Just curious...

Did the ginko bonds pay out their first interest payment?

*ducks*

Ginko folded entirely.

http://www.secondlifeinsider.com/2007/10/20/ginko-really-and-truly-dead-wse-launches-wtf-fraud-fund-pund/
Follow-up: http://www.secondlifeinsider.com/2007/10/20/alternate-ginko-rescue-plan/

Thank you for the links
/me reads....

Also, Check out the Second Life Herald, They have an interview with the majority Shareholder right now, and he has some Interesting news.

Angel.

Rubbing salt on the wounds...

No!!!!

/me tries to look surprised but can't seem to pull it off.

WSE was exposed as a scam 6 months ago..i lost 100k L$ there right before the investigation into where all the money went to...lesson learned...and here to say "Keep Your Money"..
Blake

wonder what Nick did with the money that wasn't held in WSE (As in the vast majority of it)

Ahh interesting, this was the individual buying up Ginko Bonds for pennies on the dollar.

Guess once he had the majority , and Nick didnt pay, he was able to force WSE to basically forclose.

I will be surprized if he gets Nick to part with any of the non-SL money/investments.



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Ill be very surprised, as one of the comments in the herald article sounds suspiciously like it was authored by Nick and that person seemed to feel it was an unjustified seizure.

Shaun isn't the majority bondholder. That was worded unfortunately. He meant he's the largest single bondholder (4%).

And I'm glad at least someone is doing LL's job (trying to get hold of at least some inworld assets).

But its not LL's job though.

I do think they bear some guilt in this though since they basically helped word of mouth advertise "banks" in SL for a while.

I think you could argue LL shouldn't have green lighted unregulated investment schemes to exist in the first place. It could have been against the TOS at least.

But I do not see how we can expect LL to regulate SL "financial" ventures. I doubt they'd even want the liability.

This part is interesting - how did he gain control of the whole mess then owning only 4%?

Because he knows someone at WSE?

Why did I just know there would be no interest payouts?

Gave him a little time to get more money out of SL I guess.

Damn ponzi scammers!

If he gets away with this Ima gonna be pissed!

He has gotten away with this.

I'd have thought LL wouldn't just stand by and watch how one resident defrauds many other residents (some gullible, some greedy) for several hundred thousand USD.

But I don't think this whole thing is over yet.

Uvas, if you read Nick's announcement he does say he's sorry things didn't work out.


http://www.wselive.com/research/announcement_detail/2729

Now THAT is a load of shit. Nick's "apology" - bastard, you should be doing the liquidation yourself - of ALL the assets. And paying back the salaries you paid yourself and your friends when Ginko wasn't generating any actual profit. Yet another forced conversion... coincidentally, to the WTF. How appropriate is that acronym? It's stuff like that that makes me think that this was one big joke.

But this is just the object lesson that people need to see, so that they know to keep their money on their avatar, or in a barely-used alt.

the is NO MENTION of the off world assets ..

exactly. this is what burns me. all of the off-world stuff supported by the conversion to rl currency - if that gets liquidated, it goes nowhere but his pockets. what total crap.

3/4 of the debt was supposedly secured by the off world assets .. !!

Even with "underperforming investments" it had to be over half the total money.

300K or more USD? !!! ?

I'm gonna quote Talarus again -

"Where's the f-ing money, Nick?"

Even if they were underperforming, investors should get more than the 2c on the dollar that they are now, if he sells the dogs. That's just ridiculous.