SUN VALLEY (OVERFLOW) · 9 members created 11 July 2019
📌 Trip Maddox · 11 Jul 2019 Room block is gone. If you didn’t book, the Limelight has beds and a shuttle runs every twenty minutes. Do not put this in the big chat.
Danny Sung · 13:58 UTC two more old wallets moved overnight. both paid about sixty times the going rate to get into the next block instead of waiting behind everyone else. the fee market is gone. it cost four hundred dollars to move anything at all this morning and it will be worse tonight
Danny Sung · 14:01 UTC median fee to confirm, dollars
mon 12
tue 31
wed 140
thu 210
fri 295
Ravi Menon · 14:26 UTC Danny, your chart is the punch line. I took your numbers and modeled the exit queue for the top thousand addresses if they all decide to leave inside the same week. Six hundred and forty of them cannot get out at any price they are willing to pay, and that is before anyone panics. Happy to send it to you.
Danny Sung · 15:41 UTC trip you were on holt yesterday
Hollis Grant · 15:44 UTC You were on for six minutes and said nothing.
Trip Maddox · 15:47 UTC i said what i am permitted to say. there is an active federal investigation, i have a general counsel, and i am a director of the company.
Trip Maddox · 15:48 UTC i have known these people four years. i am not going to speculate about my own founders on television
Hollis Grant · 15:52 UTC Nobody in here knows anything, Trip. You included.
Trip Maddox · 16:02 UTC i was on the phone with sam in march for forty minutes. i understood maybe a third of it. i have been doing this twenty two years and i have taken maybe two calls that sounded like that one
Trip Maddox · 16:03 UTC everything written this week is wrong. all of it
Danny Sung · 16:06 UTC ok that changes my monday
Danny Sung · 16:07 UTC im not being cute. i have two funds who will be in the market before the open 👀 3
Hollis Grant · 16:08 UTC You are going to trade on a phone call Trip did not understand.
Hollis Grant · 16:12 UTC @Seth You are on that board. Is any of this real?
Danny Sung · 16:33 UTC he read it. he is not going to say anything, he has not said anything since wednesday
Hollis Grant · 16:35 UTC I called him twice yesterday. He did not pick up either time.
Trip Maddox · 16:40 UTC for whatever it is worth
Effective immediately, preserve all documents and communications concerning Basalt Labs, Inc., in any form and on any device, including text and messaging applications and any personal account used for business purposes. Do not delete, archive, or alter anything. Do not enable or rely on any feature that removes messages automatically. This notice stays in effect until you hear from me in writing.
Trip Maddox · 16:41 UTC that came from our GC at six this morning. so somebody somewhere is already drafting subpoenas
Hollis Grant · 16:44 UTC Trip.
Hollis Grant set disappearing messages to 1 week.
Danny Sung · 16:45 UTC that does not work backwards
Hollis Grant · 16:46 UTC I know what it does.
Trip Maddox · 17:20 UTC anyway. is anybody doing the broadmoor thing in two weeks. i have two tee times both days and karen has decided she is not coming
Trip Maddox · 18:02 UTC nobody. fine the part everyone has backwards is the money. they raised sixty four and they are maybe halfway through it. they had all the time in the world and every person writing about this is saying they were cornered
Ravi Menon · 18:34 UTC That is not right. They raised sixty-four and thirty-one of it went to compute in the last twenty-four months. In April they had a few months of money left.
Hollis Grant · 18:36 UTC How do you know that.
Ravi Menon · 18:38 UTC We were in the data room in April. I ran that process myself for six weeks and we did not get allocation.
Hollis Grant · 18:40 UTC You signed something in April.
Ravi Menon · 18:41 UTC A mutual NDA on standard terms. I am not circulating a document. I am correcting a number.
Danny Sung · 18:42 UTC ravi you are the only guy in here who is not in this company and you know more than trip does
Ravi Menon · 18:47 UTC I should not have put it here and I would ask everyone to disregard it. Trip, that was not aimed at you at all. I have enormous respect for the position you are in.
Trip Maddox · 18:52 UTC @Seth
Hollis Grant · 19:10 UTC Nothing further in here about this company. From anybody.
Danny Sung · 19:10 UTC 👍
Danny Sung · 22:47 UTC not about the company. two more went at 21:40, same shape as the others. somebody knew before we did
Gmail · sent 02:14 UTC From: Ravi Menon rmenon@halbrook.vc To: Nora Adjei adjei@wsj.com Subject: Basalt Labs — background
Nora —
We spoke in March for your piece on seed-stage biotech comps. You quoted me as a person familiar with the round and I thought you handled it well.
Everything written about Basalt Labs this week is the manhunt. Nobody has looked at the company.
Here is what I can do for you. I reviewed their financing documents earlier this year in a professional capacity. I am not going to send you anything and I do not want a document of mine anywhere near your desk. But tell me a number from wherever you are getting them and I will tell you whether it is right.
Ask somebody what that company spent on compute in the last twenty-four months. When they tell you, put it next to everything it has ever raised.
I want to stay off the record on this. If you need to characterize the source in the piece, a person who reviewed the company’s financing documents is something I’d be comfortable with.
I am around all weekend. Cell is below.
Ravi
Ravi Menon Halbrook Ventures 917-555-0148
Gmail · sent 03:31 UTC From: Ravi Menon rmenon@halbrook.vc To: Marcus Reed marcus@basaltcolabs.com Subject: April
Marcus —
I know what kind of week you are having, and I know this is a strange moment for me to be writing.
We didn’t get there in April. It has bothered me most weeks since.
You gave me a whole afternoon when you did not have to, and you answered every dumb question I had about the traps. I have not forgotten it.
I want you to know I have not discussed any of this with anybody, and I would not.
Whenever this settles, I would like the chance to lead your next round. I’m not asking for anything today. I just want you to know I have believed in what you’re building for a long time.
Ravi
LinkedIn · message · 03:49 UTC Ravi Menon → Basalt Labs
I wrote to Marcus a few minutes ago and I do not know what he is still reading. Ravi Menon, Halbrook Ventures. We looked at your April round. When things settle I would like to talk about leading the next one. My cell is 917-555-0148, any hour.