Drafting the Merchant Charter -musing by a player

May 3, 2025 5:56 pm
šŸ›° 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"

šŸš€ 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 ā˜€ļø (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"
May 5, 2025 3:21 pm
OOC:
POLL IS CLOSED
LC seeing that there is no more suggestions, taps out on his hand terminal and sends a Poll to everyone:

What is the Name of our Ship's Merchant Corporation? Public

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.
Punctualis Interstellar Freight
Fortune or Folly
Fortune’s Folly
Folly’s Fortune
Fortunate Sun
Miss Fortune
lucrum ex astris
Nova Orioni
Nova Mercury
Last edited May 14, 2025 3:01 am
May 5, 2025 3:24 pm
LC voted for the last name "lucrum ex astris"
May 5, 2025 3:54 pm
OOC:
Some questions / thoughts on the charter

If I understand it correctly:

1. The Athelstone is owned by the Bank but there is a contract in place to allow the crew to assume the mortgage payments and presumably be granted the title once the mortgage is paid off
2. But, if the bank owns the Athelstone what has the existing crew invested their Cr 62,000 in to? Surely that investment should be in the entity that has assumed the mortgage? But then the bank wouldn't own any stock in that operating company
3. If this is right, why wouldn't the new crew be offered terms to invest in the trading company on the same basis as the exisiting crew - i.e. Cr 62,000 = 3 shares in the company?
Last edited May 5, 2025 3:59 pm
May 5, 2025 3:59 pm
OOC:
4. The offer to new crew to subscribe for shares might be granted as an "option" subject to passing the probationary period. But the payment should probably be in Credits not in kind.
5. Would the bank have any appeitite to lend to new crew members? They could be offered the Share Option as collateral
May 5, 2025 4:03 pm
OOC:
In trying to calculate a balance sheet for this new venture it would be good to understand the expected life-span of a Free Trader ATHELSTONE class 200 dTon 'Far Trader' to calculate its current asset value. What is the time value of money in this universe? What is Cr 44M paid 10 years ago worth today? Does anyone know the answers to these questions?
Last edited May 5, 2025 4:06 pm
May 5, 2025 4:09 pm
OOC:
Would it be a little too RL to suggest that the new trading entity ought to have a Shareholder's Agreement? LOL
May 5, 2025 4:39 pm
OOC:
The GM made the call for ease for all new players to buy in from savings for equal shares. I was going to wait until we selected a name before I posted an updated charter, but to make things simple (?) let me post below the updated charter, and what ever name is selected in the poll we will insert into the charter.
THE MERCHANT CHARTER OF THE FREE TRADER (Name yet to be Determined) formerly ATHELSTONE

Registered Vessel: IMV Athelstone
Class: Modified Far Trader (Beowulf Class Derivative)
Registry Location: Downport 2-A, Port-au-Prince, Mora Sector
Bank Title Holder: Interstellar Limited Mutual Finance, Branch 77 of First Bank of Rhylanor

I. PURPOSE OF CHARTER

This Charter formally establishes the (Ship Name yet to be Determined) as a free merchant vessel operating under Imperial Commerce Code Title 7, Section 43, licensed for legal trade and transport throughout Imperial space. This Charter defines crew shares, responsibilities, and obligations to the financial institutions underwriting the vessel.

II. CREW SHAREHOLDERS

The following personnel are recognized as full shareholding members of the Athelstone merchant crew, each holding 1 full share (equal 1/8th ownership) in the vessel and its operations:

Tharrok – Pilot

L.C. Rains – Ship’s Navigator, Ship's Legal Officer and Solicitor

Alice Petrov – Second Officer / Broker

Luis Yamamoto - Junior Broker

Llogan Tamm – Chief Engineer

Bronz Bautista – Engineer’s Mate

Leilani Nekaii – Engineer’s Mate / Maintenance Specialist

Said Ma – Chief Medical Officer / Steward

Rin Bauer – Steward / Cargo Handler

Dolores Biga - Investor (Llogan Tamm holds proxy vote)

All crew have contributed an equal investment of Cr62,000 in capital and jointly assume the obligations of the ship’s mortgage.


