Drafting the Merchant Charter -musing by a player

May 3, 2025 5:56 pm
🛰 THE MERCHANT CHARTER OF THE FREE TRADER ATHELSTONE
Registered in the Subsector of Port-au-Prince, Imperial Registry #PT-FT-2187-A

Chartering Entity: ATHELSTONE VENTURES LLC
OOC:
This name will change with the new name of the ship after vote
Legal Formation: Limited Liability Corporation registered under Articles of Free Trade, 837th Imperial Commercial Code
Ship Classification: 200-ton Far Trader, modified Beowulf-class
Docked At: Downport 2-A, Bay 14, Port-au-Prince Arcology

I. Purpose of Charter
The vessel
OOC:
Pending new name of the vessel pending the crew vote we will use Athelstone
Athelstone is designated as a for-profit merchant operation, engaging in interstellar trade, cargo brokerage, passenger transit, and lawful logistical contracting within Imperial jurisdictions and beyond, subject to local customs statutes and the Laws of Spacefaring Commerce.
OOC:
Assuming all Characters put in the pool the last profits from the last jump...
II. Equity & Ownership Structure
Crew Member Shares Capital Contribution (Cr) Notes
LC Rains 3 Cr 62,000 + sweat equity Legal Counsel, Charter Drafter
Llogan Tamm 3 Cr 62,000 Chief Engineer
Bronz Bautista 3 Cr 62,000 Engineer/Mechanic / Power Systems
Said Ma 3 Cr 62,000 Steward / Medical Officer
Tharrok (T-Jive) 3 Cr 62,000 Pilot / Security Liaison
New Crew (x4) 1 each Cr 0 (Deferred Buy-In) In probationary period
Bank 18 Cr 43,390,000 Owner of Ship's Title


Total Shares: 37
Voting Power: One vote per share; majority required for financial decisions
Profit Distribution: Proportional to shareholding at end of each trade cycle

III. Financial Overview
Startup Capitalization:


- Total Personal Capital: Cr 310,000 (5x Cr 62,000)

- Bank Account Reserves: Cr 300,000

- Available Operating Capital: Cr 610,000

Vessel Cost & Financing:

- Base Cost of Athelstone: Cr 44,000,000

- Financier: Port-au-Prince Downport Bank Consortium (via liaison Decherrek, Droyne)

- Downpayment (secured via equity & startup capital): Cr 610,000

- Outstanding Loan: Cr 43,390,000

- Monthly Operating Expenses Estimate: Cr 250,334

- Repayment Schedule: Negotiated pending final bank terms and performance guarantees

IV. Risk and Compliance
All crew have agreed to abide by the Code of Shipboard Conduct and Profit Assurance Compact, signed and sealed under the oversight of neutral witness (Droyne Decherrek). Corporate structure protects individual crew assets via LLC formation, limiting creditor recourse to ship assets only. Legal instruments filed in triplicate.

V. Addendum for Potential Investors
To Whom It May Concern
The Athelstone Ventures LLC seeks additional liquidity infusion in the form of an operating advance or convertible debt instrument, to be used for:

Cargo acquisition for outbound runs

Jump fuel reserves and port fees

Crew provisioning and risk insurance

A modest investment of Cr 20 million will secure preferred vendor status, loan repayment priority, and indirect operational influence (without regulatory exposure).

Filed and notarized by:
LC RAINS, JD (Imperial Law, Retired Customs Advocate)

Legal Counsel, Acting Quartermaster, Merchant Officer of the Athelstone
May 4, 2025 5:01 am
The bank (First Bank of Fornice) already 'owns' the ship. Hmm, I need to recalculate everything, I see. I did not foresee an additional payment towards to 'principle'. (I kind of thought one share would be issued in lieu of salary, and additional shares available for sale to generate a fund for ship operating expenses and speculative trade.)

The ship is 10 years old, and so a down payment of 20-percent was already paid, plus something on the order of 8 years of montly payments made, with 2 years of the ship being operated illegal as a smuggler having 'skipped' on its mortgage payments.

