Legal wind-down of BeetsDAO: Critical

Dear Members,

It is with a heavy heart that I ask for your support to wind down the legal entity for BeetsDAO. There is a number of reasons we propose this decision, chiefly among them: ongoing compliance, tax and legal needs, participation rates, focus and capital.

Notes: We came a long way through our journey together: through a brutal bear market that evaporated 60% of the US Dollar value of our holdings, thus reducing our spending power, and a lack of demand for NFTs through that period. This downturn has led to substantial and often-times, near total devaluation of our balance sheet assets. As example, value-leaders of hallmark NFT collections like Bored Apes saw a 93.8% decline in ETH-denominated value. Even today, the decline in ETH-denominated value figures into 95.5% decline in US-dollar denominated value. As a bellwether of market value, these are awful outcomes by any stretch of the imagination, and this devaluation hit all assets on our balance sheet. More directly, Eulerbeats abandoned management of the project in mid 2022, devaluing all OG tokens to illiquidity.

CRITICAL: In order to effectuate the legal scope necessary for wind-down, we are proposing to transfer $5,000 to Rob Leonard to represent a complex set of steps needed to unwind such a large, and diverse LLC membership. In concert, he is waiving $6,900 in back-billings based on the personal relationships we formed with him.

This letter has been posted to Snapshot for vote with your $BEETS tokens. https://snapshot.org/#/beetsdao.eth/proposal/0x43da6baad45861d0a7a7d7a6e6ffabd1978ddc31bf1db74304544dde4c4d7708

Conclusion: Thank you for your years of support, your advocacy for our membership and support for each other has not only inspired, but creating lasting relationships amongst members. We should have pride - we were one of the first DAOs in the last cycle, starting (believe it or not) in 2020 with Eulerbeats. We worked night and day to put the DAO in the best position possible. We produced tens of projects. While our best projects like Metamorphic and Lost Children of Andromeda came later, in 2022-2023, we fell short of success for several reasons: chiefly among them: a lack of participation, and substandard marketing support from the DAO membership itself. I am proud of the members that stuck with it, and the ServicesCo team that perservered through serious financial setbacks on a personal and professional level, and acted out of love, duty and reverence for our community.

Along with the legal process, we will be distributing consolidated financials and K-1s in the coming weeks, aiming for the third week in August. We have several key measures to close, which will be discussed, and debated, in delivery of all documentation.

For now, please vote on transfer of the legal retainer. Deadline is Monday at 10AM EST. It is a critical fiduciary step that has serious consequences for non-execution.

See scope below:

Asset Liquidation, Debt Resolution, and Governance Wind-Down: Lquidate our remaining assets, address all outstanding debts and claims, and ensure the orderly wind-down of governance structures. This process will involve preparing and utilizing the following legal documents:

Operating Agreement: To outline procedures for asset distribution, debt settlement, and governance resolution. Contracts and Agreements: Including leases, service contracts, and any other binding agreements. Final Tax Clearance Certificates: To confirm all tax obligations are satisfied. Member/Board Resolutions: Approving the liquidation of assets, resolution of debts, and termination of governance structures.

Dissolution of Remaining Entities: Finally, Rob will handle the dissolution of any remaining entities, ensuring a smooth and compliant wind-down process. This will include the preparation and filing of the necessary legal documents:

Certificate of Dissolution: Filed with the Delaware Division of Corporations to initiate the dissolution process. Plan of Dissolution: A legal document detailing the steps and procedures for winding up the LLC, including the dissolution of governance structures. Final Tax Filings: Including final federal, state, and local tax returns. Certificate of Cancellation: Filed with the Delaware Division of Corporations to formally terminate the LLC’s existence.

Cheers Jordan