SL International Business

Some people has been calling SLIB dishonest and Ponzi due to having to make a claim, and partial conversion to shares. This was explained in the initial press release that why is this process necessary. Here is some clarifications to that.

Biggest reason of all for the claims is that there is a bunch of accounts by people who have quit SL, banned from SL, conducted fraudulent activity etc. If we directly payout each account balance as they are to every account happens several things:

• Those who condoned fraudulent activities would go unpunished, maybe even rewarded for their actions.
• Those who have quit SL or been banned from SL isn’t exactly capable of collecting the money, thus Linden Lab would pocket these proceeds.

There you go, the biggest reasons for this practice to be taken into use.

Fraudulent activity? These include people who deposited stolen L$ or L$ purchased with stolen CC, phished paypal account etc. Furthermore, when we had account to account transfers enabled for the brief period of few weeks, people used it for money laundering, and as an “insurance”. A bunch of no payment info on file accounts deposited, then transferred to a single person, who immediately withdraw everything and never returned. While, there’s no hard evidence of fraud happening on those accounts, there’s enough subjective and alarm bells triggered. Especially, when all of the no payment info on file accounts were fresh, and never used again. Some of these left some L$ behind, some left the money for a little bit of time to gain some interest. The amount on these accounts is minimal, however, some of these have still tried to make a claim, without solving the case initially first.

All of those who were catched has neglected to make any contact attempt and get their account unfrozen in all these months, but all of sudden a claim emerges even tho when they queried balance they got account frozen message telling them to contact us? Smells fishy.

Banned or Quitted SL, is more major group, these people did something bad and got banned by Linden Lab, or have long forgotten about SL.

Communication is a key, and every active account has been contacted via an automated IM message instructing them to make a claim and read the press release, in order to gain access to their funds.

Deadline? Deadline has to exist so we can make the shares hit the trading floor, and know that the process is done and over with in due time. It’s highly unlikely that there will be even a single exception to the deadline.

There’s multiple reasons for the deadline also, foremost is to avoid printing new shares after SLIB has hit the trading floor, thus devaluating the share value afterwards, and decreasing investor confidence. It’s very urgent and important that a high level of investor confidence is maintained. As has been explained, we are unable to buy back all shares at once, thus investor confidence is a major key in establishing a base line on which people are able to sell their shares without any loss or at a minimal loss, and in the best case scenario, higher than 1L$/Share. Higher than 1L$/share is likely figure after a major portion has been bought back.

Also, if we don’t have a deadline, we have to get back to the process time after time, create more shares, do alternative compensations etc. Generally causing a major hussle and grief. Even bigger factor is the human nature, basic psychology, if there isn’t any deadline, people will keep postponing and postponing, and at worst, we have to keep printing new shares even a year from now. You wouldn’t want that, now would you?

Benefit for those who did make a claim

All this is in the end to ensure beneficial reimbursement plan for those who actually make their claim, as that means less shares to buy back, higher net asset value per share (NAVPS) etc. essentially ensuring higher share price, thus higher value for our depositors.

It wouldn’t be that honest to just convert everything in shares, atleast now depositors have choices and options to choose from. What do they take for their money? SLIB Shares? SLIB RE Shares? Land? Pay tier fees? Pay rentals? All that is an option.

This was originally posted to the Ancapex Stock Exchange, to: http://ancapex.net/home/story/SLIB/185

SL International Business began as a bank, SL Investor’s Bank, and is undergoing a major reform after the banking policy announced by Linden Lab, Inc.

After the reform, SLIB is going to be a holdings and venture company, opening up new businesses and holding major stakes in the subsidiary companies, or companies which SLIB has assisted in making a reality.

Furthermore, SLIB is going to continue on offering mortgages as long as Linden Lab, Inc. allows such activity.

SLIB consists of:
- SLIB Real Estate (SLIBRE @ ACE)
- Mainostaulu Network (MAI @ WSE)
- Kauppa Stores (KAU @ ACE)

SLIB Real Estate and MAI both are highly valuable holdings, with SLIB Real Estate having approximately 250,000sqm of Mainland and 4 estates and MAI an major stock value of 2,900,000L$ when WSE was put on temporal close down. SLIB Real Estate mainland sales record profits can reach upto over 74,000L$ in a 24hour period. The more average day turns in profit of over 15,000L$ each day. That’s only the mainland sales operation, which is around 190,000sqm of our mainland holdings.

