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Varo Jan
Caravanserai Consulting
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Posted - 2010.01.16 19:23:00 -
[1]
I have an exclusive agreement with LadyOfWrath to purchase One Stop Research, One Stop Research Alliance and One Stop Mining, including all tangible and intangible assets for 175B.
The corporations involved have all been audited by Grendell, and the presence of all tangible assets has been verified.
This bond offers you the opportunity to invest in an existing blue chip venture with an excellent track record.
Bonds û Total Value 150B Number: 300 Face Value: Five hundred million ISK each (500m). Interest Rate: 4% monthly. Collateral: Full. Please see the Security paragraph below for details. Period: Open-ended Repurchase: There may be partial or full repurchase of these bonds. Should that happen, bonds would be repurchased at face value. Trading: You are free to trade these bonds, but all trades must be done through Grendell. All trades must be confirmed in this thread in order to ensure payment of interest to the right holder of the bonds.
Priority Rights Existing One Stop investors will have priority in reserving bonds.
Right of Refusal I will not accept investments from known scammers. Should an investor provide material support in future to known scammers, his bond(s) will be repurchased and offered for sale.
Interest Cover The businesses currently generate profits in excess of ten billion ISK monthly. That provides adequate cover for bond interest payments.
Various expansion plans are being considered which will strengthen the business and provide additional interest cover.
Surplus profits will be left in the business to build up a cash reserve to cover three months interest payments.
Security Grendell, LadyOfWrath and SetraDark have agreed to be trustees and to hold all shares. Grendell will be CEO of the corporations. BPOs valued at 127B will be locked down. Ji Sama is providing collateral in the form of blue chip shares valued at 25B. Those shares will be held by a trusted third party.
In the event that I disappear without warning and there is no communication from me for three months, Grendell will liquidate the corporations and repay investors.
In the event that interest payments are not made in full for three consecutive months, including making up previous shortfalls, Grendell will liquidate the corporations and repay investors.
His liquidation fee will be 5% of the then current NAV. Should he require assistance by other trustees in the liquidation process, they will be suitably compensated.
Business Operations LoW has agreed to remain on board for a period of 28 days in order to ensure a smooth transition.
The business has one other member of staff who has agreed to stay on.
This is not a time intensive operation, so I do not anticipate any conflicts with my existing activities. However, should any unforeseen conflicts arise, existing activities will be scaled down.
I currently run nine research characters of my own (90 slots which are in constant use), so I am familiar with the processes involved in this business.
Business Assets BPOs û 127B In-space assets û 16B Inventory û 5B Cash û 3B Other assets verified by audit: 4B Total 155B
Grendell¦s view is that is a conservative estimate.
Other assets include 6 Research characters - say 6B That leaves goodwill of a maximum of 11B against the sales price of 175B. Please note the sales price includes the website, all business contacts and methods of sales.
Reporting As this is a bond, there is no requirement to publish monthly accounts. Nevertheless, in the interests of transparency, full accounts prepared in accordance with accounting standards will be issued by Magnu Stormhawk.
Continued in next post.
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Varo Jan
Caravanserai Consulting
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Posted - 2010.01.16 19:35:00 -
[2]
Assessment and Mitigation of Risks
Note: Please bear in mind these are my personal risk assessments. Your views may vary.
Theft The bond is fully collateralised by locked down BPOs and collateral provided by Ji Sama. The Board of Trustees consists of Grendell, LadyOfWrath and SetraDark. It would take collusion by two to steal BPOs. Risk assessment - Low.
RL Issues or Burnout This is not a time-intensive operation, so the risks of burnout are minimal. The consequences of my disappearance have been covered elsewhere. Risk assessment û Low.
Adverse Business Conditions This is an existing blue chip operation with an excellent record û not an untried startup. It is in a strong position with an excess of solid assets, and is well capable of weathering low cycles. A cash reserve will be built up to cover downturns in profitability. Existing merc contracts will be extended. LadyOfWrath has agreed to a one year non-competition clause. Risk assessment û Low.
Competence I am an unknown quantity to most of you. Naturally, I would not have taken this on If I did not believe I could perform. Ji Sama, my previous CEO, has attested to my competence. Risk assessment - For you to decide.
One more post to follow.
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Varo Jan
Caravanserai Consulting
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Posted - 2010.01.16 19:37:00 -
[3]
Now taking reservations.
Note: when the bond is filled I will ask investors to transfer cash to Grendell. Please DO NOT send cash to Grendell until I post specifically asking for transfers to be effected.
Reservations tehsuxOr - 1B
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Synseer
Not Me Shoot It
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Posted - 2010.01.16 21:25:00 -
[4]
i'll reserve 2b. I am a current investor.
