Subscribe to this topicForums > SL Wallet Public Forum > Topic: SLW Shareholder's 05/12/2008 Meeting Transcript
| May 12th, 20:50 Arbitrage Wise |
SLW Shareholder's 05/12/2008 Meeting Transcript | |
| We will also use this thread as a Q&A/FAQ. Please feel free to ask any questions that you have. We have no problem with constructive criticism. However, to ensure that this thread remains constructive and productive, we will edit comments that does not ask a question needing an answer, or provide constructive information/criticism. Transcript for meeting on 5/12/08 @ 7pm SLT. [19:05] You: Let's get this meeting started. [19:06] You: If everyone can hold off their questions, I'll answer them at the end when we have a Q&A. [19:06] You: I'm going to explain things in three different segments: [19:06] You: Share Buybacks, Updates for the last 2 months, and Forward Guidance for the rest of the year. [19:06] You: In regards to share buybacks, things are not going well and according to plans. [19:07] You: We have basically depleted all of our resources, and have little means of generating further revenue to conduct more buybacks at this time. [19:07] You: We are also now entering the slow to dead period for business overall, and non of our SL ventures have are launched yet to generate income. [19:07] You: As our Income Statement and Balance Sheet has shown, we are not sitting on a pile of cash and are refusing to pay back depositors. [19:08] You: All of the funds were used to develop our SL ventures, with non of it going to our RL ventures as some believe. [19:08] You: However, this does not mean that we are making excuses to avoid our obligations - it just means that this process will take a very long time to come through. [19:08] You: Longer than expected. [19:08] You: Once I get to the forward guidance, it will give you a better idea of the timeline that it will take for us to complete the SLW buyout. [19:09] You: But in short, and unfortunately, we won't be able to do any substantial buybacks within the next few months. [19:09] You: That does not mean that we will not continue to do buyback... just not any substantial ones. [19:09] You: In regards to updates for the last few months, or lack therefore, we have a reason for that. [19:09] You: Since our last shareholder's meeting regarding bringing in Chango to finish out our projects, other opportunities and possibilities came up. [19:10] You: We were approached by First Meta 1-2 weeks after the first shareholder's meeting. [19:10] You: They were interested in doing a partnership or joint venture with us, and requested a proposal from us. [19:10] You: We sent them a 2 page Letter of Intent with two possibilities: [19:10] You: 1) That they provide us a loan so that we can buyout SLW in return for a partnership deal or [19:10] You: 2) They take an equity interest with us by buying up some of the SLW public float. [19:10] You: At the same time, they also posted on their website a position for VP of business development, which I expressed interest in. [19:11] You: Had our proposal not come through, at least an employment with them could present the possibility of possibly integrating SLW with First Meta. [19:11] You: Unfortunately, we never got a response from First Meta regarding our proposal. [19:11] You: I was also notified 5 weeks later that FM have decided not to fill the VP position. [19:12] You: Therefore, in all that time, we couldn't move forward in any of our business plans, since we needed to wait for an answer from First Meta [19:12] You: We also did not want to post an update so that we did not mislead our shareholders or give them any false hopes until we were close to a deal. [19:12] You: We have since given up on the ideas, and have decided to move forward on our own. [19:13] You: Thus the reason why there has been a lack of updates in a while. [19:13] You: We were just playing the waiting game... and without any information, we couldn't move forward with much. [19:13] You: This takes us to the forward guidance. [19:13] You: Chango is currently on vacation, and was suppose to be gone until the end of May. [19:13] You: However, he sent us an email yesterday saying he was going to cut his vacation short. [19:13] You: Once he gets back, we are going to try to work out a deal with him to finish out the Ad Network. [19:14] You: Hopefully, we can get that business to go live by mid-June. [19:14] You: That would be SLW's first business, which will generate revenue from both the sales and services that we integrate it with. [19:14] You: I have also negotiated a deal with the WPM coders to finish out the software, and allow us a payment plan for the remaining cost of finishing it. [19:14] You: The coders should complete the softwares within 2-4 weeks, and will allow us until the end of the year to finalize all payments. [19:15] You: This would enable us to start getting a return on the investments we've made [19:15] You: without having to put up more money. [19:15] You: I will also be meeting with a software company this week to negotiate a possible deal for them to help us finish SLMarketLive and Helpture. [19:15] You: I am still confident in those ventures if we can get it going in the right direction. [19:16] You: I have expressed to the company founder that we are not interested in any pay services, but are looking for a company that will be interested in equity for developing the business. [19:16] You: The founder understands that and are open to options and negotiations, which we'll find out more this week. [19:16] You: Unfortunately, since these businesses are new, we cannot forecast with confidence how long it will take these ventures to generate enough income to buy out SLW. [19:16] You: However, we are now looking into creating a RL hedge fund or international company that will allow us to invest client's funds around the JuiceTrading model. [19:17] You: Right now, we have about 100K USD in verbal commitment, and are actively seeking RL investors into our funds. [19:17] You: Rather than paying a fixed interest like we did last year, we will be taking a management fee on the profits generated. [19:18] You: This business alone should generate enough to buy back at least half of SLW. [19:18] You: I'm confident that if we can achieve all of the businesses that we set out, that we would be able to fulfill our SLW obligations within the next calendar year. [19:18] You: I know this is not what most of our original depositors wanted to hear, but unfortunately, that is the inevitable truth. [19:18] You: However, please do not take my statement of one calendar year as a definitive timeline because it can take much longer or much quicker than estimated. [19:19] You: It'll all just depends on how things pan out within the next few months. [19:19] You: And how successful our SL business will be. [19:19] You: With that, I'll open this meeting to all questions. [19:20] You: Or I can further discuss how we plan on building the ventures we have now [19:20] Nobody Fugazi: Arbitrage - you mentioned 'substantial'. Just for the record, what buyback can you conservatively forecast at this time? [19:21] You: Between now to the end of August, we'd be lucky to obtain 200-300k Lindens for buybacks IF non of our ventures go live [19:21] Nobody Fugazi: Thanks, Arb. [19:21] Reina Ferraris: Arbitrage you did not mention how SLCapex, the one thriving business is doing and if you can use any of their proceeds to help with the buyback [19:22] You: If you have a question, can you type ? until I call on you? [19:22] You: that will give me time to answer and read all questions, or comments [19:22] Reina Ferraris: ? [19:22] You: Yes Lito - then Reina [19:22] Silverblade Dagger: ? [19:22] You: Then Silver [19:23] You: To add onto what I've stated Nobody.. most of the funds coming in will be from my personal income/revenue that I generate in RL.... since the only business generating an income for us at this time is SLCX [19:24] You: And I am now actively looking for employment to bring in additional money for buybacks [19:24] Lito Menoptra: I know I am rather dumb on this entire investing situation... ill admit to that... its one of the reasons for my fustration... because I did not desire to get into the "stock market" and id be happy just get my 25k and go... i really have no intention on sticking with SLW after this.... [19:25] You: Lito - I understand you feelings, and I know there are many out there that feels the same... but at this point, we're already here... [19:25] You: and we just have to make the best of what resources and opportunities we have [19:25] You: What was your question Reina [19:25] Edward Pluto: ? [19:25] Reina Ferraris: Here is my original question Arbitrage you did not mention how SLCapex, the one thriving business is doing and if you can use any of their proceeds to help with the buyback [19:25] You: Then Silver, then Pluto [19:26] You: Reina - if you look on SLW's balance sheet for last month, you'll see that we did buy some shares back, some of the money was from SLCX's dividends [19:26] Reina Ferraris: great [19:26] You: any shares we buy back with SLCX dividends do not belong to be, but to treasury [19:26] You: Thus the reason it's on SLW's balance sheet... b/c they belong to the shareholders [19:26] You: Silver - your question? [19:27] Silverblade Dagger: Could you clarify for sake of those who aren't clear and those reading this as a transcript the significance of L$1.03 and the buyback. Apparently, people are STILL confused on that according to the forum. Essentially: Will shares be bought over $L1.03? Will they be bought up to L$1.03 and end at L$1.02999, etc? Also... with there be finger sammiches after the meeting? (Grumble Ling must be hungry.) [19:27] You: Shares will be bought up to AT LEAST $1.03L [19:27] Zephyre Sheridan: the .03 covers the fee for selling your shares does it not? [19:28] You: that does not mean we won't continue to buy it up further if we have the reserve... but that's further down the line of course [19:28] Silverblade Dagger: L$1.03 minimum, so how could it be higher? [19:28] You: Because we may want to buy back all of our shares, and naturally, we can't expect everyone to sell them at 1.03 or lower [19:29] You: in the case that we feel we've developed SLW to where it is valued more than 1.03L, then we'll pay more for the shares [19:29] Edward Pluto: Since it appears that there will be a long period before we see any substancial buybacks...will we be getting dividends on our shares?? [19:29] Nobody Fugazi thinks, "In other words the amateur day traders are screwing the pooch." [19:29] Lito Menoptra: exactly... [19:29] You: Edward, profits are used to buy back shares, which in turn belongs to you... and if they're destroyed, they increase your holding % [19:29] You: Which is basically the same as dividends [19:29] You: since it still increases the value of yoru holdings [19:29] Edward Pluto nods [19:30] Lito Menoptra raises hand again. [19:30] You: Yes Lito? [19:30] Silverblade Dagger: So to clarify.... L$1.03 is the big number to break even, counting the 2.5% transaction fee. But that is NOT the ceiling for buybacks, it can go higher depending on what is left and etc. [19:30] You: Correct Silver [19:31] Silverblade Dagger: Thanks.. [19:31] Lito Menoptra: i know a girl whose made 10k playing the "stock market with you" why is it if you dont have the money to pay us back our money we put into this.... how come she's making money and here i am... begging for some of how much i put into this company just go get out... [19:31] You: Because SLCX's assets are separate from SLW. [19:31] You: Thus the reason for the conversion in the first place [19:31] Nobody Fugazi: ? [19:32] You: Once we did the conversion, all new money deposited into SLCX belongs to the company, not to SLW. [19:32] You: So once the conversion occurred, newly deposited money or any money going into the system is accessible [19:33] You: Yes Nobody? [19:33] Lito Menoptra: so how long is it gonna take for me to get my lindens back that i put into it? [19:33] You: Lito - That's up to whether you can wait out the storm and let us get our busienss going, or be willing to sell your shares on the market... [19:34] Nobody Fugazi: The ventures of SLWallet - aside from First Meta - what markets are you looking toward for the advertising as far as advertisers and demographics? [19:34] You: I cannot give you a timeline for when we can fulfill our obligations... [19:34] You: but can only give you a forward guidance as stated earlier [19:34] Zephyre Sheridan: ok in the defence of JT Financial here..... every time somebody buys cheap shares from the people bailing on SLW, they sell them at a profit... but less then 1.03..... when SLW does a buy back... the majority of the buy back funds are going into these sharks pockets and as long as these players are around..... it is going to take a very long time for the rest of us to see all of our own money back [19:34] You: The 2 primary business that I feel have strong potentials are SLMarketLive and Helpture [19:35] You: Our primary target