MAI earns a profit of approximately 6 to 1 (Revenue VS. Costs) while SLIB Real Estate has more major scale and makes approximately 2.5 to 1 in average. Both has been up and running for quite some time now.

KAU is the newest addition, and is very small scale, but so far, has proofen that it can be highly profitable company when scaled up.

As a investor’s a great detail to know is that we have a plan on doing steady buy backs, as part of our bank client reimbursement plan. We have made a promise to buy back to atleast 75% ownership of the company. Personal holdings of Tyrian Camilo will be adjusted so that a maximum of 25% ownership is maintained after IPO.

Furthermore, as part of the reimbursement plan, a lot of shares will be allocated on that. Not all preferred to take SLIB shares, so it will not consist of the full 10.8Mil we have in client funds. Likely it will consist around 6-7mil. Making only a very small portion to be actually buyable from the IPO itself. This process is estimated to end by 5th of Feb, and likely, IPO will end the same day as well.

As for dividends, there’s a chance we will do some dividends even in the first 3months being listed, during the buyback period. After buyback period, there might be higher emphasis on dividends.

Capital gained from IPO will either go as an ‘cash injection’ to one of the subsidiaries, emergency fund or will be retained for a buyback later

Many people (annoyingly many) has been sending me IM’s “i haven’t received anything yet”, etc. Here is the timeline, as approximated. Please do not send me IMs asking about when you receive etc. it has been already communicated many many times over the time that you will receive an IM when you receive an reimbursement.

These things do not happen overnight, and it is a lot of work, i mean REALLY a lot of work, just processing are the forms is a heavy time consumer, several minutes per claim, later on several minutes more per reimburse, a total of close to 8-10mins per reimburse. Multiply that with 700.

Approximated Timeline

5th of February - Last of claim forms has been processed and in the sheet
12th of February - Claims processed, SLIB shares assigned. IPO might be ended early to get t the trading floor, for SLIB. (Not SLIB RE)
15th of February - Minimum 500,000L$ worth of buy-backs done. All 3rd party, and non cash or stock requests handled and reimbursed.
15th of March - Bought back for 300,000 to 900,000L$ more. Minimum bought back so far 800,000L$ worth.
15th of April - Minimum bought back so far is 1,250,000L$ worth.
15th of May - Processing of cash balances may be started to process.

Of course, this is approximations with flexible schedule, and it might be way earlier when we are reaching the end, or later. Most important factor is to rake in as much profit as possible, to avoid liquidation of any assets. (Ie. Land or Estates, or selling subsidiaries off).

Timeline for individual processing
Day 1 - Claim received.
Within 3 days, claim processed.
By end of 5th day you have at received IM of claim being processed.
By end of 8th day you have probably already received IM that transfer has been initiated, or some reimbursement (Land, 3rd party stock etc.)

Of course, most likely that schedule is way tighter, but gives us a little bit of room to breathe.

Somethings to consider

It does really take a lot of time to manage something like this, it isn’t done in a rush, everything needs to be thoroughly checked and calculated, please be patient.

Every IM sent to Tyrian Camilo just slows down the whole process, so if it’s a question many people is likely to ask, REFRAIN FROM SENDING AN IM. If you must, IM Lynn Binder. IM’ng with a question every second guy asks is considered to be very rude under these circumstances. It’s tiring to answer the same question 50 times a day.

This is being done solely to keep existing assets and business mostly intact, not selling them off or killing them. Liquidation of any business causes losses.

We are talking about almost doubling the assets here, something which takes time. Remember, the sole idea of the reimbursement plan was to ensure 100% reimbursement and keeping existing businesses running?

There is costs associated to running our businesses, tiers (Mainland + Estates) alone are a minimum of 2,200USD a month, and there is a lot more costs than tiers alone, marketing & advertising, product development, human resources etc. So even when we rake a good margin on each sale, there is a lot of costs to cover from the margin.  Furthermore, a safety margin of funds at hand has to be retained at all times for emergencies.

This was posted sometime ago in-world, but not here, so here it is for reference purposes. There will be soon an another post with more detailed FAQ and about strategy.

SL Investor’s Bank client reimburse plan and practice
———————————————————–

As of the new banking policy, we have to shutdown our banking services, however most of the assets are “stuck” and we are insolvent until the market re-stabilizes. Thus we need to have this plan, and multiple methods of reimbursements. We reserve right for changes to this plan, but intend to follow it as closely as possible.