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Erialor Godsent
Gallente Federal Navy Support Divison
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Posted - 2010.01.16 22:15:00 -
[5]
I'd like to jump in for 1 bill, please ;) --
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leona starfire
LS Trading and Production Inc.
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Posted - 2010.01.16 23:50:00 -
[6]
I Will take 10B.
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Taram Caldar
Noir. Noir. Mercenary Group
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Posted - 2010.01.17 00:34:00 -
[7]
I'd like to reserve 1bil ISK given all the new details this looks like a solid venture.
Want a sig made? Contact me in game. Click my sig to see samples |
Jadun
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Posted - 2010.01.17 01:00:00 -
[8]
yo ho
i am an ivestor with LoW. but at this time i got to decrease my investment.
i would like to invest into 1 bond for 500 mil isk.
hope to see the rest of my isk paid out.
jadun
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Ji Sama
Caldari Tash-Murkon Prime Industries Sex Drugs And Rock'N'Roll
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Posted - 2010.01.17 01:21:00 -
[9]
Originally by: Jadun yo ho
i am an ivestor with LoW. but at this time i got to decrease my investment.
i would like to invest into 1 bond for 500 mil isk.
hope to see the rest of my isk paid out.
jadun
That must surely be a mistake :p I think he means he wants to double his investment ;)
or else....
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Jadun
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Posted - 2010.01.17 02:20:00 -
[10]
Originally by: Ji Sama
That must surely be a mistake :p I think he means he wants to double his investment ;)
or else....
go back to work Ji
Daddy wants a new Caddy
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RaTTuS
BIG Libertas Fidelitas
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Posted - 2010.01.17 10:44:00 -
[11]
I'll pop 2 bil in this though what do you mean by > Other assets include 6 Research characters - say 6B <
are these being transferred to your accounts ? -- | Capital |
Kalrand
Charles Ponzi School of Business GoonSwarm
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Posted - 2010.01.17 11:48:00 -
[12]
Originally by: RaTTuS I'll pop 2 bil in this though what do you mean by > Other assets include 6 Research characters - say 6B <
are these being transferred to your accounts ?
Yea, that was an eye popper as well. You can't account share, and someone would have to pony up the $120 to transfer them.
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Seline Gylen
SG Investments
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Posted - 2010.01.17 13:26:00 -
[13]
Reserving 1.5b.
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Anne Lou
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Posted - 2010.01.17 15:50:00 -
[14]
Reserving 1b. |
LadyOfWrath
Caldari One Stop Mining Shop One Stop Research
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Posted - 2010.01.17 16:20:00 -
[15]
That would be me who is going to pony up the cash for the transfers. This is the onyl way it can be doen since I am the seller.
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Phoebe Halliwel
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Posted - 2010.01.17 17:52:00 -
[16]
Would like to reinvest current stocks, 62 @ just short of 47m per share is I think the closing valuation, which is around 2.9b.
Additional investment of 2.1b or whatever the number is to round it upto 5b.
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cosmoray
Bella Vista Holdings Corp
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Posted - 2010.01.17 18:26:00 -
[17]
Are you issuing shares from a holding corp to cover the 150B?
With 300 bonds its very difficult to effect manual payments, and bond trading and share transfer becomes down to a manual ledger.
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Varo Jan
Caravanserai Consulting
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Posted - 2010.01.17 19:40:00 -
[18]
Originally by: cosmoray Are you issuing shares from a holding corp to cover the 150B?
With 300 bonds its very difficult to effect manual payments, and bond trading and share transfer becomes down to a manual ledger.
I plan to follow the same process as LOW. Investor details will be maintained on the existing website. I¦m building a spreadsheet now as reservations are made, so the calculation per se is not an issue. Assuming the spread of investments follows what we¦ve seen so far with reservations, I could end up with 60 manual transactions to be processed. Doing that once a month is not a problem for me.
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cosmoray
Bella Vista Holdings Corp
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Posted - 2010.01.17 21:14:00 -
[19]
Originally by: Varo Jan
Originally by: cosmoray Are you issuing shares from a holding corp to cover the 150B?
With 300 bonds its very difficult to effect manual payments, and bond trading and share transfer becomes down to a manual ledger.
I plan to follow the same process as LOW. Investor details will be maintained on the existing website. I¦m building a spreadsheet now as reservations are made, so the calculation per se is not an issue. Assuming the spread of investments follows what we¦ve seen so far with reservations, I could end up with 60 manual transactions to be processed. Doing that once a month is not a problem for me.
IMO that process is not as secure as having a holding corp and paying dividends, and shares are easily transferable. It didn't matter previously about the website as LOW wasn't paying dividends but building up NAV.
