Saturday, October 20, 2007

I was waiting for an invitation, it was hard to find

At the time of the closure of SL's Ginko financial institution, I was in possession of some L$17,000 in assets. Then the closure of the casinos hit, there was the run on Ginko, and Ginko subsequently went under. I and many, many others had to scramble to figure out where rent was coming from, who paid the most for jobs we knew we could do, and had to fight fiercely to keep our heads above water.

Months after the closure, this comes across the bow from another party:

FOR IMMEDIATE RELEASE
October 20, 2007

GINKO PERPETUAL BOND LIQUIDATION PLAN

Greetings,

I'm Shaun Altman. As the majority bondholder of Ginko Perpetual Bonds (GPB), as well as an independent third party with no direct affiliation to any institution at which Ginko (Nicholas Portocarrero) holds assets, I am taking it upon myself to oversee the fair and equitable liquidation of GPB's current assets, and the timely compensation of all bondholders.

My avatar is currently acting as a Second Life trust, to take possession of and liquidate all GPB assets, so that a cash liquidation dividend may be provided to all GPB bondholders. I have spoken with IntLibber Brautigan, CEO of Brautigan and Tuck (BNT), who has agreed to transfer 8,783,436 shares of Brautigan and Tuck stock from Nicholas Portocarrero's name into mine. This share balance represents GPB's entire holding of BNT shares, and establishes my virtual liquidation trust. IntLibber Brautigan has farther agreed to act as a broker for my virtual trust by selling GPB's land in its estate (the sim of Von Mises and the Von Mises Tower and Mall), and providing the L$ resulting from this sale to my trust for distribution to GPB bondholders. Brautigan has also agreed not to impose any additional burden on GPB bondholders by requiring my trust to pay tier on the land in question. Parties interested in the properties should contact IntLibber or BNT President Kaddan Yue.

I will continue collecting GPB assets for liquidation until October 31, 2007. If you are currently in possession of, or "listing" GPB assets, please contact me prior to October 31, 2007 to arrange for these assets to be transferred into my name for liquidation. If you KNOW anyone who is in possession of, or "listing" GPB assets, please ENSURE that they see this press release and contact me prior to October 31, 2007. If Nicholas Portocarrero has any remaining cash or other assets that he intends to return to GPB shareholders, he should contact ME prior to October 31, 2007 to transfer said cash and other assets to my Second Life account for liquidation and subsequent distribution of proceeds to GPB bondholders. If not, he should leave me an IM stating that he will not be returning any of the $750,000.00 USD worth of cash and other assets to his bondholders.

On November 1, 2007, I will be distributing another press release to major Second Life media centers documenting the following:

1. All assets (cash, stock, land, etc) that I was able to recover for liquidation and subsequent distribution of proceeds to GPB bondholders.

2. All known GPB assets that have been stolen by third parties who refused to provide them for liquidation and subsequent distribution of proceeds to GPB bondholders, and the names of the parties responsible.

Once all recovered assets have been publicly documented, I will begin liquidating all non-cash assets to recover as much cash as possible for GPB bondholders. Once this liquidation is complete, I will distribute a third press release to major Second Life media centers documenting the total amount of cash that was recovered for GPB bondholders. At that point, I will hand all cash to LukeConnell Vandeverre, who maintains GPB's bondholder records, for IMMEDIATE distribution as a cash dividend to GPB bondholders. Once this liquidation dividend is posted to the accounts of GPB bondholders, GPB will be considered fully liquidated and all bonds should be delisted.

I will be charging nothing for my liquidation trust service. I believe that GPB bondholders have been through enough at this point, and have a right to recover as much as they can from this fiasco. Being the person with the most GPB bonds, as well as a neutral third party to asset holders, makes me the right person to handle this liquidation. The ball is already rolling, so I ask that all bondholders recognize this, and recognize that I am working in all of our best interest. I hope that it makes you happy to know that someone is finally working in YOUR best interest for the first time in a long time. I hope that I will be able to recover a sizable portion of GPB's assets for distribution to all of us, but I can't make any promises.

To be clear, I am not acting as a CEO of Ginko, nor am I in any way affiliating myself with Ginko. I am merely overseeing the liquidation of a failed Second Life company, so that its investors can recover as much as possible.


Regards,
Shaun Altman


We'll see how this goes. I haven't liquidated my perpetual bonds, because turning an investment of 17K into a little over 1800 Lindens just didn't seem worth the effort. But now I should perhaps find out exactly how many perpetual bonds I have, just to be sure.

I'll keep you posted. But if this works, it sounds like the whole sorry chapter of banking on SL--through Ginko, at least--could be over.

[Late addition: I have finally gained access to my WSE account. Apparently more funds were lost in the conversion. But I am the possessor of 14,238 Ginko Perpetual Bonds.

[...it's
something, at least. We'll see how it goes.]

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