O/T: Perhaps A Minor Point… But Winning An Injunction In Federal Court Is NOT “Ordinary Legal Skirmishing”…

[Note: I also report on select crypto/legal matters. This is from one of those properties.] I do understand that most people involved with ICOs are rabid libertarians. That they don’t comprehend we are a nation of laws… is perhaps to be expected. But MSM reporters — they ought to dwell in the fact-bound worlds the rest of us inhabit. And, to that end

…We’ve seen a fair bit of reporting on the SEC v. Telegram / TON Issuer matters — and it’s been almost uniformly… ill-informed. [The tone in this subsequent opinion piece is slightly more balanced.]

The most pervasive “reporters’ mistake” is treating it all as a game of “he said / she said“. It is far from that.

The toughest circumstances to meet, in the federal civil courts, are the ones required to win an injunction.

That sort of equitable order flat out stops one party from doing what they’d planned on doing [i.e., secondary trading of Grams], all before an underlying full trial on the merits has even begun. The proof here… is daunting, to say the least.

That Telegram has appealed does not mean the parties are back on equal footing — playing some form of “overtime“, after a tie, at the end of four quarters. No — the SEC won. By twenty or more.

The SEC has prohibited the resale of the Gram tokens — and done so, in convincing fashion — because the violation of well-settled US law is very clear.

My non-trivial point then, is that it is simply foolish for the existing, long suffering holders to give Telegram another year — to try to change the outcome. The notion that Telegram might solve this without returning the money, and offering a “do over” — with interest paid for the time value of the lost opportunity… is vanishingly small. [And it is reasonably probable that TON won’t have the ability to make good on its financial promises, by April 2021.]

So… were I one of the billion dollars worth of “due-bill” holders — I’d say getting $1.10 in April 2021, on each $1.00 invested now over two years ago… is not an acceptable outcome. And there is essentially no chance they will be trading, as TON hopes — before then. Condor sez: Demand your money back now. While you can still get it.

In sum — just say “no.”

Ever… smiling….


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