Happy New Year 2011

Yes, I'm still around...and it's damn cold here in Switzerland, that is why I use my tail to keep my warm..

I took some holidays from SL over the last 10 months but couldn't resist to have a glimpse into the new viewer and all other changes within SL which happened during 2010. I rejoined SL just a few weeks ago.

I reckon now that my friendship list shrank almost 90% as most of those avatars have left the game. The same for my favorite landmarks...it's incredible how fast things are changing here. Just my inventory is as chaotic as I had left it..

More worrying is that LL integrated Xstreet with its shop and now even their currency exchange. Personally, I always prefer variability and competition over putting everything into the same pot if I can. The fact that LL is now a direct competitor to all small businesses and only one currency exchange is existing, is somehow alarming to me. The monopolist against all other whackos. But I don't want to give evil eyes to LL, I'm not long enough in SL again to make a substantial judgement....

Real gambling is gone, banks are gone, betting is gone, virtual stock exchanges are gone (mostly), land business is apparently in constant change on the back of the land owners ...thats seems to me like quite a big loss of activities...it's almost a miracle that SL still can keep a serious amount of active avatars as the statistical data is showing.

LL has possibly found a way to keep an average number of active avatars which generate enough return to run the place from a financial point of view. They just have to make sure that the number of joining avatars is balanced with the one leaving the grid. However, I doubt that this is a prospective business model. Unless, well Brett Linden brought up some other thoughts, also to be considered of course.

SL will possibly move more and more into direction of a 3D social networking system with limited boundaries. Innovation and the free spirit which created so much activity and dramas in the beginning of SL will slowly die then ...something tells me that I will miss those dramas..;-)..I don't say that such development is a bad thing. It's surely an advantage if they seek to integrate more RL business. And there are quite a few companies and organisations in SL using it for education and information purposes. Anyway, I don't want to become philisophical towards the end of the year.

LEM retook some “business” activities which generate a small revenu. I take this is a constellation to spend some limited time inworld as I'm curious where all those policies of LL will lead to..There are even some RL projects which have a link to SL. So that is reason enough for me to stay. If that is of interest for you then just follow this blog and stay posted.

Happy New Year 2011 to all of you...and hopefully I see you again inworld some time.

Greetz
Cas

Merry Xmas and a Happy New Year 2010

Hello everybody,

it's already a longer time period since we delisted the SL-company LEM at ISE. We don't regret this decision as things really don't seem to evolve.

As long as the interfaces are not legally defined between SL and RL the overall situation of SL economy will not change, especially as virtual currency can be exchanged against RL one and vica versa.

It's a pitty as I think there is potential in an environment like SL to simulate RL patterns and or test strategies or simply in adding a new dimension to RL economy. However, some basic rules must exist to avoid annoyance to be robbed to easily, either through real scammers or just because of naivity and ignorance or arogance.

I still haven't found a solution. However, I believe that the only way to create a minimum of confidence for SL investments is to go through the bias of a financial intermediaries with RL recognition.

Anyway, LEM still exists and has some remaining virtual investment in SL, but on a much reduced level. It allows us to keep track with SL and be informed.

At the moment we are not planning to change this status in the near future. If you are curious whether something will change then stay tuned...;-)

We wish you Merry Xmas and happy New Year 2010, full of luck, health, success and yes, fun to stay in SL

Greetz
Casper Trebuchet

Liquidiation of LEM - final step

Hello shareholders,

as announced we took a final step and will liquidate LEM over the weekend. We will cash out the shareholders but keep our portfolio. After longer reflection and discussion with major shareholders it seems to us the best solution to apply.

It comes out that the final dividend you can expect is exactly 1.52 $L per share. You can check this figures here

The assets are difficult to evaluate as the ask/bid ratios for our portfolio are rather unhealthy. We took 90% of the Ask prices, stipulating that it would be difficult to sell them for a good price. To give an example I got suggestions for 1 $L per RDX or 1.25 $L for a DDE...lol

This money will be paid out over the weekend

We asked ISE to destroy our LEM-shares (in the name of Casper Trebuchet) till Sunday so that we only have to pay a dividend on the remaining shares.