The bank is offering the 'used' ship to you on a no credits down and take over monthly payments basis. (Much to your advantage)

I think my previously calculated monthly mortgage payment-due was miscalculated.

I'll need to start over.... Or you can carry on with this. Well done I think.....

Added:

"Standard terms involve the payment of 1/240th of the cash price each month for 480 months. In effect, interest and bank financing cost a simple 120% of the final cost of the ship, and the total financed price equals 220% of the cash purchase price. The loan is paid off over a period of 40 years." added: 30 years remaining on the mortgage!

The ATHELSTONE class 200 dTon 'Far Trader', for example, costs 44 million credits new. A 20-percent down-payment (8.8mcr) was required, and subsequent payments would each be 183,334cr.
May 4, 2025 11:17 am
Dolores Biga will be an outside investor purchasing one share of the ship (cr61,000.) Biga will take 50% of the profits from sale of goods and passengers while the remainder rolled into operating fund(s) for the (ship.)

Proxy (vote) given to Llogan Tamm.

Subject to GM approval.
May 4, 2025 5:16 pm
OOC:
I meant this post to give all players a chance to contribute and to make comments, even if the comment is "This is rubbish!"

I am happy to make any changes so that it is acceptable to all players and of course the GM.
Another comment to the GM;
OOC:
As the Athelstone is a ten year old ship (which should be discounted for wear and depreciation) and with generosity of Decherrek's convincing the bank to let the crew just take over the payments without making a down-payment, I think that is that is acceptable. Given that if I understand correctly the ship is discounted for it's age and inability to transport the standard rate of cargo size, that the crew does not have to make a down payment....right?
Again I am happy to change anything for the other players.

Such as the shares, etc.
May 4, 2025 6:13 pm
OOC:

FYI... Bronz has no mechanic skills so claiming that he is mechanic is pushing it. Very happy to have Rin sign on and take over that role. Also, Bronz didn't get the same amount as the others but has credits set aside so he can chip in the full 62K amount.

Fine that new crew are probationary, so long as they can get full shares over time and it looks like that is built in. Just wanted to point this out so new crew knows that they will be considered on equal terms eventually - if they want to.
May 4, 2025 6:43 pm
OOC:

Yes - I noticed that I did not write in 'how' the new crew gain full shares. Also 3 shares for current crew and only 1 share for the new crew maybe unbalanced.

So does one 'buy' into full shares by purchase? Is the purchase amount at Cr 62K? Think of this as the Purchase with Deferred Payment Plan (DPP)
New crew may buy a full share—typically valued at Cr62,000 onboard the Athelstone—but instead of paying upfront, they:

Sign a Ship Share Accrual Agreement that deducts a portion (e.g., 20%) of their monthly profit-share until the value is paid.

"You work the deck, you earn the equity."

Another could be the Sweat Equity Option, the new crew may earn their full share through service:

A fixed-term contract (e.g., 3-6 months) of consistent service with profit participation.

Milestones (e.g., completing missions, hauling X tons of cargo, securing a profitable deal) contribute toward "vested equity."

The share becomes fully theirs upon fulfilling terms.

"You pull your weight, you pull your share."

It can also be a combination of the above.
Or
Something simpler

Thoughts?

Any thoughts by the new crew?
May 4, 2025 6:46 pm
OOC:
GM comments: No down payment. The ship is offered on the basis of taking over payments from the original mortgage contract.

Dolores can "buy in" as long as Llogan acts as her proxy and keeps track of it.

Bronz's Engineering skill covers basic mechanic and electronic tasks associated with starship systems. I would make task rolls for primarily mechanic or electronics by a qualified (rating 1 or above) Engineer at '0' level, so no penalty. The game is abstract and skills need to be thought of in 'broadly speaking' terms, not overly specific limitations. Thank you for reading my daily rant...
May 4, 2025 7:17 pm
OOC:
Another question: regarding credits on hand.
The ship's trade profits that were distributed by Dolores accounted for all group-speculative trade starting at Capon and ending at Fornice, four jumps total. That was 300,000 credits split 5-ways, so 60,000 each over the complete voyage. Operating costs were covered by the Bank of Fornice, which also took all revenue from passengers and generic 'freight'. The additional 2,000 credits each was Decherrek's 'retainer' he paid to keep the original crew from wandering off during the time the ship was being refurbished.