III. SHIP VALUATION AND DEBT STRUCTURE

Base Value of Vessel: Cr44,000,000 minus 10 years depreciation vice salvage cost and balance on loan of Cr19,720,000

Crew Capital Investment: Cr620,000 (Cr62,000 x 10)

Bank Loan (Interstellar Limited Mutual Finance, Branch 77 of First Bank of Rhylanor):

Monthly Operating Expense Estimate: Cr250,334

Monthly Loan Payment (Estimated): Cr183,334cr

All profits after expenses and loan servicing are to be divided evenly among the shareholding crew, unless amended by vote.

IV. OPERATIONS AND VOTING

Each shareholding member is entitled to one vote in decisions involving ship contracts, personnel changes, major purchases, and mission risk evaluation.

Amendments to this Charter require a two-thirds majority vote (6 out of 10 shares).

V. FINANCIAL MANAGEMENT
The Quartermaster (L.C. Rains) is authorized to manage ship accounts, contracts, and reports to both the crew and financial institution. All records shall be maintained transparently and are subject to audit.

VI. SIGNATORIES
Each below affirms their role as equal partner, investor, and active crew of the Athelstone.

(Signatures follow here in ink or digital stamp)

Filed and Recorded – Downport 2-A Merchant Registry Imperial Date: 359-1117
OOC:
Besides the name, any other updates? I figured the loan balance by the 8 yr of payments (at Cr161,334 per month) for Cr15,480,000
and the bank wants the crew to pay for 30 more years....... ;-)
May 5, 2025 5:07 pm
Mama smiles at "Miss Fortune", "That one sounds pretty good too."
May 5, 2025 5:57 pm
OOC:
@Muns - The total to be repaid over 40 year is Cr 96.8M comprising Cr 44M capital and Cr 52.8M interest. At this stage, only 25% has been repaid and thus, assuming a straightline interest charge the outstanding loan would be Cr. 33.3M I think
Last edited May 5, 2025 5:58 pm
May 5, 2025 8:26 pm
OOC:
@sonofirony - agreed, I never received the interest rate from David. The interest rate is low and the banks seem to make a profit, even with all of the things that can go wrong with a starship ( quoting another forum - those that don't get shot up by pirates, misjump into a star (or an empty section of space with no spare jump fuel), fail an approach while trying to skim L-Hyd off a gas giant (and get crushed like a tin can), confiscated by the Imperial Navy for various reasons (including that a less-than-morally-upright Commodore liked its lines, and, well, commandeered it), or various other horrible fates that an independent ship operator's property can be subject to.) So the interest rate is pretty good.
LC
"This ship should be depreciated by 10% as it was used for ten years. BUT we are basically taking over the loan with no down payment. The funding everyone is paying into is the operating fund of the ship, to cover our first cargo and operating expenses in the first month."
OOC:
I was quoting the ship's operating expenses from the GM. The characters can change as we are still creating this charter.
BIC

LC - "I figure since it costs us Cr183,334 per month to operate the ship, the capital fund of CR620,000 gives us almost 102 days or 3 and a third months of operations less the payments for cargo. With a bit of luck and your great contacts for speculative cargo, we should be able to find the profits quickly."

"Changing the charter to set the not as a loan but the operating capital is not hard, but a great point. Thank you Alice for pointing out the error. I owe you a drink, but Said Ma is first."
LC says with a wink at both ladies
May 5, 2025 9:47 pm
[quote="Muns"]
OOC:
@sonofirony - agreed, I never received the interest rate from David. The interest rate is low and the banks seem to make a profit, even with all of the things that can go wrong with a starship ( quoting another forum - those that don't get shot up by pirates, misjump into a star (or an empty section of space with no spare jump fuel), fail an approach while trying to skim L-Hyd off a gas giant (and get crushed like a tin can), confiscated by the Imperial Navy for various reasons (including that a less-than-morally-upright Commodore liked its lines, and, well, commandeered it), or various other horrible fates that an independent ship operator's property can be subject to.) So the interest rate is pretty good.
OOC:
I love that!
May 5, 2025 9:50 pm
".....Thank you Alice for pointing out the error. I owe you a drink, but Said Ma is first."
LC says with a wink at both ladies[/quote]
OOC:
That's good, too! Lol
May 5, 2025 9:52 pm
Donulus says:
Mama smiles at "Miss Fortune", "That one sounds pretty good too."
OOC:
Mama likes the new girl's name!! Yay

C'mon, @LC, let's get that on the list!
Last edited May 5, 2025 9:57 pm
May 5, 2025 10:44 pm
LC winks at both of the Ladies and with a flick of his hand terminal stylist 'Miss Fortune' is added.