We also kindly asked ISE to give us a link to a secure ISE-ATM to pay in the money (500'000 $L) as we lost a bit overview during the recent changes and developments. They already answered so that we can proceed as planned.

We feel sad about our liquidation but we think it is the best solution.

As LEM we will continue on a private basis but stay dormant and follow from distance how things develop on virtual economy within Second Life. At the moment we don't have the time nor the interest to do anymore.

If you have questions don't hesitate to ask me.

Greetz
Casper Trebuchet

Financial report - May 2009

LEM:ISE ended May 2009 with a profit of 41’671 (34'227) $L before dividend payment. NAV declined to 1.71 (2.04) $L/share. The dividend is set to be 0.015 (0.015) $L/share and was distributed just before

May was a stable month.

LEM started to sell its position in DDE because we will not IPO our latest derivative which is a basket on different companies at ISE. As a result we want to reduce our portfolio and invest the “liberated funds” differently. As we have written it at different other occasions we consider that our portfolio is too large in relation to the other assets. In selling some shares we can reduce our risk considerably and also produce a more sustainable NAV.

In consequence the NAV sank from 2.04 down to 1.71 $L/share. However, we have to consider that it is extremely difficult to estimate a NAV in virtual markets, especially as the liquidity is low what makes it rather difficult to sell the shares for a good price. As we sold 70’000 shares of DDE we reduced our portfolio already in a significant way which helps to stabilize the value of the remaining assets.

Those obtained funds are kept right now mostly on the currency exchanges in cash. LEM is not excluding that we will reinvest some of the funds in virtual shares again when we think the price is appropriate.

The profit is higher this month as we could consider two dividend payments of RDX. This might have a negative impact on the results of next month. We hope, however, that other earnings can be generated which will more than compensate those effects. We also have to consider that CAR only paid a part time dividend and others none.

LEM is paying a dividend of 0.015 $L which is a pay out ratio of 48%. The remaining rest of the profit will be reinvested.

The balance sheet and PL-sheet is given below

Our outlook for June is stable. We cannot guarantee the level of income as it continues to depend partly on the future of currency exchanges in SL and the outcome of different investment projects which are in elaboration.

Don’t hesitate to ask questions. You can reach me per IM, in the forum or directly over my email : casper.trebuchet@gmail.com

Greetz

Casper Trebuchet
CEO, LEM:ISE
http://lemurinvest.blogspot.com

April Financials and Dividend

LEM:ISE ended April 2009 with a profit of 34'227 (19'615) $L before dividend payment. NAV rose to 2.04 (1.76) $L/share. The dividend is set to be 0.015 (0.015) $L/share and was distributed just before

We close the books 3 day earlier than usual due to RL circumstances of the owner. April was another of those stable months.

The shares DDE:ISE and RDX:ISE which are major holdings in our portfolio didn't stop to rise. The same can be said about ITA:VSTEX which regained some momentum. As a consequence the value of our assets climbed to 2.04 $L per share from 1.76 $L the month before.

We don't want to comment those values. However, we believe that those shares are overvalued considering the information which is available.

Unfortunately the currency exchanges didn't stop to slow down during April. We had again a drop of 30% of our earnings. Part of this drop is related to the short period we did the evaluation in April. We also lost some days were we run the wrong strategy. The days were return on investments of 4% per month were possible are lying far behind. Considering the efforts you have to put into the trade we slowly reach a boundary where this currency trading will no longer be interesting as an investment instrument.

We started again to do consulting work for SL avatars to support them to find a way in - through - out of this virtual financial maze...lol...

The dividend we left at 0.015 $L which let the pay-out-ratio climb to 66%. As there are no concrete investment projects in view we think this is the best way to use the company profit right now. The remaining rest of the profit will be reinvested.

