Ginko Liquidation Update
Posted by Shaun Altman Sun, 11 Nov 2007 11:00:00 GMT
Tonight, I circulated the following press release to major Second Life media centers:
FOR IMMEDIATE RELEASE
November 8, 2007
GINKO LIQUIDATION UPDATE
The virtual asset recovery window for the virtual Ginko liquidation trust has closed. No additional virtual assets proved to be recoverable.
What was recovered:
BNT virtual Stock - 8,783,436 Shares
RIS virtual Stock - 1,667 Shares
Land - 1 Second Life Region (Von Mises)
Known Unrecoverable Virtual Assets:
HCL virtual Stock - 8,800,000 Shares, LukeConnell Vandeverre in possession.
Liquidation of recovered virtual assets has begun. I expect this to be a VERY slow process, as liquidity in the virtual stock markets is extremely limited. I am presently advising any Ginko victims who would like to benefit from this virtual asset liquidation to HOLD their virtual WTF shares, or to consider buying them back if they have already been sold for L$. IF you choose to sell your virtual WTF shares, the buyer of your virtual shares will benefit in your place, and your recovery will be limited to the L$ you receive from the sale of your virtual shares.
A third press release will be circulated to major Second Life media centers when liquidation of recovered virtual assets is complete. Due to the uncertain nature of the virtual stock markets, I have no firm timeline to share with you at present. Please watch my blog at http://www.shaunaltman.com/ for occasional updates.
Let the selloffs begin!
Well, I was thinking the buyback of shares wasn't going to happen, and Ginko's didn't care about the people that were forced into becoming share holders (i.e. partial OWNERS), but without any say in what happens to the company as we are supposed to, as we do in any other stock exchange.
The way they should pay off their shareholders is to use 90-95% of the liquid assets (i.e. cash) equally across the shareholders, and then sell-off the land and other assets that were used for the casinos and other gambling that is now banned, to pay off more shares, then use the money saved from the land-use fees to continue to buy back the remaining shares.
Unfortunately it looks like the 5-10% you're suggesting they hold for land fees or whatever wouldn't be enough to even pay that. Their assets are very small considering, and that 90-95% wouldn't be much of a payoff in itself.
Hopefully Midas isn't too stubborn and tries to 'hold and go on strike' against WSE and not give any assets or value. Cause whether he says its Lukes fault or not, its already too late, even if WSE paid the past due HCB interest or whatever, all Midas's symbols are WTF now. Midas is sitting back just shouting from his chair that everyone needs to attack luke and that he's holding onto all account info and freezing his company until the interest due is paid. Well... he's only spending more time digging a hole for himself I think.