I wrote already about the problem that $L can be converted into real currency on this blog. Game and RL are interfering with each other which amplifies reactions, in a good but also a bad sense. We just have to look what is ongoing in the so called financial markets in SL to learn about dramas here and there.
WSE which wants to leverage this currency exchange problem to Icarus level- Wiseguy Capra just filed a IC3 (www.ic3.gov) report last week, SLCapex converted cash positions into shares nobody wants and tries to apply 10’000 pages of GAAP guidelines on penny stock companies, VsTex applies guerilla communication strategies – a lot of wind can blow in some noobs, ISE is so smart that nobody notice it, Ancapex is a long story of trustworthiness which apparently is on best way to end on tribunal, we surely could continue this story.
LL is not better and give an excellent example. They announced to cut Island sell prices from 1650 USD down to 1000 USD. What is good music for the noobs is not as good for the old land owners. Apparently to catch noobs is more important for SL than to keep the old ones happy - I thought known marketing strategies should aim in the opposite direction…lol.. However, if somebody is changing rules in repeated fashion the way they did we better take their TOS for serious and keep RL money input as low as possible. Either land is suddenly sized, or account frozen or charged with additional fees etc. Nobody can build on such fundaments.
No, SL is definitively not a game with this money conversion and the fact that LL is even looking to expand and increase the size of the grid makes things even worse. At the moment delict sums are small compared to RL situations. It is even often not worth to put an attorney on the case, and to deal with internet criminality is legally quite a white map. However, if SL expands the grid, greed will always be a close partner and delict sums will increase too. We lost roughly 6 M $L with the hostile action of WSE, may be the next time the sum is 100 M $L. For me it is just a matter of time till RL regulation will step in with force and forbid this currency exchange. The good thing is that probably 70% of the SL users will not care about as they only spend <10’000 $L per month and most likely see SL just as an intelligent amusement and surely not a financial place.
LEM thinks quite similar. It was interesting to explore the financial markets and we created value even if we include the WSE fraud. To work with derivatives was fun and wouldn’t be possible as easily under RL conditions because of heavy regulations. I personally could see such products traded at a stock exchange platform which simulates such business with RL life data so that users can learn about this business without risking something. Saxo Bank is already applying such a tools, but we see there still potential.
Anyway, after careful reflection LEM decided to go private with immediate effect. In consequence we will pay out our shareholders. This will happen over the next weeks in a step by step procedure.
Unfortunately, the shareholder list is not complete. However, we think that each shareholder has some responsibilities to take. If somebody is investing into a company – his duty is to keep informed and react proactively. LEM communicated in regular manner on WSE and we always gave the link to our blog where further updated information has always been available. If our shareholders consulted our blog in the last 90 days they could follow what is happening and had enough chances to respond. We therefore decided that the shareholder who didn’t claimed their shares agree with the policy of WSE and are satisfied to get 1 WTF share for each LEM share and don’t expect more. Their shares will be redistributed to the other shareholders in relation to the participation they have in LEM. As pay back price we take the NAV of last financial report which was 1.4 $L/share (compare with table).
As LEM possesses now a shareholder list, we will continue to search for ways to claim back our assets. If we would be successful, we would let participate our shareholders with a special final dividend. Last week the avatar Wiseguy Capra filed a IC3 report against WSE (www.ic3.gov). We follow this case closely.
If we would get the original shareholder list together with our assets from WSE we would do the necessarily adjustments.
LEM itself will continue its business as usual. However, we will put more emphasis on RL business and use SL as a mirror and communication platform for our RL requirements. If you are interested to learn about our business then contact me inworld or send me an e-mail casper.trebuchet@gmail.com
Greetz
Casper Trebuchet
Lemur Invest, CEO
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