Ginko - A Possible solution

After my post of around page 12 (on the main Ginko thread) where I asked if Ginko would produce a clear asset/liability/account, and the refusal by Nicholas to do so it appears to me that:

1) Nicholas will not account for off world assets

2) Nicholas has lost the confidence of at least a substantial minority of all his depositors.

3) Ginko's bank run will not end unless he is able to restore confidence in his business, which may involve selling assets at a deep discount to par, (and assuming they actually exsit) to repay all clients seeking an exit. Clients seeking an exit are likely to be at least a substantial minority of Ginko's deposit base.

4) It seems to me that confidence in Ginko is unlikely to be restored while Nicholas is in charge. In fact Nicholas's mere presence is damming all Ginko depositors and by implication Second Life itself and Linden Labs.

5) There is ONE POSSIBLE SOLUTION. Nicholas must sell the entire Ginko operation to another avatar who by their mere presence may just possibly inspire some confidence.

There is ONE avatar that may be suited to run Ginko, and would be able to afford to employ sufficient people with banking and/or investment talent.

That avatar is ANSHE CHUNG

Anshe has just purchased another on-line bank in a separate Universe/platform, called Entropia. Here is the link to prove that fact.

http://www.marketwire.com/mw/release.do?id=733216&k=chung


She paid $60,000 US for this licence and is requited to capitalise it to the tune of $100,000. Clearly there is money in virtual banks.

Anshe may welcome access to what remains of Ginko's assets to assist her in capitalising her new venture.

I personally trust Anshe Chung undoubted business ability in virtual worlds, and I personally believe she is honest having had business dealing with the good lady.

I would suggest all Ginko depositors petition Anshe Chung to take over the running of Ginko, even if it means some debts have to written off. At least you might get a return on some of your capital.

Nicholas I suggest you bow to the inevitable and accept this if Anshe is prepared to assist even it if means she gets the business for nothing

In first life terms Anshe Chung (if she did this) would be known as a "White Knight" to use a stock market term.

That’s my view

Okay, silly question perhaps, but why does anyone need a virtual bank within SL at all?

Isn't it bad enough having to deal with real banks in RL?

Okay, silly question perhaps, but why does anyone need a virtual bank within SL at all?

Isn't it bad enough having to deal with real banks in RL?

And why on earth would I entrust my money to any SL tycoon?

One more reason not to use it... Sorry but i had enough of her shady business practices in the past when she destroyed my favorite sim and kicked everyone out of it refusing to accept rent from them. Totally trashed a lot of peoples lives. She also cheated me out of land prier to that.

Never, ever make a verbal agreement/contract with Anshe... she won't stick to it.

However good or evil Anshe is...shes not going to take on three quarters of a million USD in debt to bail out someone elses failing bank. Nic has already admitted that his assets, if liquidated, would not cover his debts. So what does Ginko have for Anshe to buy? Huge liabilities, a web site, a bunch of ATMs, no cash reserves, a bunch of mysterious under performing investments with lots of "potential".

Nobody with any business sense is going to bail them out.

Agreed Jamay (sup man!?)

Ansche has already started buying and selling Lindens and she has already started her own exchange. Ginko would do nothing but drag her down.