We will be listing SLIB Real Estate in a stock exchange, and opening an IPO. This is to make that company as independent organization, under SLIB (To be SL International Business), for accounting and in order to fullfill the separation progress. Upto 60% is to be sold or given to 3rd parties. Money raised from the IPO will be either used to reimburse SLIB accounts, or given for the growth of SLIB Real Estate. Same as with Mainostaulu IPO, this is considered as SLIB selling part of it’s business to 3rd parties.

SL International Business(SLIB) will be listed in a exchange at 1L$/Share, and will be the PRIMARY reimbursement method. Shares to be created is decided by the amount of claimed funds and rounding upwards as Tyrian Camilo’s personal ownership(REQUIRED, SEE FAQ). Unclaimed funds will be considered as a donation and will not be created as shares. For example, if this is the preferred for a total of 6,234,123shares, we will create 7,500,000shares, from which 6,234,123shares are for reimbursements and rest for Tyrian Camilo. From all dividends paid, and dividend received by Tyrian Camilo is 100% to buy back. Tyrian Camilo will be paid a salary for his efforts, from which he is free to choose to buy back or not, and how much. Profit SLIB and it’s subsidiaries which SLIB receives is to  be used as following: 10% to an emergency fund in a RL bank account, 20% for new ventures/growth & advertising, 70% to Salary/Dividend/Buy back. For example, if monthly profit is 500,000L$ for SLIB itself, 50,000L$ goes to emergency fund, 100,000L$ to grow the business and 350,000L$ as Salary/Dividend or Buy back. Salary for Tyrian Camilo is required for his efforts, for various Real Life reasons. SLIB’s profits currently are from the following: SLIB Real Estate, Mainostaulu Network, Kauppa Stores and Personal Loans.

All 3rd party company stock is to be liquidated slowly for sensible prices, and funds in other banks to be taken into hand, and either used as specified above by SLIB, or given to it’s subsidiaries for growth, as a donation or as a loan.

Priority on reimbursements is as follows:
* 3rd party company shares to be given immediately, as much as we can
* SLIB share buy backs / dividends
* Those remaining as normal deposits

From the latter two, as in both money is directly involved, we will first buy back upto 40% to 60% of SLIB, after which we will use the following percentage: 75% Buy Back, 25% Cash Balance. After we have finished buy backs, we will use 30% of profits for honoring cash balances. Our promise is to buy back to atleast 75% ownership of SLIB. On initial distribution, Tyrian Camilo may not become owner of more than 25%. Currently, no definite schedule exists for 100% reimbursements. Expectancy is within 12months, without liquidating any of the subsidiary companies and allowing growth for them. Cash balances are of the lowest priority reimbursements.

Clients have to make a claim on their funds, and tell us how they want the reimbursement. Deadline for the claim is 2nd of February, 2008.
All funds which are not claimed by that deadline, are considered as donations, people who have left SL, banned from SL etc. and will increase the speed of reimbursing active and authorized clients. If your account is frozen due to fraudulent activity, you may not make an claim and get an reimbursement. Frozen for other reasons are case by case. Claims will be processed in the order they are received, FIRST COME, FIRST SERVED. After deadline, no more claims will be taken nor processed. So MAKE SURE you do it before that. This method was chosen for many reasons, stock prices, no need to print new stock in SLIB, future management overhead etc.

*** POSSIBLE REIMBURSEMENTS
For easy read, and to better weight your options, and give some other choices too:
* SLIB Shares
* SLIB subsidiary company shares
* SLIB Estates Land (No Discounts, Sorry!)
* SLIB Mainland (No Discounts with this either, Sorry!)
* 3rd party company shares

*** PREFERRED REIMBURSEMENT
We prefer that you choose 3rd party stocks and SLIB stocks for the full amount of your balance. This is the easiest and most convenient method for us to manage. Also, with this method you give yourself a chance to get more than the balance, in form of dividends and share value & appreciation. Also, as SLIB has high assets, SLIB’s share value due to the buy back promise is bound to increase.

SLIB Shares VS. Cash Balance
+Possible (And likely) appreciation of value
+Possible dividends
+Ability to convert to cash at will, or buy more of the shares for increased future gain.
-Value may also go down.
+First priority on reimbursements, buy back program.
+SLIB is stable and very profitable company.

Cash balance WILL NOT gain any interest, dividends, or any other monetary benefit during the time you are waiting for reimbursement.

So, PLEASE, choose SLIB shares.

