Rescission Offer

By: Robert Grosshandler | June 9, 2018

As you may remember from all the places we display this information on our site, we need to have a Qualified Offering Statement in effect at the time you complete the process of earning our stock.

For a long list of reasons having to do with being a pioneer, iConsumer did NOT have such an Offering Statement beginning February 13, 2018, through at least June 10, 2018.  We hope we’ll get qualified Monday or Tuesday, but the SEC sets the timetable for qualification.*

Which means we have a problem.  The SEC has told us they think you were earning shares from February 23 onward.  We disagree, but why fight?  The way to fix this is to give members the chance to reverse the transactions that happened during the period in question.  And for iConsumer to buy those shares in the reversed transactions back from you.  It’s called a “rescission offer“.  It’s not usual for this to happen, but not unheard of.  (Google had to do this at one point.)

We’re offering you the chance to say “I accept your offer.  I don’t want the shares or the Bitcoin I earned between February 13, 2018 and May 23, 2018.  Please reverse all of those transactions.  I’ll give iConsumer back the Bitcoin I earned, and iConsumer will buy the shares from me at $.09 a share.”

If you do nothing that means you reject the offer and nothing changes.  If we’ve reported to you that you earned or were awarded shares, you’re free to have us issue and transfer them, whenever you’re ready.  If we awarded you Bitcoin, that hasn’t changed.  Transfer it whenever you’re ready.

We’re still working through the details of this offer.  We’ve made our first filing with the SEC.  We expect there to be several versions filed before we have something final.

After we have something final, we’ll email affected members to ask if you wish to rescind your transactions.  If you decide to accept our offer, the process will be almost the same as issuing and transferring your shares, with paperwork you’ll need to fill out with your name, address, and social security number and sign.  We’ll need to do the normal securities related checks (we have to make sure you’re not a terrorist). There’s a fee you’ll pay for that.  Those are the same steps necessary to finally earn your shares and have them issued and transferred to you.

What’ll be different is that instead of getting shares issued to you, you’ll give back your Bitcoin and you’ll get a check from us, based on the number of shares you “would” have gotten.  If you “earned” 100 shares and 1 Bitcoin, you’d give back 1 Bitcoin and get a check for $9.00.  You may also have to pay income tax on the money you receive (we may have to send out a Form 1099).

To make this as easy as possible, doing nothing is the same as rejecting the offer.

We don’t quite know how long this process will take.  We’ll keep you informed.  No need to make a decision yet.  Since this is an investment decision, we can’t give you advice on whether to take us up on this offer.  The rescission offering statement has lots of information in it that can help you make a decision.  You’ll want to be aware of our stock price (OTCQB: RWRDP) and the value of the Bitcoin you’ve earned at the time you make up your mind.