The balance sheet and PL-sheet is given below

Our outlook for May is again mediocre. We cannot guarantee the level of income as it continues to depend partly on the future of currency exchanges in SL and the outcome of different investment projects which are in elaboration.

Don’t hesitate to ask questions. You can reach me per IM, in the forum or directly over my email : casper.trebuchet@gmail.com

Greetz

Casper Trebuchet

CEO, LEM:ISE

Dividend March

LEM:ISE ended March 2009 with a profit of 19'615(47’564) $L before dividend payment. NAV rose to 1.76 (1.52) $L/share. The dividend is set to be 0.015 (0.0165) $L/share and was distributed just before.

March was stable compared to Februray. Some shares of our portfolio rose strongly (DDE and RDX) what sent our portfolio bullish. Its value climbed up to 1.76 $L/share. We hope that thise tendency will keep on. Also dividend earnings rose accordingly up to 9'000 $L and we realised some trading profit.

The reduced earnings are related to a depreciation we did in regard to the ISE:SIM drama. The CEO promised to buy back the shares and then disappeared without any notice. We had to depreciate 30'000 $L which put LEM into loss for March. However, we still hope that all this is a misunderstanding and that Pablo from SIM will stay to his word and do his buy backs.

The currency exchanges started to turn down in February and our earnings dropped 50%. We don't see the currency exchanges recovering and are thinking to use it differently. We will invest some time into research to find a solution.

The balance sheet and PL-sheet is given below
Financials

Our outlook for April is mediocre. We cannot guarantee the level of income as it depends partly on the future of currency exchanges in SL. However, we are optimistic to keep the actual dividend.


Greetz

Casper Trebuchet

CEO, LEM:ISE

Financials - February 2009

LEM:ISE ended February 2009 with a profit of 47’564 (44'142) $L before dividend payment. NAV reduced to 1.53 (1.65) $L/share. The dividend is set to be 0.0165 (0.015+0.0015) $L/share and was distributed yesterday.

February was a slower month compared to January. On one hand I was hardly online in SL due to RL activities and on the other the market itself slowed down. As a result most of the major titles (DDE:ISE, RDX:ISE, ITA:VSTEX) in our portfolio lost momentum and the NAV went down to 1.53 from 1.65 $L the month before.

The currency exchanges begun strong in the first weeks of February but then considerably slowed down as well. In the end the revenue were still higher as in January. It looks as more and more “currency traders” are joining the boat which doesn’t make the cake bigger for everbody. This tendency is contradicted by an increase of new residents, LL is apparently successful to attract. It will be interesting were all this will lead to. For us it means that working with currencies is interesting but that new resources need to be explored. Most potential we see in “investment” projects where RL companies use SL as 3.0 Web platform. But looking into RL economy environment right now let us wonder whether those conditions may trigger such projects. Anyway, we stay on the sideline with open eyes.

Dividends also contributed to the revenue of LEM:ISE, mostly DDE and RDX. Independently of this LEM:ISE will continue to reduce its portfolio of quoted companies.

On the derivative side there is not a lot to say right now. We put our focus on subjects outside the virtual stock exchanges.

Dividend is 0.0165 $L per share which is about 45% of the realized profit. The other 55% get reinvested. LEM is not planning to increase the dividend percentage. Or should LEM think about paying high dividends and go into a huge SPO and start trading excessively its own shares…well, my name is not Ponzi..lol

The balance sheet and PL-sheet is given below

LEM:ISE

Our outlook for March is good. We cannot guarantee the level of income as it depends partly on the future of currency exchanges in SL. Other investment projects are in evaluation.

I’m still an optimist…as we live in the best of all worlds..I love Voltaire

And for all those who don’t think similar but are still greedy enough to wait for the big profit we put a buy order to make things easier to them so that they can sell their shares with profit. Those shares will then be destroyed.

Greetz

Casper Trebuchet

CEO, LEM:ISE