Current financial status:
- Low cash balance for operational costs.
- About 1.5-1.7mil L$ in other banks, waiting to be reimbursed.
- About 1.1-1.3mil L$ worth of stock to be liquidated.
- SLIB Real Estate land holdings value, approximately 3.5-3.8mil L$
- Subsidiary stock: approximately 3.1mil L$.
- Account receivables: ~315,000L$
- Mortgages: 135,000L$
* TOTAL: 9.5Mil L$ to 10.3Mil L$
YES, we have taken losses since the banking policy came in effect. Equipment value is  roughly 1.9mil L$.
On normal every-day accounting we would still stand greatly in profit (+Exact cash balances +Group Limbos +Equipment etc.), but from liquidation perspective, we are not in profit.
Also, our account balances contain funds of Kauppa & Mainostaulu, together combined over 300,000L$.

**** Procedure for a claim:
* Make a new notecard named SLIB CLAIM: Avatar Name   for example: SLIB CLAIM: Tyrian Camilo
* Cut & Paste following form into it, and answer the questions:
———- CLAIM FORM ————–
SLIB Account #:
PREFERRED REIMBURSEMENT: (see FAQ)
———– END FORM ————-
* Send the notecard to Tyrian Camilo
* You will get an IM when reimbursement is calculated and confirmed.

*** FAQ
Q: Why do i have to make a new notecard?
A: That way we can process the requests at our schedule, and from the creator & date, we see that it wasn’t created on the behalf of someone else.

Q: What does “preferred reimbursement” mean?
A: How you want to be reimbursed, a free form written request. for example: 5,000L$ to stay as a deposit, 7,500L$ as MAI shares, 13,000L$ as SLIB shares. Minimum of 60% in shares, except for under 500L$ balances to which this rule does not apply and they may choose their distribution however they wish.

Q: How do i find my account #?
A: Goto nearest ATM and query balance, or use PBA for balance query. There will be at HQ an ATM replacement which does not accept payments in order to check that.

Q: Why minimum of 60% in shares?
A: For practical reasons, and due to the unknown time-table of the reimbursements. Few exceptions might be made however, if you are requesting for exception to this rule, please describe why you want and why should you given an exception to this rule. Everyone is examined on case by case basis.

Q: What if there is no shares left of a particular company i requested?
A: You will be given SLIB shares instead, unless otherwise specified in the form.

Q: How are cash balances going to be reimbursed?
A: Random order, manually paid directly to avatar.

Q: What’s your recommendation between SLIB shares and cash balance?
A: SLIB shares, that way you are able to get money when you need, and possibly even more than the initial balance was. Cash balances are lowest priority reimbursements.

Q: Why is it required to pay an salary to Tyrian Camilo?
A: This should be rather obvious. Afterall, we all are humans and have certain needs, furthermore, there has to be an incentive to do this. Would you work an year or more for completely free? Also, there is certain costs involved with running SLIB which are not taken directly as expense of SLIB, for example phone calls (when consulting RL contacts), internet connectivity etc.

*** POSSIBLE STOCK REIMBURSEMENTS
* Due to the nature of stocks, we reserve right for price changes! These are to be communicated via SL Investor’s Bank group. That’s the reason for handling these first. We also reserve the right to charge upto 15% above these prices, if the stock price has risen when your claim is being to be processed. If the stock price climb is more than 25%, we will give SLIB shares instead or as specified in the form.

3rd party company shares:
SNE, Sarah Nerd Estates at WSE. Total 149,948shares
Price per share: 0.80L$/Share

WTF, WSE Traders Fund. Total 5,261,236shares
0.05L$/Share (Warning: Above market price)

DDE, Delicious Demar Enterprises at WSE. Total 74,350shares
3.50L$/Shares (Warning: Slightly above market price, below you can acquire roughly 13,500shares. This company share values are bound to increase to close to 4L$/Share)

SPB, Springboard Publications at VsTex. Total 119,930shares.
0.09L$/Share

ESN, Express Shopping Network at ACE. Total 786,508shares.
0.85L$/Share

Subsidiary company shares:
MAI, Mainostaulu at WSE. Total availability: 1,000,000shares.
0.95L$/Share

SLIB Real Estate, to be listed. Total availability 90,000shares. (Float decided: 150,000shares)
100L$/Share

KAU, Kauppa Stores at ACE. Total availability: 20,000shares.   *PENDING APPROVAL DUE TO REGULATIONS*
6L$/Share (1L$/Share above IPO price. IPO sold out FAST)

*** Media Contacts
Company:
http://www.sl-investors-bank.com/
http://blog.sl-investors-bank.com/
http://slurl.com/secondlife/Ranthambore/196/225/38

Tyrian Camilo
CEO &  Founder / SL International Business

Lynn Binder
Client Service Representative / SL International Business

We’ve been researching the effects, and debating them a lot, and really, there isn’t anything definitive.
If you start reading this, please read in full.