market and demographic for SLML will most likely be eBay sellers [19:35] You: looking to penetrate a new market [19:35] You: We want to help take their business into virtual world [19:35] Nobody Fugazi finds that intriguing. [19:36] You: and help the small home-based ebay retailers develop a customer oriented business to conduct live transactions [19:36] You: I think that's where the integration between pure virtual world and RL ecommerce comes together [19:38] You: I DO have a 10+ page proposal that I sent to Zappos.com detailing how to take their business into SL... [19:38] You: If anyone is interested, I can forward them the proposal, to give you an idea of the direction we're taking SLML [19:38] Silverblade Dagger: I would be interested in seeing that, Arb. [19:39] Nobody Fugazi: Sure, Arb, I'd take a peek. :-) [19:39] Kara Ceawlin: I would be too thanks [19:39] Zephyre Sheridan: 4am and 10 pages? I take your word for it lol [19:39] You: If you are interested, just IM me your email and I'll send it to you. [19:40] Kara Ceawlin: ? [19:40] Kara Ceawlin: Have you looked into other growing markets such as Meli that is growing faster than ebay? [19:41] You: I'm actually not aware of what Meli is Kara.... [19:41] Kara Ceawlin: It's the ebay of South America, ebay owns 20% [19:41] Kara Ceawlin: brazil, argentina etc [19:41] Kara Ceawlin: recession won't hurt them there [19:41] Nobody Fugazi: Yeah. You'll need Spanish and Portugese support - which you already have... ;-) [19:42] You: Then I'm sure we'll eventually target them... but we need to first target people we know first [19:42] You: However, I do have experience in the import/export market... [19:42] Nobody Fugazi: if the people who you know are screwing you up, meet new people. :-D [19:42] You: and that may also present a venture/target market [19:42] Kara Ceawlin: that's the stock symbol, please check it out, they report tomorrow on the nas [19:43] Zephyre Sheridan: ? [19:43] You: Yes Zephyre? [19:44] Zephyre Sheridan: in 2 figures.... how many (for want of a better word) "ventures" are you currently involved in or looking at getting involved in, in total to date? [19:45] You: 4 that we want to go live within the next few months [19:45] You: 4 in SL... 4 in RL [19:45] Zephyre Sheridan: ok ty [19:46] Silverblade Dagger: G'night Zeph. [19:47] You: Did anyone else have a question? [19:47] Zephyre Sheridan: ty [19:47] You: We'll be posting the scripts in the forum Sandy [19:47] You: and will also have another meeting tomorrow [19:47] Shaggy Yer: ? [19:47] You: Yes Shaggy? [19:48] Silverblade Dagger: ? [19:48] You: Then Silver.... [19:48] Shaggy Yer: I notice the huge dive that the Google ads were bringing in, do have any idea why that was? [19:48] You: Yes - I was actually talking about that with Silver the other day [19:48] You: When we originally posted, I believe some of our members knew why we wanted to post the numbers... [19:49] You: It is against Google's policy to encourage clicking, thus the reason we have stopped [19:49] Nobody Fugazi knows Google is big on that policy... [19:49] You: But with less information, I guess less people are aware that visiting ads helps generate revenue [19:50] Silverblade Dagger: I've been clicking them like mad this past week. [19:50] Silverblade Dagger: Would it be possible to publish a FAQ for everyone to see and refer to for the most common questions and such so the rumors and misconceptions can be qualmed? Too many people talk out various orifaces, only some from the right ones. hehehe [19:51] Silverblade Dagger: Oh, I read the pages I click on, I even bookmarked a couple for when I have the RL resources to do anything abou them. [19:52] Reina Ferraris: I even sign up and get annoying email [19:52] Reina Ferraris: anything to help the cause [19:52] Nobody Fugazi: ..... you guys are sick and need help.... :P [19:52] Reina Ferraris: LOL [19:52] You: If no one has any further questions, I'll end the meeting here, and we can have an informal discussions |
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| May 13th, 08:12 Nyazcawi Perway |
Question not asked
Edited by moderator May 14th, 16:56 |
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| Arb, Sorry I couldn't attend the meeting yesterday. I have a question that was not asked. When buy backs are done, how are the recipients selected? Is it based on number of shares owned? I thought Manuela DeVinna's suggestion about partial buy backs for all holders was a reasonable idea. Please comment on this. It was in the the Topic: A suggestion how Arb could be Fair thx, nya ;o) Reply: The shares are bought back via the market orders. |
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| May 13th, 08:16 Andy Grant |
Re: SLW Shareholder's 05/12/2008 Meeting Transcript
Edited by moderator May 14th, 16:58 |
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| Arbitrage, you (should) know i've always had respect for your business skills, but from what i read in this transcript you told investors that all of your previous projects have failed. Not even one of them is successful. It might be your wording is "unfortunate", but all i can read from this is that you have failed in everything you have done the only foot you currently have to stand on is slcapex revenues, and those arent exactly strong. Reply: I wouldn't say the ventures have failed. They're just not finished yet, so we really cannot judge if they failed or not until we at least give them a chance to start operating. |
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| May 13th, 09:28 Shaggy Yer |
Re: SLW Shareholder's 05/12/2008 Meeting Transcript | |
| IIRC: He puts in a buy order at market so he buys whats there with whatever $ he has to get them with. You can normally spot his buys as they are several 100,000 shares and the price goes up. |
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| May 13th, 09:50 Silverblade Dagger |
Re: SLW Shareholder's 05/12/2008 Meeting Transcript | |
