Scott & Co. forks over the
>company.
...
>Presto-chango, you get the same result without making the headlines.

The bankruptcy laws simply don't work this way. At least not in the U.S. My
understanding is that the current instance of Digicash is a fully
U.S.-based company.

Those holding debts, secured or unsecured, don't have the company or its
patents "forked over to them."

If a company is ultimately liquidated the physical plant, furnishing,
equipment, bank accounts (if any), patents, and (sometimes) "good will" are
sold. Proceeds then go to the various debt holders according to their class
of debt.

The debt holders _may_ have side deals, contractually arranged, which give
them rights of first refusal on certain patents or assets. But not usually.

So, buying the debt of a company facing liquidation guarantees almost
nothing about gaining access to patents. Someone who has no debt interest
in the company may well end up outbidding others for assets, including
patents.

This is just basic business stuff. I'm an investor in

About the wisdom of announcing a takeover publically I'll say nothing.

--Tim May

Y2K -- LMGALMAO -- Loading my guns and laughing my ass off
---------:---------:---------:---------:---------:---------:---------:----
Timothy C. May              | Crypto Anarchy: encryption, digital money,
ComSec 3DES:   831-728-0152 | anonymous networks, digital pseudonyms, zero
W.A.S.T.E.: Corralitos, CA  | knowledge, reputations, information markets,
Licensed Ontologist         | black markets, collapse of governments.

I've been away for a bit, physically and otherwise, but have am back from
vacation and spent some time down at the clerk's office of the bankruptcy
court in San Jose today. Apropos to an ongoing discussion of a week or so ago -

At 07:20 PM 12/16/98 -0500, Robert Hettinga wrote:
[...]
>Of course, we'll find out the real answers to all of this when the Chapter 11
>filing is actually final. Right now, I hear that there's nothing there but
>a placeholder filing, with no actual assets listed in detail, much less
>whether they're secured by anything.

The filing is real - the court's file is up to about 400 pages, so I didn't
get the whole thing, but the schedules (including a list of assets) have
been filed. I'm in the process of digesting them into a website about the
Digicash bankruptcy. A little birdie sent me a document which is
purportedly the Dutch bankruptcy filing, and I'm looking for a translator.
Volunteers? 

According to the documents filed with the court, Digicash Inc. has assets
of $51,649, and liabilities of $3,068,076.49. The breakdown is as follows:

Real estate				$0
Personal property			$51,649
Secured claims			($123,438.09)
Unsecured priority claims	($279,500.60)
Unsecured nonpriority claims	($2,665,137.80)

Personal property includes $5,595.00 in cash, $23,220 in advance payments
on leases or security deposits, $5,750 in accounts receivable, and $17,084
in office supplies, furniture, and equipment.

Secured claims includes $73,449.56 for/secured by computer equipment,
$12,362 for/secured by a copier, and $37,626.53 for/secured by office
furniture, fittings, etc. 

Unsecured priority claims are for wages & commissions owed to employees and
independent sales agents, for amounts earned in the 90 days prior to
bankruptcy, maxing out at $4300 per person entitled to priority.

Unsecured nonpriority claims are everything else - including a bridge loan
from August Capital for $825,941.00, a bridge loan from the Glide IT Fund
for $386,325.18, legal fees of $103,756 to Gunderson Dettmer, $53,143.25 to
Netscape (apparently a software license, marked as disputed), a bridge loan
from Nicholas Negroponte for $193,735.20, legal fees of $25,103.29 to Nixon
& Vanderhyde of Washington DC (patent attorneys, who were kind enough to
file detailed legal bills with their proof of claim), a bridge loan from
Paul Van Keep of $61,698.36, legal fees of $20,635.59 to Steinhauser
Hoogenraad of the Netherlands, a bridge loan of $581,339.77 from Tech. For
Information and Entertainment III LP of Lexington MA, and a bridge loan of
$7242.35 from Thomas Little of Nashua NH. (there are also a fair number of
small to medium trade debts which I haven't listed here.) 