References:
LL Blog Post
Telephone conversation with Patch Linden by Sully Okelly
Conversations with our lawyer
Conversations directly with Linden Lab (Matthew Linden)

From the initial blog posting, the thought was that automated methods were banned, including all direct methods of return on investment, including stock exchange dividends, by anyone else than chartered banks.

Not only that, but the complete communication is totally disrespectfull and insulting to Our profession. Granted, many were scams, but not all of us.

On other note, it was also believed that all forms of investing are banned, but they are not, you just can’t get any return from them, or that’s what LL wants us to believe, thus wanting to kill investment in whole.

The irony of the whole post is that the financial sector is a vital part of the SL economy in whole, capitalizing in different areas, and most importantly, putting the money needed for all kinds of new ventures, creating new content, thus enhancing their service.(LL’s service)

“We will not apply this policy to companies who submit a registration statement, charter, or other applicable license from a governing regulatory authority, or who are merely conducting marketing or education, but not accepting payments.”

Now, that means a lot of things. First of all, registration statement, when going by that literally, it could be as simple as registration statement of a corporation, or anything else. Joking aside, they are requiring an license of sorts, making it RL regulatory. Problem however is, no one is going to grant a license to do banking for value limited license use rights. That’s right, that’s the definition of Linden Dollar(L$), it’s not an currency. Linden Lab cannot even decide which one it is. Furthermore, as it’s legal definition is value limited license use right, they CANNOT demand banking charter, it’s unlawfull, because their terms of service becomes impossible to honor.

Also, if they are now saying L$ is an currency, Linden Lab themselves need to be a registrated bank. Yes, that’s right. That question has been raised in the past by several lawyers already, questioning, should Linden Lab be registered bank?

However, the policy has further implications, which is not stated, in the official communication. Are they going behind our backs to get claim some land? Maybe, but let’s not venture into how evil, or anti-competitive, Linden Lab can be.

Further communication, directly by persons working at LL brought in more light to this chaos, however it is ALL bad news.

First, the communication by Sully Okelly with Patch Linden, you can view it at SLCapex Forums.

Stock Exchanges are clear of problems, and companies listed can offer direct return on investment, but not a guaranteed one, which goes against the policy stated in the blog posting. Bizarre? Wait, there’s more!

All interest GIVING and TAKING is banned, without a bank charter, credit union or some other kind of license, which cannot be acquired for L$, as it’s not an real currency. That means, credit cards, personal loans.

Loan, escrow and CC only type of banks are fine and can be unchartered, says Patch Linden. However, Matthew Linden explicitly told me convenience and/or security related financial services are banned also. Which is true? I do not know.

ATMs targeted only because they are tied to interest bearing accounts. Then why, Matthew Linden tells a convenience service is also banned?

Loans, Loans, Loans. Personal Loans RL regulation is following: Make an omissory note. Nothing else. Exactly nothing else, that’s all to it. However, they are banned too, because of tied interest. Can they over rule RL laws? Definately not. Pending clarifications.

Now, let’s get back to the denied guaranteed return on investment. Now, anything into what you pay, and can get somethign out, as promised upfront, can be considered guaranteed return on investment. Return on Investment is in economics calculated as % of the original investment. That means, if you get 50% ROI, and invested 100L$ initially, you get back 50L$. That means, anything taking deposits and allowing withdraws are banned, in the strictest to the letter interpretation. That’s right folks, it seems they can decide by face value. Yikes!

You can’t even make a personal loan, which has delivery vehicle for the funds in L$ anymore. That’s very saddening, very very saddening, and constrictive.

As for the convenience type of services, Matthew Linden told us that the normal RL regulation and registrations are not enough for LL neither. That’s right folks, you can’t make any kind of service of the type without credit union or bank charter.