| {Nyazcawi Perway - Arb, Sorry I couldn't attend the meeting yesterday. I have a question that was not asked. When buy backs are done, how are the recipients selected? Is it based on number of shares owned? I thought Manuela DeVinna's suggestion about partial buy backs for all holders was a reasonable idea. Please comment on this. It was in the the Topic: A suggestion how Arb could be Fair thx, nya ;o)} I'm not Arb, obviously, but it's been stated over and over again, and perhaps you missed it Nya. The buybacks aren't done by some special list of people who get "first dibs". Buybacks are done when the funds are available, and those who have the lowest limit sell get bought first. This means that the daytraders, sometimes referred to as sharks, and those trying to sell their shares cheap get bought first. Once the shares get all bought up, the price should go up as well. I made sure to ask Arb to make the buyback details clear for those who don't understand how it works. He'll be buying back all the shares he can till he owns them all. So to break even, you need to set your shares to be sold at L$1.03, however as shares are bought up and they become more scarce, they may be worth more than L$1.03 a share and he'll still buy them. Given the current circumstances, it's probably better to buy them up because they are so cheap, and hold on to them till the SLW price goes back up. Still iffy given the way daytraders are dropping things though. Hope this answered your question, Nya. Honoris Causa... Silverblade Dagger |
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| May 13th, 11:06 Nyazcawi Perway |
Re: SLW Shareholder's 05/12/2008 Meeting Transcript | |
| thx silverblade. i was under a misconception about buy backs then i had thought he was addressing the list of those who had set the limited buy backs at 1.03 (the faithful, lol) and didn't understand how he decided how's to buy back first nya |
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| May 13th, 12:47 Revolvo Rotaru |
Re: SLW Shareholder's 05/12/2008 Meeting Transcript
Edited by moderator May 14th, 17:03 |
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| -- ? 1 -- You've said repeatedly that 'we are... entering a slow to dead period for business'. Could you elaborate on what it is (beyond projects in the pipeline) that is going slow and why? Most internet business in general are slower overall during the summer times because no one's sitting around the computer. So Capex will probably slow down in the next couple of months, and the ventures that we launch will probably get off to a slow start. Along with that, our RL juicetrading business will be stagnant until September because of the limited amount of sports available. -- ? 2 -- Not a direct SLW question, but relevant in an important way: Limit orders expire after 30 days, meaning anyone who submits a limit sell order at L1.03 must then go back to the end of the line if no buy-back happens during that period. Given that it is now several months since SLW's release and the general announcement that those depositors wishing their deposits back at par, it seems reasonable to expect that many original depositors have had their original sell orders expire. Since many of them were reluctant to find themselves in a trading environment at all, this would seem to further alienate shareholders (who should be perceived as long-term investors). Shouldn't SLCX change to allow 'Good-until-cancelled Sell' orders at least (since once a share is listed to sell, it's 'locked in')? I will talk to Bo about this, but I was under the assumption that orders don't expire. However, this is ultimately Bo's decision as he is the CEO and the one who should make the ultimate decision. More information will be posted once I talk to Bo |
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| May 13th, 16:11 Arbitrage Wise |
Re: SLW Shareholder's 05/12/2008 Meeting Transcript | |
| Transcript for the morning meeting: [12:57] You: Has anyone gotten a chance to read the transcript? [13:00] You: If you haven't had the chance to read the transcript from yesterday's meeting, most of the things that we needed to say are there. [13:00] You: So we'll just do a Q&A session here [13:00] You: If you have a question, just type ? so that I can have time to read and answer your question [13:00] Manuela DeVinna: Arbitrage .. i have some questions about the financals you posted [13:01] Manuela DeVinna: let me just find them [13:02] Soizie Franciosa: is there going to be a buyback this month? [13:02] Manuela DeVinna: you have an etry in your finacials for example saying SL CapEx Software Development (carried at Total Development Cost) $4,435,470.00 [13:02] Manuela DeVinna: what exactly does that mean ? [13:02] You: Take your time to read the transcript and ask questions if you need to, we'll try to extend this meeting to ensure everyone gets a chance to catch up [13:03] Manuela DeVinna: ok but .. why does SLW pay for that ? [13:03] Trump Takacs: cant you put out buying orders to prevent the price to fall to 0.09 [13:03] Manuela DeVinna: why does SLW d not get any revenue on this ? [13:03] You: Sozie - In yesterday's transcript, we've explained that we're now depleted of resources and have little means of income at this time, so there won't be any substantial buybacks in the next few months. [13:04] Soizie Franciosa: i red it, and i didn't like it! [13:04] Soizie Franciosa: the summer is in 2 month [13:04] Dave Beaumont: ? [13:05] You: Unfortunately Sozie - we're out of resources, so our hands are tied. [13:05] You: Yes Dave? [13:06] Dave Beaumont: How long do you think it will be before any of the developments are actually FINISHED? I know they will take time from startup to make money, but when can it all start to happen? [13:06] You: I've actually detailed that in yesterday's meeting, but basically, we've negotiated a deal for WPM so that the coders can finish it out [13:06] Manuela DeVinna: Arbitrage .. what i would like to know is why SLW that is not producing any revenue right now pays for the developement of the software of another company giving ths software f to the company for free only expecting that some of the money will come back by dividents ? [13:06] You: and we have a payment plan with them [13:07] Dave Beaumont: Yes - I saw that, I just want to know how long the development is likely to take now work is re-commencing? [13:07] You: My guess is that it will take about 1 month to finalize WPM. [13:07] Radioactive Rosca: ? [13:07] You: The next closest business that can be finished is the Ad Network... depending on how detailed we want it, it can take 1-2 months [13:07] You: Yes Radio? [13:07] Radioactive Rosca: When can we have the new ATM's at our lands? I need to transfer money to buy shares at SLcapeX and I need to come here all times... [13:08] Lubo Plubeau: what does it mean"to finalize"???? to get it running?? [13:09] You: Radio - We won't be placing ATMs for Capex. Bo has decided against that due to all the frauds that we've had in the past. We will however place ATMs for SLWallet when we get one of it's businesses