The IP listed as assets (but not assigned a value in the amounts shown
above) include these patents:

(all are US patents)

5,712,913	Limited-traceability systems
5,781,631	Limited-traceability systems
5,493,614	Private signature and proof systems
5,485,520	Automatic real-time highway toll collection from moving vehicles
[listed twice]
5,434,919	Compact endorsement signature systems
5,373,558	Desinated[sic]-confirmer signature systems
5,276,736	Optionally moderated transaction systems
5,131,039	Optionally moderated transaction systems
4,996,711	Selected-exponent signature systems
4,991,210	Unpredictable blind signature systems
4,987,593	One-show blind signature systems
4,949,380	Returned-value blind signature systems
4,947,430	Undeniable signature systems
4,926,480	Card-computer moderated systems
4,914,698	One-show blind signature systems
4,759,064	Blind unanticipated signature systems
4,759,063	Blind signature systems
4,529,870	Cryptographic identification, financial transaction, and
credential device

The IP list also mentions that DigiCash holds copyrights to software in the
US and abroad, without providing further detail.

Digicash holds or has filed for trademarks on the terms "DIGICASH" and
"ECASH" in the following jurisdictions: Australia, Brazil, Canada,
Switzerland, Chile, China, Costa Rica, Germany, European Community,
Finland, Israel, India, Iceland, Japan, South Korea, Mexico, Malaysia,
Norway, New Zealand, Phillipines, Singapore, Thailand, and the United
States. They have also filed for (not all are approved or registered) the
following trademarks in the US: CRYPTOPAY, CYBER DOLLAR, CYBER PAY, CYBER$,
CYBER-BUCKS, CYBER-CASH, CYBERCHEQUE, CYBERMILES, DATACOIN, DIGI$,
DIGI-CASH, DIGI-DOLLAR, DIGIBANK, DIGICASH, DIGICOIN, DIGIPAY, E$, E-CASH,
E-COIN, E-DOLLAR, E-MONEY, E-PAY, E-VOTE, ECREDIT, EGIRO, EMILES, EWIRE,
EYECASH/ICASH, FIRST DIGITAL BANK, KIDCASH, MONEY MAN, MONEY MEDIA,
NET-CASH, NET-PAY, PAY-AS-YOU-GO, TELEPAY, V-BANK, V-CASH, V-COIN, V-MONEY,
V-PAY, V-SHOP, VIRTUAL CASH, VIRTUAL COIN.

There's no discussion of foreign patents, which seems peculiar - the legal
bills from the patent attorneys included amounts for foreign associates,
with legal bills for Japanese patent matters sticking out in particular. 

As far as I can tell, Digicash Inc. (the US corp) was formed in 1990; the
Netherlands and Australian corps are/were subsidiaries of the US corp.

The filing discloses the following historical financial data -

Year		Sales
1998		$134,842
1997		$ 10,000

Year		Income
1998		$23,161 interest
1998		$ 2,580 sale of assets 
1997		$53,464 interest

The other item which may be of interest is that the IP portfolio has been
pledged as collateral for a post-filing bridge loan obtained from most of
the funders who are owed the $2M unsecured; I was hoping to trade files
with someone else (whom I haven't been able to meet with yet) so I didn't
get a copy of that filing, but I seem to remember that the postfiling
bridge loan, approved by the court, was for $330K, which will be paid back
from the proceeds of the sale of DigiCash's assets.

I'm hoping to work all of this up into a more comprehensive presentation,
but that's going to take another week or two at least.  
--
Greg Broiles
gbroiles@netbox.com
PGP: 0x26E4488C

On Tue, 15 Dec 1998, Lucky Green wrote:

> Date: Tue, 15 Dec 1998 20:06:01 -0800
> From: Lucky Green <shamrock@netcom.com>
> To: dbs@philodox.com, "E$@Vmeng. Com" <e$@vmeng.com>,
>     "Cryptography@C2. Net" <cryptography@c2.net>
> Cc: cypherpunks@algebra.com
> Subject: DigiCash Update, part II
> 
> As some of you may be aware of, I am involved with an effort to
> acquire DigiCash. Allow me therefore to suggest that now is not a good

Exellent news, Lucky!

Good luck in your negotiations and a beneficial outcome for
business and freedom.

happy holidays,

jim burnes