Ok, I think I am officially fed up. This morning, when I logged on , I received a notice form the SL Exchange Commission group, of which I am a member, which basically demanded that either LukeConnell pays Midas Commons 650k (his portion of the bond payment from the Hope Capital bonds that was deferred), or they are calling on all members to delist from the World Stock Exchange. Failing that, they are asking all investors to divest from companies that do not delist. It was a three paragraph memo - with no real details. It was sent by Intlibber Brautigan.
Ok, is it just me, or is it time for all these big men to put their penises back in their pants and stop waving them about and thumping their chests???
I am not going to go into details about the Midas Bank debacle - it has already been flogged (and blogged) to death. There is a good synopsis and discussion on Maelstrom Baphomet's newsletter blog - The Dragon's Bite. I do find it interesting that Midas Common's acount is gone, though...
What is driving me crazy and making me sick to death of this whole "stock exchange" and "financial sector of SL" nightmare - is the self-appointed, puffed-up egotists who claim to have some sort or authority (be it moral or actual) over anything. Who on earth is the SLEC to demand that I delist???? When one of their Board Members actually OWNS ANOTHER EXCHANGE?? are you kidding me??
This kind of move is both childish and harmful. Childish, because the announcement from SLEC was so obviously in conflict of interest, and so blatantly biased. Let me be totally clear - the concept of an SLEC is a good one - which is why I joined it early on. But they have been conspicuously silent about all of the other scams and rip-offs going on in the financial community - until this one. And THEN, they don't even have the decency to call on Luke to provide the bond payment to everyone as initially promised - they simply ask him to pay ONE INVESTOR the amount he would have been due. And, that investor no longer exists in Second Life! And, it is harmful, because someone might actually read it and take it seriously!
As I said, I am not weighing in on the Midas Bank affair - I have educated myself as best I can about it and I have my own opinions about what happened, and whether it was right or wrong - on both sides of the story.
But this Notice from SLEC is a direct attack on Delicious Demar Enterprises - whether it was intended to be or not. It is telling me, that based on some as yet undisclosed investigation, that I should delist in the middle of a secondary offer - or else it is calling on my investors to boycott DDE and sell off thier shares. If anybody actually took the SLEC seriously, then it would have the potential to cause panic, uncertainty, etc... This makes me furious!
And, as I said, fed up. My first thoughts when I read this announcement, and then educated myself about the Midas Bank affair was this: get the fuck out!
I am seriously contemplating a planned and orderly withdrawl from the WSE, and i will definitely NEVER list on another exchange. Of course, I would never do it in such a way to screw my investors, and would plan for an agressive buyback strategy, rather than a liquidation - so it would take some time to complete.
but I have had enough of this. I run a good company - and owe everything to my investors and what you have allowed me to accomplish. But the ground keeps shifting under my feet. And nobody else (well - ok - a few) plays by the rules! Never fear - I will alwyas take care fo the people that have given me their money to build my business - i am NOT like the ones that have taken your money and run away.
and of course, I am angry and ranting... lol - probably by this time tomorrow I will have thought better about my outburst. But for TODAY - Dayummmmm, am I pissed! And you deserve to know about it!