Subscribe to this topicForums > SL Wallet Public Forum > Topic: A sugestion how Arb could Fair
| Apr 17th, 09:32 Manuela DeVinna |
A sugestion how Arb could be Fair
Edited by author Apr 17th, 09:33 |
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| Hello All I wanted to open this thread because i think that there was one question that was asked verry often "what should Arb have been done and how could a fair buyback look like " First of all i think that the transfer of the Account value itself to SlWallet shares was ok. It gave people who desparately needed the money a way to get some of it by taking a loss. What is not ok is how the Buyback is happening right now. I was reading a post where Arb was telling what ever he would do he would get complains and it would be "lose lose situation" or something like that . So i think i have to say "Congratualtions Arb that you where finding a way in this situation that will bring you some thousand US" Dollar of Profit " Now my sugestion about a fair way for the buyback: Evryone who wants his Shares bought back by arb should set them to sell for 1.03. Then when a buyback comes a sum of this offers should be made. Lets say there are 10.000.000 sell orders for 1.03. Arb wants to do a buyback with a volume of L$1.030.000 he could buy back 10% of the offers . then he could buy 10% of EVERY offer so someone who has set 100.000 shares would get 10.300 for 10.000 shares . leaving him with an open order of 90.000 shares. This way everyone would slowly see his money coming back . the daytraders would not make the big profit that arb doesnt want to give them and it would be fair especialy towards the people who trusted his word and even bought shares from the others who realy needed the money or didnt trust him. I would be realy interested in your opinions about this and especialy what Arbitrage thinks about this sugestion. I know that this is not something that the system could do automaticaly but as slcapex has access to the database it could shurely be done. Manuela |
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| Apr 17th, 10:02 Ivan Halfpint |
Re: A sugestion how Arb could Fair | |
| Well the only fair thing to do would be to sell all assetts aquired with depositor money and distribute the proceeds evenly. Since we have no idea what Arb did with the money except 'long term software development project' yadda yadda - we have no idea what can be done. What IS happining - Honest Arb is paying back people a % of what he owes them. So basically he is going to end up spending 300k of YOUR money and may you pay back 150K over he next few years assuming he continues his buyback. Quite frankly I would have no reason to believe anything that comes out of his mouth. As far as I can see he is just taking the few bucks he is making off SLCAPEX and buying cheap SLW shares with that. With the low trading volumes I wouldn expect much buyback activit in the future. What you can expect are more excuses and the defending of criminal fraud by the OBC. |
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| Apr 17th, 10:10 Manuela DeVinna |
Re: A sugestion how Arb could Fair | |
| Ivan Thats exactly the type of answers i didnt want to have here. Why ? because if he would simply sell everything as quick as possible this would probably mean a verry big loss and this would not be in the interest of the depositors. Please Ivan only for a moment assume that Arbitrage was realy Honest . He has invested in things that where able to pay the interest rate he offered us but therefore it had to be long term investments and simply selling them in a hurry would bring a big loss. Then why should a former depositor want this ? What i want here is to discuss what steps Arb could take if he is realy Honest and wants to act in the best way and interest for the investors and former depositors. If he doesnt take that steps then everyone knows what to think about him . But i dont want to go from the presumption that he isnt honest i want to go from the presumption that he is Manuela |
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| Apr 17th, 10:24 Ivan Halfpint |
Re: A sugestion how Arb could Fair | |
| Ok I will try to play along with this one - let me think about it over lunch though - its going to take me a bit to temporarilly change my mindset :) | ||
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| Apr 17th, 11:28 Sean4you Shepherd |
Re: A sugestion how Arb could Fair | |
| Ivan, dont do it.. Its too risky. You might never ever be the same..... :) lolol |
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| Apr 17th, 12:04 Ivan Halfpint |
Re: A sugestion how Arb could Fair | |
| Ok here we go – Mr. Wise is your average run of the mill guy trying his best to help us investors. He is a good hardworking lad who just got caught in a difficult situation and wants to do right by us. Well here are some things that we would need from Mr. Wise as a show off good faith. #1) Most importantly a complete list of what the JTF deposits were used for. If he is really honest he will have no problem producing this. If he made some bad business decisions then fine – we can see where he went wrong and we can live with this. He is human and simply may not be able to pay everyone back in full because of an investment gone bad. This happens in life – the problem is he refuses to release the complete details of how each of OUR JTF dollars were invested. Also why do his cronies (no wait I mean honorable business associates) keep defending him and not trying to talk him into providing full disclosure? Can you guys in the OBC (no wait I mean SLCAPEX management and esteemed senior CEO’s) understand that there is a real deep concern here among investors about the way JTF was handled? Do you guys understand that all we are asking for is transparency? That would go such a long way in clearing this whole thing up. Comrade Bogart (opps I mean Mr. Beck) as chairman of SLCAPEX you have somewhat of a duty here. Firstly you have begun a campaign for clear and transparent financials for companies listed on the exchange. So you understand the importance of transparency – and although JTF was not listed on SLCAPEX people were still forced to deposit in JTF in order to use SLCAPEX. So should they not also have to be transparent and maybe give some financial guidance considering the circumstances? Secondly you must surely recognize the JTF ‘incident’ has a very tangible and profound negative impact on investor’s confidence at SLCAPEX. This low confidence has hurt trading volumes and the exchange as a whole and being chairman you have a duty to shareholders to do what is right for SLCAPEX. The right thing in this case would be call for the full disclosure of what happened to JTF funds. #2) Trading in SLW should be halted immediately and some kind of concrete plan for payback should be set up according to the JTF deposit portfolio. There could be some kind of a staggered approach such as. If you want you money now you get 40c on the dollar – if you wait till fall 65c on the dollar and if you wait till next spring 80c on the dollar (those are totally random dollar figures). We understand if you are not able to pay back 100% of deposits – we just want you to be open and transparent about it. People have been selling SLW for 55-60c because they don’t know when or if they will ever see anything back from Mr. Wise also because we have no idea what happened to the JTF deposits. I don’t think asking for the details of what happened to the JTF funds is an unreasonable request. If nothing illegal has happened what does Mr. Wise and SLCAPEX management have to hide? Surely the honorable Mr. Wise – law abiding citizen of the United States of America and Second life metaverse will seize on this opportunity to clear his good name from some of these acquisitions leveled at him. All we ask is for details of what happened to the money. Surely as fellow human beings we will understand if some mistakes were made – all we ask is that the people who run this exchange come clean with us so we can all move on and create a neighborly community that Mr. Beck speaks about filled a spirit of mutual cooperation. This is not a difficult matter to totally clear up. I think this is why you are seeing so much frustration among investors. Just a little bit of clarity can put this whole issue to rest. That is my uncynical, unjaded opinion. You are likely never to see that again :P What do you think Manuela? That better? neighborly regards, Brother Halfpint |
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| Apr 17th, 12:36 Manuela DeVinna |
Re: A sugestion how Arb could Fair | |
| about your first point Ivan. Yes i think he should make clear where the money went. If he made a bad decisions thats acceptable. But what would this information help ,. Do we have someone here who could check the documents ? He could simply say "i lost the money in a train accident in china " we could not poove it or could we ? So wouldn't this information be useless? And that his friends are defeniding him, if they know he wants to do the best ha can, is not realy something that i would see as to strange. But i agree that a consistent and plausible list of investemnts would help to build up trust. And if it isn't given i would like some statement form Arbitrage or an other competent person why we dont get this list. about your second point . Why would you hold trading ? if someone needs the money now you would only bring a problem to this person . Why not anonce that untill .. lts say end of the Month .. there will be a plan when aproximately the buybacks will come . Not with exact dates (there seams to be a problem with it i dont realy understand ) but may be if the plan would tell us thet aproximately each month there will be a buyback of a volume of about L$ 1.000.000 then we would have a kind of outlook to the future. And again if this isnt given i would like to have a satisfying explanation for it. One last point. What do you think about the buy back mode i sugested . would you consider this fair ? Manuela |
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| Apr 17th, 12:49 Ivan Halfpint |
Re: A sugestion how Arb could Fair | |
| Well your plan is interesting. One of the things I feel about SLW was it was meant to be a IOU. Now speculators are capitalizing on it by preying on people desperate for money. The problem I see with announcing an approx timetable for payback is it will lead to wild specuation with SLW if it is still activley trading. Also it will allow for those not familliar with the timetable to be taken advantage of. With that being said some payback guidance is better then none. The problem is no one has a clue whats going on or what is left of the JTF investments. Lets see if we can get any answers or maybe some more input from the folks around here. |
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| Apr 17th, 15:34 Spm Aviatik |
Re: A sugestion how Arb could Fair | |
| Manuela, scheduled buybacks or buybacks announced ahead of time was what we asked AW for immediatelly at the very beginning. He refued. Of course - why should he do it? It would cost him more money. Honest approach in my opinion would be this: 1. Disclose all of SLW assets and estimate future income. 2. Let shareholders vote: Liquidate or wait for future income. Don't decide this yourself. 3. If they choose to wait: pay everybody every month all income SLW receives proportionally to the number of shares held until L$1 per share is paid back. AW should never have bought below L$ 1 himself, but keeping the SLW market open so that people can get out of SLW if they choose to would be fine for me. You owe linden, you pay linden back. Otherwise distribute liquidation proceeds to shareholders. BTW liquidation should be administered by somebody choosen by SLW shareholders not by AW. All of this are just hypothetical excersises. Reality is elswhere. More exactly at 0.58 lol |
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| Apr 18th, 01:31 Manuela DeVinna |
Re: A sugestion how Arb could Fair
Edited by author Apr 18th, 01:32 |
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| Hello Spm I think the first two points are correct Now that we are shareholders i am missing that there would be a meeting what should happen with slwallet. There are surely advantages for Arb now that he converted our accounts to shares. For example that he can buy back a big part of the money he owes us for only 50 to 70 cent per dollar. I think it would be legal to do so if he would also accept the disadvantages of it like that HE is not anymore the owner of slw . the shareholders are!! . So i think if he realy wants to be honest he has to set a shareholder meeting soon where where we could decide about the future of slw. i only doubt that your third boint would be a good idea if slw should be transfered into a working company . first it will be hard to keep trace how much is still to be payed out on each share so that a lot of people would be making mistakes in selling or buying shares . Especialy if slw should be transered into a working public company it needs its income to invest and work . We realy should take into account that this mess was not caused by Arb it was caused by LL who where simply throwing out a decision and only giving a verry short time for the change. Your sugestion would n mean the end of the company even if slw would be a healty company . And i don't think this is a hypotetical exercise. Up to now there was only complaining about arbs actions . What i want here is to find people who have better ideas and sugest them. On Arbs reactions to this ideas , his answers (or his faing to answer) we will be able to prove his honesty and good will. if i would be him i as well would not answer t most of the threads here because insulting, preconceived opinion and calling for the FBI is not a fair discussion. I would like him to take part in a fair discussion here. For me and i hope for a lot of people this will make things clear and show if we should stay with him or better get our money out of everything where he and his frinds have their hands in Manuela |
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