I do not see where the additinal 300,000cr "bank account reserves" comes from. What did I miss?"

Bronz is the only "new hire" that can currently affort a 62,000cr buy-in. I will once again suggest that one share be awarded to each as an "in lieu of salary" part of the agreement. That, I think, would be the minimum "realistic" offer a new-hire could accept. Another alternative would be that I could simply hand-wave that amount and say each new character has that in their savings and can go ahead and pay up. Perhaps that would work better.
May 4, 2025 7:22 pm
OOC:
An oversight on credits on hand. I thought we had a pool of funding from the cargo and earnings from crew positions. My mistake.
I agree, I generated something based on an old game and looking at the breakdown of shares, the 3:1 ratio is unfair and I was looking to the other players for suggestions.
You alternative of 'hand-wave' savings as an equal share 'buy-in' would work splendidly....if that is okay with the other players
May 5, 2025 12:47 am
Muns,

I like the idea of leaving the Corporation Name (I guess I’m old, but irony is that playing in my head as I write this is "We Built This City" by Starship) as ATHELSTONE VENTURES LLC regardless of any future Ship’s name change…

Marconi plays the mamba, listen to the radio…
[ +- ] Starship and anyone else
May 5, 2025 1:28 am
I think we definitely need to change the ship's name otherwise we might have problems getting low berth passengers at this port and perhaps the nearby systems depending upon how news travels.
May 5, 2025 1:53 am
OOC:
Very true
BIC
LC rains thinks for a moment when Bronz and T-J brings up great points.
"I think given the low berth 'incident' <LC makes Air Quote gestures when he says incident> that we change the name like Bronz suggested. Maybe something that gives confidence to the Sophont that is having their cargo delivered on time and guaranteed to arrive. "

LC thinks for a moment and taps out a few suggestions on his tablet and then throws them to tri-vid display to all the crew (old and new)
"Let me know what you think of these suggestions"

🚀 Reliable & Professional:
SureStar Logistics, LLC

StellarSure Freight

PromptPath Interstellar

Ironbound Cargo Solutions

ChronoHaul Ventures

Anchorlight Transit Co.

Gilded Vector Shipping

Skyvault Freight & Trade

Celestial Arc Delivery

Lockbox Line, LLC


Bonded Horizon Transport

Guarantee Line Partners

Covenant Shipping Cooperative

TrustHaul Interstellar

Clause & Cargo Ltd.


LC looks at the crew members and shrugs;
"I prefer Punctualis Interstellar Freight myself, but that is the old lawyer in me..."
Last edited May 5, 2025 1:54 am
May 5, 2025 2:01 am
OOC:
Should I repost Tharrok’s suggestions here?
May 5, 2025 2:06 am
Packratt66 says:
OOC:
Should I repost Tharrok’s suggestions here?
OOC:
I think so!
May 5, 2025 3:22 am
Mama is just being a fly in the wall here. When the options get to 5 or less, she will cast her vote.
May 5, 2025 3:25 am
Tharrok grins and says, here’s a few I thought about. He types a few taps and adds to LCs list…


Fortune or Folly

Fortune’s Folly or Folly’s Fortune

Fortunate Sun ☀️ (or is that too 20th Century Terra?)
May 5, 2025 12:36 pm
"I quite like the expression, lucrum ex astris... 'Profit from the Stars'", Alice offers somewhat unsure of the suggestion.

"... or woud that be a little crass? I also thought Miss Fortune might be an interesting name... sort of like telling an actor to 'break a leg'...perhaps?"
May 5, 2025 2:46 pm
"I think Lucrum ex Astris is a great suggestion.." and LC throws up the suggestion to the displayed list.
May 5, 2025 2:49 pm
Alice smiles broadly. "Thank you, Mr. Ra... I mean, LC"
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