man, I also want to know
Yes, we still don’t know how much money they need.
They are still not transparent but we are discussing already (again) cuts to the SNOs.
Storj is still a private company. Would you be willing to voluntarily publish your financial information, including your income and expenses, in a public forum? Storj has published more than it was required to. Things are more complicated now; it’s not entirely up to us anymore, but rather up to the courts.
Opinions are shared with the team anyway. But I would like to suggest to do not expect exact numbers, unless this will be required.
You know the situation is a bit different as I see it:
- Storj filed for Chapter 11. I am assuming that most of that what will be stated to the courts will become publically available at some time any way:
- Storj is actively asking on this forum for support and ideas where to get money from they desperately need. Useful suggestions can only made if the extent of required support is known. It makes a huge difference, if Storj need millions of USD or ‘just’ thousands of USD.
Perhaps, I just don’t know US laws well enough. We will see.
But I can guess, right? So - more is better.
I don’t expect that information to magically show up in this thread. I have filled out the form and If there is enough interest I expect some kind of private group to form and some kind of real deal that will be shown around.
Also the people that are involved into this prefer email communication. Don’t expect a response here in this forum. Just send it to that email and we can use this thread to maybe coordinate. Best might be if one of us collects all questions first and submits them in one go. That way we can avoid asking the same question multiple times. And while we are on it I would nominate that person to be our leader. In general I would do it but I have no experience with these kind of negotiations. I am not a us citizien and don’t know anything about chapter 11. I would like to silently listen / read ongoing negotiations to maybe be able to do it myself next time but this round I have not enough experience for that.
(Disclosure: I used Writing Tools to smooth the corners of my prose here, as the topic seems important, and I don’t want the message to be lost behind the usual outrage. Its the second time i’m doing it on this forum)
This proposal is rather difficult to reconcile with Storj’s own position on the token for the past decade.
STORJ was repeatedly described as a utility token: a payment mechanism, not an investment, not equity, and not a claim on Storj’s business. Node operators were paid a USD-denominated amount in STORJ and had every rational reason to sell it immediately rather than accumulate a speculative position in the company’s privately issued arcade tokens.
And now, suddenly, the relevant “community” consists specifically of people who ignored all of that, accumulated substantial token holdings, and are willing to disclose their wallets in the hope of exchanging those tokens for some entirely undefined amount of future equity.
Yes, I understand the legal distinction between “the token is equity” and “perhaps later you can surrender the token in exchange for equity.” It is not a particularly difficult distinction. It also does absolutely nothing to make the underlying contradiction less absurd.
If the objective is genuinely to give node operators, customers, employees, or other community members ownership in the reorganized company, then offer actual equity through a proper regulated offering. Publish a valuation, financial disclosures, ownership rights, governance terms, dilution provisions, and the actual price. An IPO may not be practical, but there are well-established ways to raise capital without requiring participants first to possess a pile of fake money whose issuer spent years insisting was merely a utility.
Instead, the form asks people to identify their wallets and declare how many tokens they might contribute before Storj has disclosed even the rudimentary economics of the proposed transaction. No valuation. No conversion ratio. No percentage of the company. No governance rights. No explanation of what exactly is being acquired.
So, in plain English: “This is not an investment. Please sell it immediately. Also, could everyone who disregarded that advice please disclose their holdings and use them to rescue the company?”
Magnificent. You could not design a more perfect conclusion to the entire token experiment if you tried.
So the plan is to hand over my tokens to storj. Then they will use them to pay me again until next chapter eleven? 
It is Storj itself on the chopping block.
Better said, this ‘Storage’ portion is the legacy debt, the unproductive asset, the dead weight, the liability is the token itself and it’s divisional debt, subject to court designation.
Thus it seems the remaining employees are reaching out in an attempt to salvage what they can, if anything. What would participation look like at 20% debtor financing of 1.2 Million? For this garbage low margin business segment? You gotta do better than that to save your asses fellas.
I think they understand/fear now that the restructuring does in fact exclude them.
The other stuff represents the actual real income, so Inveniam ain’t lending any hands to those on the STORJ Titanic. You just be lopped off by court order.
Here’s to full disclosure.
2 cents,
Julio
Interesting.
So game over? They took Valdi and are dumping the rest?
This is incorrect. I would suggest people don’t just believe unfounded speculation statements from people who do not have insights in what is actually happening.
I guess @Julio nailed it. Now I understand why the new management not showing up here. It’s just not worth to them.
Or they are more old school and are waiting for an email without following this thread. On top I also expect them to make the mistake that everyone knows how a chapter 11 works so they might think that there is no need to explain it.
I fail to see the logic in the fact that it is better to answear a thousand emails instead of answearing one time on the forum for everyone.
But again, it seems the logic isn’t a thing in the Storj Inc.
That part usually doesn’t happen in emails. As long as I read comments like that I can’t blame them for responding to emails only.
But it could be a voting token? I don’t see a contradiction to its utility purpose. Also if it’s meaning of payment, then you can pay with it for a share in the company, while they themselves are not a share. I’m not US citizen too and not a lawyer and don’t know all regulations, of course, but I think it’s logical? You still exchange them to something useful - to storage+bandwidth, to share in the company (which I treat as a material object, like a paper with some obligations), to USD (insert your currency)?
I maybe wrong, please not quote on me 
, maybe I have no idea what am I talking about.
Storj just needs hype, a good PR team, and a reason for people to actually buy and hold the token.
Hype is everything. I open TikTok and see these $20 retro consoles everywhere (R63S). They’re honestly pretty crappy, but they became a cult product because of hype and marketing.
If Storj only wants to sell data storage without giving people a reason to buy the token or bring money into the ecosystem besides a discount to their service, I don’t see how they ever really expand. They need more ways to create demand or they could end up struggling financially, or worse, go bankrupt.
TikTok hype works only for individuals. Storj searches only for business clients.
We’ve said it many times on this forum: the team needs a stronger marketing lead. Yet nobody seems willing to listen.
I have no interest in supporting a bail out. At this point I don’t believe they can win/compete in the S3 commodity market. That’s already proven itself to be true.
Likely too many business mistakes to overcome at this point (love the tech though).
My mitigation plans are already in place. We’ll see what happens.
If the engineers can pull this one out I"ll be the first to give them credit. Leadership in any company should always have been an engineer first. I have personal experience with Boeing and McDonald Douglas for a history lesson.