Now, as you read, some of these are just completely unbelievable, some obvious and understandable. The unbelievable however, i think is the cause of corporate schitzophrenia, not their actual policy. That corporate schitzophrenia, is going to make a lot of headache to many people in the future. I do not believe a word Matthew Linden told us, he just probably didn’t to read the actual question and word bank was enough for his reply, or he really didn’t know and the internal reason for corporate schitzophrenia happened, lack of internal communication and debate.
Like in Metanomics were, this is a bit like if you formed in Denmark a fish-bank, where fishers could bring their fish for storage, and they would get interest paid for the storage of fish (or charged), and the goverment of Denmark would decide to require bank charter for that. Fish isn’t a currency, is Linden Dollar? Linden Dollar, by LL so far has not been a currency, and thus, if by 22nd of January when the policy comes into effect, they do not announce it as a currency, and become a chartered bank, they are making with that alone their terms of service impossible to honor, which is against contract laws.

Also, 2 weeks forward notice for most, and few people given few days advance notice is not enough for anykind of registration, by far. 2 weeks for an LLC even is barely enough from start to finish, and requires some luck to achieve. (The initial paperwork just takes a day or two, but that’s just beginning of the foundation), which again makes their terms of service impossible to honour, without huge financial losses, and keeping the doors closed for prolonged periods.

Linden Lab has opened itself for huge legal pain, and litigations. And there is a lot of reasons, why Linden Lab could be sued for this, and i’m sure i didn’t cover them all, not even close.

Bottomline, is that this policy is better to be a bad joke from them, a really bad joke from them. If it is not, expect somekind of court cases to rise from this, which could lead to the demise of Linden Lab. I think that Linden Lab might have opened the door for more bad publicity, than the financial sector in SL economy could have done themselves. The ultimate reason, why i think this policy came into existense.

Second Life isn’t just that fun anymore, imho. I always knew biggest threat to my business was Linden Lab itself, ironically, it’s so for a lot of people. Ironically, MindArk (Entropia Universe) doesn’t have any problems like this, and  hell, they are now even giving out ATM cards, and they have 5 banks operational in Entropia, with the blessings of MindArk itself, without requiring RL regulation nor bank charter.

Unfortunately, on my books, Linden Lab is listed on the “Do-Evil Companies” section.

SL Investor’s Bank will become SL International Business.

The new name was chosen in the basis of preserving existing marketing & branding effort, and will become the “placeholder group” for all of the subsidiary companies.

SL International Business will consist of:

• Lending services: Personal, Small Business and Mortgages.
• Advertising services: Mainostaulu
• Real Estate: SLIB Real Estate
• Retailing: Kauppa Stores
• A new service & service portfolio to be announced at later date

So, lending services will continue, and as of effective immediately now, all personal & small business loans interest rate has been increased to 0.67% daily. Business plan is to offer short term small personal loans, credit type personal loans & small business loans, and mortgages secured against land.

Mainostaulu continues exactly as it has so far, with the exception some of the shares will be liquidified in order to offer faster reimbursement of depositor funds.

SLIB Real Estate will continue as it’s own subsidiary, with it’s own accounting, after most account funds has been liquidified. It is possible we will get a mortgage against the estates to offer faster reimbursement.

Kauppa Stores has gained a significant asset today, in a form of a new employee, who can nurture and maintain it, better than for what i have time. So far, this company has proofed to offer returns far greater than expected.

The new service will contain a portfolio of life helping services. This is still close to financial sector.

All of this means, ATMs will continue running, but branding will be changed. No interest, or dividends will be paid to depositors.

We are in process of researching into registering an corporation in the USA, and for the new service doing the red tape required for full RL regulation, needed for the type of business. We might be required to collect Real Life names for the usage of the service, or for usage of portions of it. Our lawyer is currently researching it.

The plan is not to kill any of the subsidiaries, however, that leaves us with a significant hole to be filled for complete reimbursements, of approximately 6,4000,000L$ total. SLIB Real Estate: 3,500,000L$ and Mainostaulu 2,900,000L$. Thus we are seeking to possible mortgage the estates, and quite likely selling 20-40% of Mainostaulu, in order to gain funds in the short term. Also, we have been approached by a real life private hedge fund, interested in lending us the sum of money needed. I dislike the idea of selling our future, for the short term gain.

I’m continuing with a strong determination to reimburse every account holder, who wishes so, 100% as soon as it is possible. The problem remains however, that businesses are not liquid right now and we have to limit the rate of loss in order to reimburse 100% in short term. Killing existing profitable businesses would not serve Your best interest, and that’s what i’m interested in. At current situation, it simply is not possible to just liquidate everything all of sudden, and reimburse everyone 100%, and i’m sure the majority won’t agree for smaller amount.