going [13:09] You: Yes Lubo - to get it running [13:09] Radioactive Rosca: ok [13:09] You: Manuela - in regards to your question.... [13:10] You: The reason we paid for it is because we originally owned most of Capex [13:10] You: of course, we have given away some of the shares as compensation for management, but we still own the business and the software [13:11] Manuela DeVinna: yes but what does that mea if you dont get any moey form it ? [13:11] Manuela DeVinna: i mean you have the shares yes [13:11] Manuela DeVinna: but shouldnt there be a compensation for the software developement ? [13:11] You: Any development from here on out is paid by Capex, not SLW [13:12] You: But the compensation for all prior development is through the company's dividends [13:12] You: It is no different than say if you're starting Company A... you originally have to pay for development and the software. [13:12] You: And you reap the profits from it. [13:13] You: But once that company is on it's own and has it's own funds, then the company pays for any further development [13:13] Manuela DeVinna nods ok but why does this still show up in your balance sheet its nothing that will ever produce income or can be sold [13:14] You: Because it is still an asset under SLW, we still have rights to the software [13:14] You: In the case that we decide to sell the software or parts of it [13:14] Manuela DeVinna: about the buybacks ...will we at least been told when they are starting again ? [13:15] You: We will continue to do small buybacks as we generate some income (or any income I personally make in RL). But there won't be any substantial ones within the next few months b/c of the slow summer season [13:16] Soizie Franciosa: there is no real summer season on sl! [13:16] You: A shareholder has requested that we declare all buybacks AFTER we do them, so we'll be posting that information more often as we do buybacks [13:16] You: There is in RL Sozie... less people are around the computers during this time [13:16] You: so there are less activities [13:17] You: SL is relatively slower during this time and the upcoming months [13:17] Manuela DeVinna: Arbitrage. i think because most of the people who have shares in SLW are forced into it .. wouldnt it be better if they would 1. get some help understanding the balace sheets [13:18] You: Manuela - to add onto your idea... There are alot of possibilities down the road [13:18] Manuela DeVinna: and 2. have a bit more information to understand whats going on [13:18] You: Where startups may want to build some commerce platform, and need a stable banking system... [13:18] You: We can always sell that system, since we own this assets. [13:19] Lubo Plubeau: sell them to who?? :)) [13:19] You: Yes they do Manuela. As explained yesterday, we were playing the waiting game for close to 2 months, so there wasn't much we can do [13:19] Manuela DeVinna: yes i was reading that . [13:20] You: But we will try to keep our shareholders more updated from here on out. [13:20] You: Lubo - There are always new businesses trying to start up that may need some kind of ATM/Money transaction system. [13:23] You: Did anyone else have a question regarding SLW? [13:23] Trump Takacs: what went wrong.. why is the buyback taking so much longer than expected and would you be in the same situation without the bankban [13:24] You: Trump - We burnt through all of our resources that could have been used to finish out the businesses we've built [13:25] You: without the ban, we would have been able to finish the projects, and would have been generating income off of them by now [13:25] Trump Takacs: so you need more capital is that it? [13:26] You: We did... but now we just need more time. [13:26] Manuela DeVinna: thers another thing i would like to ask .. Is it possible that you will [13:26] You: We've negotiated a deal for WPM, and will be in talks with a coder for SLMarketlive and Helpture [13:26] You: If we can get a deal for work in exchange for equity, then we won't need capital for that project either [13:26] Manuela DeVinna: get some relay goosd information on what exactly is the state of the projects [13:27] You: Actually Manuela - If you visit both sites (www.slmarketlive.com & www.helpture.com), you will see that most of the site is complete [13:27] You: Of course, we still have to make some major changes. [13:28] You: The Ad Network WAS working for a few months, and we were running ads on our ATMs [13:28] Dave Beaumont: That's amazing... If you go to the helpature site, it says "Hello".... [13:28] You: but something went wrong and we haven't had a chance to change it... so that project is almost complete as well [13:28] Manuela DeVinna: so you need places where to place your adds ? [13:28] ferre Howlett: helpture wont open with me [13:28] Soizie Franciosa: lol [13:28] You: sorry - Chango must have changed it up for now [13:29] Manuela DeVinna: Arbitrage .. do you already have the places where your ads will be up ? or are you still on the way to get them ? [13:30] You: No, we do not have the places to get them up. Ideally, we will have them on our ATMs once we get SLW going. However, half of the Ad Network's revenue will come from sales of the system. [13:31] You: We are planning on having 2 versions: 1) Basic and 2) Premier [13:31] You: The basic version we will give out for free for anyone to use. However, along with their ads, we will also be running our ads on there. [13:31] You: This is a starter kit for users wanting to place ads throughout their sim or business, but do not want to pay for the system [13:32] You: The premier version will sold at a fixed price, which will not have our ads on it [13:32] Soizie Franciosa: are they really ppl or companies interested in these systems? [13:32] ferre Howlett: yep [13:33] You: Anyone who wants to give out items, or run ads would want our system. [13:33] You: Users can control textures via the web browser [13:33] You: control what item the system gives [13:33] You: We also track clicks [13:33] Soizie Franciosa: but who woulf like to pay for it if they can have the start version for free? [13:33] You: So yes, we feel that there are users who 1) Want to run an ad business by placing their own Network in SL with other sim owners [13:34] You: 2) Want to display ads on their sim and want to be able to control it via the web, which is alot more convenient because it allows multiple managers [13:35] Manuela DeVinna: yes but controling throgh web has its risks .. what is dont to make it secure ? [13:35] Soizie Franciosa: how will you