It is noted by the other that his vote also changed to Miss Fortune as the name is added.
May 5, 2025 11:21 pm
Bronz scanned the list of ship names in silence. When the idea first came up, he figured it didn’t really matter—ships always had names, but he’d never had a say in one before. They meant something, sure, but those meanings had always belonged to someone else.

But now, staring at the screen, it felt different. This one… this one was partly his. Or would be, thirty years from now. And a ship like that deserved a name with some weight. Something with a story.

Most of the top choices looked like corporate fluff—safe, polished, forgettable. Sure, it was a business, but it was also starting to feel like a home.

He overheard Alice and LC talking, some foreign words that had some meaning. Interesting, maybe. But when Mama said she liked Alice’s other suggestion, and LC added it to the list, Bronz felt it click.

He tapped ā€˜Miss Fortune’ without hesitation.

"Sure. That’ll do," he said quietly, handing the datapad back to LC.
May 6, 2025 12:07 am
dabaggins says:
Bronz scanned the list of ship names in silence. When the idea first came up, he figured it didn’t really matter—ships always had names, but he’d never had a say in one before. They meant something, sure, but those meanings had always belonged to someone else.

But now, staring at the screen, it felt different. This one… this one was partly his. Or would be, thirty years from now. And a ship like that deserved a name with some weight. Something with a story.

Most of the top choices looked like corporate fluff—safe, polished, forgettable. Sure, it was a business, but it was also starting to feel like a home.

He overheard Alice and LC talking, some foreign words that had some meaning. Interesting, maybe. But when Mama said she liked Alice’s other suggestion, and LC added it to the list, Bronz felt it click.

He tapped ā€˜Miss Fortune’ without hesitation.

"Sure. That’ll do," he said quietly, handing the datapad back to LC.
♄
May 6, 2025 3:52 am
His Imperial Majesty Strephon Aella Alkhalikoi, Archduke & Baron of Sylea, Marquis of Usdiki, Prime Lord of the Armed Forces, President of the Moot, Appellate Extraordinary, Defender of the Marches, 43rd Emperor of the Core, the Gateway, the Marches, Vland, Ilelish, Antares, and the Rim, K.G.C.I.H., K.S.C., K.G.C.I.T., G.C.E.G., G.C.T.I., K.C.A., K.C.A.S., K.B., K.G., K.R.A., K.I., K.S., K.D. has issued an executive memorandom to the effect that there is NO INFLATION of the value of the Imperium Credit. Not now, not in the past, and certainly not in the future. It is the bestest, most stable, and most grand currency ever devised by any sophont anywhere in the known universe.
May 6, 2025 11:00 am
playbydave says:
His Imperial Majesty Strephon Aella Alkhalikoi, Archduke & Baron of Sylea, Marquis of Usdiki, Prime Lord of the Armed Forces, President of the Moot, Appellate Extraordinary, Defender of the Marches, 43rd Emperor of the Core, the Gateway, the Marches, Vland, Ilelish, Antares, and the Rim, K.G.C.I.H., K.S.C., K.G.C.I.T., G.C.E.G., G.C.T.I., K.C.A., K.C.A.S., K.B., K.G., K.R.A., K.I., K.S., K.D. has issued an executive memorandom to the effect that there is NO INFLATION of the value of the Imperium Credit. Not now, not in the past, and certainly not in the future. It is the bestest, most stable, and most grand currency ever devised by any sophont anywhere in the known universe.
OOC:
We'll, that clears that up then! LOL
May 6, 2025 2:46 pm
Mama is delighted with the apparent acceptance of the name she seconded... She just might be a spinster maiden of the beautiful Miss Fortune. But we need to wait and see what the rest of the votes tally up to.
May 6, 2025 4:18 pm
Muns says:
LC seeing that there is no more suggestions, taps out on his hand terminal and sends a Poll to everyone:

"What is the Name of our Ship's Merchant Corporation?"
OOC:
Hmm only 4 votes and 9 characters.....
May 6, 2025 5:34 pm
OOC:

FYI... to vote, if you weren't aware just click the name that you like the best in the message in this thread that has all the options. Click a different name if you change your mind.
May 7, 2025 3:31 am
That's cool. I like the poll option
May 8, 2025 9:54 pm
OOC:
The poll is above, but the link should be here if I copied correctly ;-)
May 8, 2025 10:09 pm
Thanks, I found it when I was scanning the earlier posts.

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