When the clocks hit here 22nd January, and last interest payment are made, i will disable interest payments, change the messages to reflect that. Backend code will continue running otherwise as is, but no interest will be compounded, and interest rates, except for loans, will be disabled from showing. Thus, we are in compliance on the policy. I must remind to those who didn’t realize it already: We don’t need to liquidate everything by 22nd of January, and we can keep ATMs operating, but we MAY NOT give interest, nor direct return on investment. That’s the policy folks.

Want something else for your balance?
Tell us about it! A stake into the new LLC? A stake into MAI? A piece of SLIB Real Estate when we go public? TELL US! If there is something of interest for you, let us know!

Liquidation Sale Price
MAI - 0.75L$/Share. Current bid: 0.77L$/Share, ask: 0.919L$/share. Minimum sale: 200,000 shares, maximum 2,000,000 shares.
ESN - 0.85L$/Share. Current bid: 0.30L$/Share, ask: 0.95L$/share. Minimum sale: 50,000 shares, maximum 786,733shares. (We pushed the bid down)
SPB - 0.05L$/Share. Current bid: 0.05L$/share, ask: 0.14L$/share. Minimum sale: 250,000 shares, maximum 1,126,930
DDE- 3.15L$/share. Current bid: 2.83L$/share, ask: 3.21L$/share. Minimum sale: 30,000 shares, maximum 74,350shares
SNE - 0.72L$/share. Current bid: 0.69L$/share, ask: 0.84L$/share. Minimum sale: 50,000 shares, maximum 149,948
WTF - 0.032L$/share. Current bid: 0.026682L$/share, ask: 0.033994L$/share. Minimum sale: 1,000,000 shares, maximum 5,261,236

Equipment
Bot Platform we recently bought, capable of running basicly any number of bots, mainly geared towards scanning for land. Full rights, full Visual Basic .NET source code, with installer. This is A LOT of code! This is worth to us A LOT more, however, it does require still some coding to be usable. Can be used for automated buying and camping also. These functions partially done. IM inworld for screenshots.
Only 800USD, or 220,000L$.

Banking backend - CODE ONLY
The full backend, redistribution, development and resale rights. We retain IP rights, so in essence this is an license. Containing everything: PHP frontend & backend pieces, administration tools, PBA, ATM etc. code, plus tutoring and detailing the system, and a few hours of usage consulting.
375,000L$ - Only maximum of 5 copies will be sold!

Full perm copy of the Bank HQ
As originally provided by Shakes Sands (different wall textures for example), for 4096sqm parcels.
75,000L$

My Shirt
Not available for sale just yet
999,999,999,999,999,999L$

Estate Land Specials
Koneisto and Mun Saari has free space left, anyone who contacts, and takes all of the remaining free land on either of the sims, is eligible to get them at bulk at ONLY 4.5L$/sqm. First month tier included in the price.

Best Regards,
Tyrian CamiloPS. It might be possible to buy stakes at the new LLC, but we have not yet decided shall we do that, it might not serve our best interest.

Unlike usually thought, the limits are rolling, and not resetted daily.

This is the secure and correct way to do it, and work a bit like currency exchange circuit breakers.

An example is in order:

Bank withdraw limit is, say 10,000L$:

Day 1, 15:00: Person A withdraws 2,500L$
Day 1, 17:50: Person B withdraws 2,500L$
Day 1, 23:15: Person C withdraws 5,000L$. LIMITS MET
Day 1, 23:16 to Day 2, 15:01 :: Limits are met, no withdraws are being allowed.
Day 2, 15:15: Person D withdraws 2,500L$. LIMITS MET
Day 2, 17:55: Person E tries to withdraw 5,000L$, DENIED WOULD EXCEED LIMITS
Day 2, 19:30: Person F withdraws 2,500L$. LIMITS MET

Catch the drift? It’s by the exact amount actually withdrewn in the past 24hours. It’s not resetted on any set time, and is always calculated on the past 24hours.

I got several questions by notecard today, here i’m going to answer them as honestly as i can.

Q: Will you be able to hold the SLIB? and if yes - what do you want to do with it? Like it is, it is forbidden.
A: The new policy is full of loopholes, it’s like swiss cheese. We will be able to offer in a form or another returns on your investment even after 22nd, pending we get code done in time. Holding onto SLIB is possible in a form or another, and preferrable. Infact, with very little changes we could continue on as a interest bearing bank. Their policy is limited to objects, such as ATMs. With some development, we would be able to continue, however, most certainly LL would be pissed, and could just close us anyways, under some shady unethical grounds. They already attempted, but i bited right back. We must remember that LL also owes us some money, money they gave to other people without my approval, due to suspending my account and group dividends were given to all group members. Also, the SLopoly fiasco: They are refusing to admit there was a breach of ToS and/or Community Standards, in effect saying, that it’s legal to steal from me. Group dividends were: ~26,316L$ and SLopoly: 104,300L$.