get to these ppl? [13:36] You: There's really little risk in running these business Manuela, except for griefers who want to hack into your system to place their own ads [13:36] You: However, that's really not worthwhile for most griefers [13:37] Manuela DeVinna: i dont know itf its about placing your own ads . if you realy set up a big buisenes o bbasedon this adds .. [13:37] Manuela DeVinna: you will be loosing lot of moey if they are gone [13:37] Manuela DeVinna: so this could be something to blackmail people with [13:37] Lubo Plubeau: i don't really think someone would do the effort to hack a website to place his add on SL... :)) [13:38] Manuela DeVinna: no but to destroy the ads of a compeetitor ? [13:38] You: I don't think we have to worry about alot about security for this business because there's little incentives for griefers to do anything. [13:38] You: There's no money transactions involved [13:38] Manuela DeVinna nods [13:39] You: And most of the troubles caused can easily be fixed. [13:39] You: We've ran ads on our ATM for months, and we didn't have a single incident. [13:40] Manuela DeVinna: ok .. may i sugest that from now on there will be kin d of a weekly update how the projects are goint so that we all can see some kind of progess ? [13:40] You: Yes Manuela - We'll try to post a weekly update in the forums. [13:41] Manuela DeVinna: that would help a lot .. in the last two month i felt kind of lost [13:41] You: Now that most of the disgruntled shareholders probably had their chance to voice their opinions, I'm sure we'll start having more productive conversations in the forums [13:42] Manuela DeVinna: Arbitrage .. one question about the buybacks .. dont know if you where reading my initila sugestion o in the thread i openened " sugestions hw Arb could be fair " [13:43] Manuela DeVinna: that the buybacks would go not like they are right now buying the cheap shares [13:43] You: The fairest way to do the buyback (even though most won't agree) is simply buy it from the market. [13:43] You: That way, we let the market dictate who gets what. [13:43] You: So that we do not have to personally hand pick [13:44] You: And have to play favorites [13:44] Manuela DeVinna: Arb what i was sugesting was a way to not pick [13:44] Soizie Franciosa: but you know that this way you're buying back ppl who bought very low and are selling back a bit higher! [13:44] You: That's just the way it goes Sozie. [13:45] ferre Howlett: why not taking the oldest order and so on [13:45] Soizie Franciosa: but we told thousands of ppl to place limit orders at 1.03 [13:45] You: I'll read into your forum some more Manuela - But I've throught through all of the possible ways to do a fair buyback [13:45] Manuela DeVinna: my sugestion was the following [13:45] Manuela DeVinna: 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. [13:45] You: and the best method is to just buy them off the market. [13:45] Soizie Franciosa: these ppl have been very supportive and now you're just buyback the vultures [13:47] You: Manuela - There's 2 problems with that... 1) We don't have a system in place for it and 2) It will take longer to finish the buyback because then we'll be paying a high premium to those who bought the shares for cheap. [13:47] Lubo Plubeau: that's why my 'title' :D [13:47] Manuela DeVinna: yes but Arb . those who bought the d shares cheap are those who stiill trust your word you will buy back .. [13:47] You: Rather then those sellers just selling at market rate, now they get even more b/c we're going to pay a higher price on shares than what is currently being sold on the market [13:48] Manuela DeVinna: i think that this are the people you can make buisenes with when this mess is over [13:48] You: Yes, but if they bought the shares for say .50L and are willing to sell for .60L, why would we need to waste resources and pay 1.03L, when we could have used the .43L to buy back more shares [13:49] Manuela DeVinna: because it realy is looking not good if SLW makes a profit in this buybacks [13:49] Soizie Franciosa: this is going to take ages! Are you going to buyback after next spring? [13:49] You: But we're not making a profit. [13:50] Manuela DeVinna: Arbitrage please .. honestly .. if i borrow 1000 dollar from you and then give you back only 500 then i made a profit of 500 [13:50] You: And it would hurt shareholders even more if we put more profits into trader's pockets [13:51] Soizie Franciosa: of course you are when the balances have been turned to 1 L/1 share! [13:51] You: Yes, in that case Manuela, we would be making a profit because we would be pocketing the rest. [13:51] You: But in this case, there's no extra money that is being pocketed [13:51] You: No one is making a profit off of this. [13:52] Manuela DeVinna: so what about if you would post how many shares are bought back . how many are your personal ones and how many are owned by slwallet and will go into the treasurey and how many will be destroyed ? [13:52] Manuela DeVinna: then one could clearly see whats going on [13:52] You: That information is actually available Manuela. [13:52] Soizie Franciosa: if there was 80M lindens turned into 80M shares bought back at a price under 1L there is profit! [13:53] Manuela DeVinna: where can i see this? [13:53] You: We've reported on the Balance Sheets the shares that are owned by treasury [13:53] Manuela DeVinna: yes but up to now i have to go through different documents that i dont understand preobably [13:53] You: If you subtract that from my holdings show in the Research [13:53] You: then the rest are personal shares [13:53] Manuela DeVinna: why not make an excetpt of it and clearly tell in three lines whats happening [13:54] You: Right now, if you look at the balance sheet, you will see that SLW owns 340K shares [13:54] You: so you can simply deduct that from my total holdings, and it'll give you my personal share count [13:54] Soizie Franciosa: bought for...?? [13:54] You: Any shares bought with SLW profits belongs to treasury [13:54] You: any shares I buy with my own funds are personal shares [13:55] Manuela DeVinna: you see ? so you are making a lot of profit in this buybacks :) at least if you beleave that SLW will w work out fine [13:55] Manuela DeVinna: because you personaly buy this shares [13:56] You: Me making a profit buying these shares is no different than anyone else out there buying it for the same belief I have... that SLW will make it through and get its values back [13:56] You: The shares are out there for anyone to purchase. [13:57] You: All of the