January Ginko Liquidation Update
Posted by Shaun Altman Tue, 08 Jan 2008 03:00:00 GMT
It has been a while since any news was posted regarding the Ginko liquidation process. Please rest assured that this isn't because I have forgotten about you, but simply because there have been no concrete developments since the last update. This has recently changed, so I thought I'd take a minute to advise everyone on where Ginko virtual liquidation trust stands.
IntLibber Brautigan has succeeded in selling the Von Mises simulator for L$300,000 and has delivered this sum to me for inclusion in Ginko virtual liquidation trust. This makes the trust a little better off than where it was a few days ago. However, news is not so good regarding the sale of BNT virtual shares formerly owned by Ginko.
IntLibber Brautigan has been actively blockading the sale of these shares, via administrative controls on his ACE virtual stock exchange, where the shares are listed. He feels that if our shares are sold, the price of BNT won't go up. This may or may not be true, but I must advise you that were it not for this blockade, the shares would be mostly sold by now and it would be just about time for a liquidation dividend.
I have been completely unsuccessful, over a period of months, in convincing IntLibber Brautigan to end the blockade. If you would like this situation to change, I would strongly encourage you to contact IntLibber Brautigan and share your feelings on the blockade of share sales with him. These are, in fact, YOUR shares. I remain hopeful that we will be able to sell these shares and recover additional funds.
In other news, World Stock Exchange has recently announced a service outage of "up to 30 days", stating that it is for reasons related to deployment of a new version of their stock market simulation software. As a software developer with a lot of experience in web applications, I'm fully aware that deploying a new version shouldn't impact the production version at all, or cause more than a few minutes to a few hours of service outage. With this in mind, it seems a little alarming that such an extended downtime is occurring, again, and I am a little concerned that something catastrophic or just plain bizarre may have occurred behind the scenes. I wouldn't want to speculate as to what this may be without any more information beyond the outage itself though, and I very well could be wrong.
I remain hopeful that World Stock Exchange will reopen. Failing that, I remain hopeful that the Ginko victim list can be provided by Hope Capital, so I can script a Second Life object of my own to deliver your virtual liquidation dividend. So, what's the bottom line for Ginko virtual liquidation trust?
We're L$300,000 better off than we were a few days ago, but we still have a long way to go. I remain hopeful that we will get there.
As a reminder, I am not affiliated with Ginko in any way. I am simply a third party and fellow victim, trying to help us all recover as much as possible from Ginko's in-world Second Life assets.
Shaun, under the terms I set for turning the assets over to you, you will be free to sell BNT shares when the share price reaches NAV minus 20%. BNT remains a strong company, but it is badly undervalued due to active negative publicity by those who have tried to destroy our company, as has been demonstrated by the recent publicized confession by Turkey Yip. BNT NAV is currently .76 per share as of our latest financial statement this week, and with share price at .25, investors stand to make a good profit on the difference if they only recognise that this stock should be a strong BUY. I encourage Ginko investors to promote BNTs stock as much as possible in this respect, as I earnestly want to help Ginko investors recover as much of their assets as possible, however I cannot do so at the expense of destroying my own company, I have a fiduciary responsibility to all of my shareholders, not just some.
I'm not entirely sure what BNT has to do with my shares. They are listed at the WSE. And, frankly, if I could take them out now I would. My $L65,000 (+/-) from Ginko has turned into $L1,800 (+/-) at WSE. I have no idea what any settlement by anyone would make it worth now.
It is rather a sad thing, feeling helpless while others decide what happens in my life. When I first invested in Ginko other "banks" offered higher interest rates and had less savory reputations.
Perhaps I was foolish and more than a bit naive. But I've now grown by bringing my Real Life fear and distrust of people into my Second Life.