Q: What will happen to SL economy, if you sell your assets for nearly every price? Do not forget: everybody KNOWS, you must sell.
A: Mainland land values take a short downturn of approximate upto 0.3L$/sqm if i sell all land NOW at liquidation value, that’s unpreferrable. My effect to the whole SL economy is rather limited, some share prices will dip a little bit, as well as land prices. From overall economy, SLIB is still rather small. I’m fighting to sell only at sensible prices at the moment.

Q: We experience Luke as a man, who seems to take money out of SL. What will he do with Hope and the WSE?
A: He will continue on, without offering interest. Maybe also disabling dividends.How long do you expect the WSE to survive with such a boss?

Q: What will happen to you, if the WSE is bankrupt?
A: Hopefully every stock we hold there, is able to change to another exchange fast. Our holdings are: MAI, DDE, WTF, SNE. WTF would be gone naturally, and current impact would be around 150k L$, however it has a huge growth potential.

Q: What will happen to SLIB and may be your new enterprise if the WSE goes bankrupt?
A: We would take a financial hit, for sure. Full refunds would take slightly longer.

Q: How exactly to go on after SLIB? With which assets to take over? Keep in mind: We see the land prices falling and falling and falling.
A: Actually land prices has been climbing for quite some time now. No money movement would be necessary to adjust the assets, very little management overhead to continue on. SLIB will possibly only change name, and become the Group of companies, owning every subsidiary company. I have no personal assets, nor high income outside of SL, so cashing in great numbers of my personal money is not an option neither, unfortunately. What little i have, has already been reserved for some future plans.

Q: Can it be, that your attempts to save SLIB means “throw good money to the bad one”? What about declaring yourself bankrupt and paying back e.g. 50% (or what you think)?
Or: Offering your largest share-holders and your largest account holders some role in the new enterprise instead of the 50%?
Or: What about constructions like “get 50% at sudden or stay without withdraw of 100% for at least 6 months”?
A: Honoring liabilities at the pain threshold right now means losses, however, i’m a man of ethics, and still do that.Last bank run, on the ginko fallout resulted in very very high losses, and we were somewhat lucky to get out of it. I’m not going to take that much loss this time, but play it out more safe.  Declaring bankruptcy would definately mean selling all assets of, in order to get the insurance from The Rock, of total 1.1Mil L$, and to do it ethically. Thus not an option. By accounting, we are not really bankrupt neither, sure, our money is tied up heavily, but we ain’t bankrupt. Due to these circumstances, in some loss sure, but not bankrupt level loss.

Q: Start a new enterprise afterwards?
A: My plan exactly, infact, very little is to be changed in the end. The core business changes, subsidiaries are unaffected.

We are progressing quite nicely actually. We got verified our plan, and now pending verification from LL.

Website development has begun already, and is progressing. We hope to launch quite soon actually, depending upon how rapidly am i able to develop the new system.

As soon as we are close to launch, i will make an another announcement with the specifics and what it will be. Hopefully, LL approves our plan

While, still many things are not certain, we are hard at work at solving them.

We have a plan, which will allow us to pay interest, without heavy overhead, however, we still have few legal issues to solve. We have also already begun coding work on adjusting to the new format, and SLIB will change name.

After everything, our business will continue in a form or an another, and we shall prevail! Thank you everyone for your support!

Requests for exceptions: Withdrawals & Interest
People have been asking for exception, to make an withdraw or to get interest. We are NOT MAKING ANY EXCEPTIONS still.

There is approximately 1 or 2 per hour asking, some asking already the Nth time. It grows tiring to explain why these limits have been set, time after time to everyone, and sometimes just getting threats, or grief after that, i made an decision regarding them earlier today.

As of now, requests for exception will cause your account to be frozen. Yes, that means, no withdrawals AT ALL for you who requests UNEQUAL TREATMENT, until this whole situation is long gone.

I’m a strong believer that everyone should be treated equally, the huge account owners and small account owners the like. I understand your grief.

The irony is that withdraw limits hasn’t even been met for the last 10hours or so, and yet, people IM me if they could withdraw 304L$ or 1503L$ or 751L$ or 51L$ or 3721L$.