Global Blockchain Tech answers AB Mining lawsuit
2019-01-18 10:05 ET - Street Wire
Also Street Wire (C-FORK) Global Blockchain Mining Corp
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by Mike Caswell
Global Blockchain Technologies Corp. has responded to a $37.5-million lawsuit it faces in the Supreme Court of British Columbia over its failure to pay for 3,000 Bitcoin mining machines. It says that it did not receive all of the machines that it ordered. It also contends that it properly paid for the machines using shares, as had been its agreement with the vendor.
The company is responding to a lawsuit filed by AB Mining Ltd., a provider of electronic equipment incorporated in the British Virgin Islands. The suit complained about a deal in which AB Mining had sold Bitcoin mining equipment to Global Blockchain Technologies in June, 2018. The equipment was for a company that Global Blockchain Technologies was in the process of spinning out called Global Blockchain Mining Corp.
The dispute centred around shares of Global Blockchain Technologies that AB Mining said it was supposed to receive and that would be immediately tradable. Instead, AB Mining received shares of the spinoff, Global Blockchain Mining, and those shares had a four-month hold period. (The shares were also worth about one-quarter as much as the shares of Global Blockchain Technologies would have been.) AB Mining sought $37.5-million in damages.