funds that were deposited into JTF were spent on the softwares and codes, so non of the JTF money came into my own pockets [13:57] You: So if I bring extra funds to buy back shares, then those funds are personally coming from me, which is why the shares will be personal shares. [13:57] You: Minus the Net Receivable as loans to me. [13:58] Manuela DeVinna: ok but that means that people have to trust you in that that its not form JTF money or is there any profe ? [13:58] You: I'm not sure what proof they would need. [13:59] You: Most of the proof are in the software, and the softwares are there. [14:00] Soizie Franciosa: are you also trading yr shares arbitrage? buying low and selling back higher when a buyback takes place? [14:00] You: You can always get a consultant to examine a software and give you an estimated cost if you don't think that the costs of the softwares merit what they software is. [14:00] Manuela DeVinna: ok ... i can accept this as long as we get to see something in the next monbth that is working and producing revenue [14:00] You: No - I have not done any trading on Capex, minus a few thousand WPM shares [14:00] You: I have not sold any SLW shares. [14:01] Manuela DeVinna: thers one last question [14:01] Manuela DeVinna: you have this developer " (constantly forgetting his name ) you will pay hoim with slwShares am i right ? [14:01] Soizie Franciosa: except of you, who knows when a buyback is coming? [14:01] Manuela DeVinna: where will theis shares come form ? [14:02] You: If you are referring to Chango, we have not worked out any further deal with him, so I don't have the details on it. [14:02] You: But if the assets are to belong to SLW (softwares), then SLW will most likely be paying for it. [14:02] Manuela DeVinna: with what money ? [14:03] You: However, we will most likely work out an equity deal with him for actual ownership of the business, and not SLW itself. [14:03] Soizie Franciosa: except of you, who knows when a buyback is coming? [14:04] You: We do not announce any buybacks Soizie... doing so will only alert the traders to park on a higher ask price [14:04] You: thus artificially inflating the shares [14:04] You: We will only announce a buyback AFTER it's done. [14:04] Soizie Franciosa: who is we? Bogart? [14:04] Manuela DeVinna: the last one wasnt anounced [14:04] You: We as in me and the upper management I work/consult with [14:05] You: You're right Manuela - I guess we had assumed people will know from the jump in volume and prices, as well as the increase in my holdings [14:05] Soizie Franciosa: avoid the question, i know the answer! [14:06] Manuela DeVinna: to be honest Arb i think that anouncing the buybacks will help the people to get bacjk their money [14:06] Manuela DeVinna: because traders will buy up to nearly 1.00 [14:06] Manuela DeVinna: it they know the shares will be bought at the next day [14:06] You: We've actually thought it through, and annnouncing a buyback before doing it will only help make more money for the traders. [14:07] Soizie Franciosa: pfff [14:07] You: Or traders can start placing the shares they bought cheap at a higher price [14:07] You: knowing that we'll be trying to buy our way up to 1.00 [14:07] Soizie Franciosa: it's what they are already doing [14:08] You: So if traders knew a buyback was coming, they may cancel their sell orders at say .60, and place it at .90 [14:08] You: knowing that we've announced we're going to try to buy up to 1L [14:08] You: thus, we've ended up putting an extra .30 into the trader's pockets [14:08] You: by announcing a buyback [14:09] Manuela DeVinna: there would be an easy way around this [14:09] Manuela DeVinna: if the sell offers would not expire after 30 days [14:09] Manuela DeVinna: then the people who placed their offers first would be erviced [14:09] Manuela DeVinna: not the traders [14:10] Manuela DeVinna: that placed them last [14:10] You: But they wouldn't be serviced if their prices were set at .91L [14:10] You: because we may have run out of funds before we get to their order [14:10] You: where if we didn't announce the buyback, we would have made it to their order [14:10] You: since we didn't have to pay extra for shares [14:12] Soizie Franciosa: most of the customers don't have any trading experience [14:12] Manuela DeVinna: ok .. trusting that you realy use ony your own money to uy shares in your private pocket and all shares bought form JTF money or from SLW money goes int treasury that is acceptable i think [14:12] Soizie Franciosa: you turned their balances into shares [14:12] You: I've declared on the Balance Sheet what I personally owe to SLW [14:12] Soizie Franciosa: we advised them to place limit orders at 1.03 [14:12] You: If I wanted to keep JTF's money, I wouldn't declare a debt to it. [14:13] You: So you can trust that I'm trying to do the right thing. [14:13] Soizie Franciosa: they don't know how to trade, they don't know they have to replace their sell orders [14:13] Soizie Franciosa: and they are not able to do it on their own [14:14] You: That's why we have Cash to explain to them when they do ask. [14:14] Manuela DeVinna: Arbitrage .. one sugestion .. would it be possible to alter the software so that SLW orders dont expire anymore ? [14:14] Soizie Franciosa: so these ppl just lost their money [14:14] You: It's already set that way Manuela [14:14] You: Orders no longer expire. [14:14] Manuela DeVinna: because then it would realy be fair that the people who place their orders early are served first [14:14] Soizie Franciosa: is Cash speaking french, spanish, german...? [14:14] Manuela DeVinna: oh ? in my open orders i still see an exopiration date [14:15] Manuela DeVinna: expiration [14:15] You: I've just tested it out and I do not see a date for order expiration [14:16] Manuela DeVinna: give me a second i want to see this :) was looking at that this week [14:17] Manuela DeVinna: ah ok thats only true for new orders ? [14:17] You: I should be for all orders. [14:17] Soizie Franciosa: speaking of equity, why don't you first buyback the non trader and the low shares holders? [14:18] You: There's no way to determine who non-traders are. [14:18] Radioactive Rosca: my selling order still have a expiry date: 2008-06-01 05:53:55 [14:18] You: and selecting low share holders would be handpicking [14:19] Manuela DeVinna: i just placesd a sell order for slw shares and have a expiration date of 2008-06-12 14:18:04 [14:19] Soizie Franciosa: buyout ppl holding 5000 shares and less then [14:20] You: Let me ask Chango Manuela [14:21] Manuela DeVinna: ok .. would you please then send out an anouncement about that ? [14:21] You: Even buying shares of people holding 5000 or less shares would still require handpicking Sozie [14:21] You: Yes [14:21] Manuela DeVinna: i think Arb is right there you realy cant determine this .. there could be people useing 20 alts [14:21] You: If i do not get back to you within 1-2 weeks manuela, please send me a reminder [14:22] Manuela DeVinna: ok i just could put up a ticket right now then you would have a reminder ? [14:22] You: it'll be easier to remind me via IM [14:23] Manuela DeVinna: ok :) [14:23] You: I handle so many tickets that the ones I market for holding usually gets overlooked [14:23] You: But if there's no further questions, I'll end the transcript there. [14:23] Manuela DeVinna: yes ok :) [14:23] Radioactive Rosca: I still have full confidence in Arb. You have my full support, Sir. [14:23] You: And if you have further questions, feel free to ask them in the forum thread [14:23] You: Thanks Radio. [14:24] ferre Howlett: mine to [14:24] Babbler3.17: [14:24] Manuela DeVinna: ok for me i now know what to expect [14:24] You: Thanks ferre [14:24] Manuela DeVinna: i realy hope to see some progress in the next week [14:25] Manuela DeVinna: weeks [14:25] You: I wouldn't say next week Manuela [14:25] Soizie Franciosa: pff [14:25] Manuela DeVinna: weeks [14:25] You: Let's say next 1-2 months [14:25] You: to give time for unforeseen circumstances... and we all know how frequent that happens in SL [14:26] Manuela DeVinna: ok :) [14:26] You: OK - I'll call it a meeting here... |
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| May 13th, 17:01 Stryker Yoshikawa |
Re: SLW Shareholder's 05/12/2008 Meeting Transcript
Edited by moderator May 14th, 17:16 |
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| Some questions to Arb which always have remained unanswered and it's about time this will be clearified if at all possible, I'd say give it a try as best you can. - It's about time to tell people where THEIR money is. What projects and how much money is put in for each project. Why do you think for each project that it is a wise and profitable investment. Please include ANY money spent upto the total number of 85 million, what is still cash on hand, how many sims were purchased, will new purchases be made, etc. Remember that you first PROMISED bankdepositors INTEREST on their deposit, how ever would you be able to payout even when the bankban did not occur. - Any fair business with a bank that needs liquidation would already been at least half way liquidating it's assets and for the given time this could have been done for fair market prices to refund peoples money as fast as possible. That so very little has been directed that way tells an awfull lot about the UNWILL to solve this situation AS SOON POSSIBLE and goes against ALL the WILL of any 'participants' or actually now made financial prisoners. So question is, how many assets have been liquidated so far, which assets have true value on the market and why are we not already half way on refunding peoples Lindens. - Why, after the huge debt created even MORE DEBT was created by taking MORE AND MORE available money that was stored on accounts and have become insecure SLW shares that have less then 50% of it's value. You could easily have avoided creating more debt but yet you choosed to BRUTALLY take that money also and tell people that this is also needed for creating (possibly worthless) ventures. Sounds like plain thievery to me since no one gave you permission to take it. It's just a clear sign that money on the account is UNSAFE and is like putting it for grabs for the controller of the exchangesoftware (and he did take it). - How much money was SPEND with gambling/sportsbetting or any other personal amusement. If it's zero then answer with zero. I'm pretty sure the answer will be zero but really crabs salad and other dinnerparties are in this category too, airplanetickets to Hawai etc. (that would explain why questions have never been answered last 2 months.) - Is there any hope for people that their money will come back or can people close the book with a big loss. Ofcourse you don't know if your ventures and all that will succeed but there should be some estimation on positive outcomes else you wouldn't have invested it if you were to be a fair businessperson. Sorry for some accusements. I'm sure it will help you to discard this post. However, why would anyone think bad of the situation, if nothing was wrong then we wouldn't have these types of discussions. Thanks for some answers if at all you take time to read and reply. Most of the answers to your questions can be found on the financials. We have sold all of our sims except one. The only assets we have left are the softwares for the various businesses that have not started. Aside from Capex, no other businesses would receive much in terms of liquidation, and I do not believe most of the shareholders would want us to liquidate Capex at this time. To simplify things, a) I'm not sitting on a pile of cash and not paying people off b) If I didn't feel that I can pay depositors back, and that our ventures will not succeed, I wouldn't be here trying to work through this c) I've invested as much and possibly more than everyone else has. I have put all of my available capital and savings into the various SL businesses, and have been working on SL full-time for over 1.5 years, with very little to show for right now. So yes, I still think there is hope that people will get their money back. |
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| May 13th, 18:38 Nyazcawi Perway |
Re: SLW Shareholder's 05/12/2008 Meeting Transcript
Edited by moderator May 14th, 17:18 |
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| OK, i guess i'm just slow. i don't understand how there can be no profit occurring. let me see if i understand this....... about L$85 million was converted into shares. this means some one, or somebody owed L$85 million buy backs are done in the open market at the going rate, e.g. as of today lets say 1000 shares are bought back at 0.31, or L$ 310. doesn't this mean there is L$ 690 less owed, or profit to someone or something? i really don't understand trading and never got involved in it becuz of that. is my math too simple, or is it just me? help pls ;o)) nya Most of the money went it tier, land, and development, so if we want to pinpoint who made a profit, then its the companies we paid. |
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