Two bad things can go wrong:
1. You make mistakes, and pay the wrong people (it is easy I have done it) 2. What happened if you scammed and wiped the database. This is what happened with DBANK.
Now if there are actual shares, Grendell and the trustees and can easily liquidate the assets and announce a share re-purchase. This can't be done if there is no database.
I am not implying that you will SCAM (far from it), I am just pointing out what is safest for investors. As you have decided to have trustees to make the bond VERY SAFE, you should make the share handling system equally as safe.
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RAW23
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Posted - 2010.01.17 21:21:00 -
[20]
Edited by: RAW23 on 17/01/2010 21:24:52 Edited by: RAW23 on 17/01/2010 21:23:50
Originally by: cosmoray
2. What happened if you scammed and wiped the database. This is what happened with DBANK.
Now if there are actual shares, Grendell and the trustees and can easily liquidate the assets and announce a share re-purchase. This can't be done if there is no database.
As long as all purchases are logged in this thread, and all transfers are also publicly logged (in this thread or another), is there really an issue with a database crash (more likely than scam, imo, but then I'm biased)? With these basic public records any database can easily be rebuilt. A bank is in a very different position as they are privately logging numerous transactions, with no public record. But that will not be the situation here. I'm not sure that using in-game shares really adds any additional security.
On the plus side, with virtual bonds rather than in-game shares, some of the difficulties surrounding EMFI's holdings in AATP could be avoided if such a scenario were ever to arise.
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Amarr Citizen 155
Nordar Innovations.
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Posted - 2010.01.17 21:21:00 -
[21]
Originally by: cosmoray
Originally by: Varo Jan
Originally by: cosmoray Are you issuing shares from a holding corp to cover the 150B?
With 300 bonds its very difficult to effect manual payments, and bond trading and share transfer becomes down to a manual ledger.
I plan to follow the same process as LOW. Investor details will be maintained on the existing website. I¦m building a spreadsheet now as reservations are made, so the calculation per se is not an issue. Assuming the spread of investments follows what we¦ve seen so far with reservations, I could end up with 60 manual transactions to be processed. Doing that once a month is not a problem for me.
IMO that process is not as secure as having a holding corp and paying dividends, and shares are easily transferable. It didn't matter previously about the website as LOW wasn't paying dividends but building up NAV.
Two bad things can go wrong:
1. You make mistakes, and pay the wrong people (it is easy I have done it) 2. What happened if you scammed and wiped the database. This is what happened with DBANK.
Now if there are actual shares, Grendell and the trustees and can easily liquidate the assets and announce a share re-purchase. This can't be done if there is no database.
I am not implying that you will SCAM (far from it), I am just pointing out what is safest for investors. As you have decided to have trustees to make the bond VERY SAFE, you should make the share handling system equally as safe.
Honestly this sounds like the best idea to increase the safety net. I approve of this message.
Also, its really simple to do. Titan BPC Auction Thread |
Varo Jan
Caravanserai Consulting
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Posted - 2010.01.17 21:49:00 -
[22]
cosmo, RAW, AC - I¦ll reply to you in the discussion thread.
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Transval
Minmatar
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Posted - 2010.01.18 05:19:00 -
[23]
1 bil for 2 shares reserved for me please
Eve mail me when payment due.
Cheers!
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Trakinor
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Posted - 2010.01.18 16:15:00 -
[24]
i want to reserve 3B worth
message me in game when payment is do
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cosmoray
Bella Vista Holdings Corp
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Posted - 2010.01.18 18:39:00 -
[25]
I believe the BPO list should be posted here, so investors can decide on the value of the collateral.
Most cap BPO's aren't selling for more than NPC price so for collateral purposes should be calulated at NPC.
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RAW23
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Posted - 2010.01.18 18:50:00 -
[26]
Originally by: cosmoray I believe the BPO list should be posted here, so investors can decide on the value of the collateral.
Most cap BPO's aren't selling for more than NPC price so for collateral purposes should be calulated at NPC.
Cosmo, you know full well that there is a discussion thread over there ----->.
It's starting to look as if you are only really interested in derailing this thread. Is this out of pique because your dodgy business dealings have led you to be barred from investing?
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cosmoray
Bella Vista Holdings Corp
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Posted - 2010.01.18 18:55:00 -
[27]
Originally by: RAW23
Originally by: cosmoray I believe the BPO list should be posted here, so investors can decide on the value of the collateral.
Most cap BPO's aren't selling for more than NPC price so for collateral purposes should be calulated at NPC.
Cosmo, you know full well that there is a discussion thread over there ----->.
It's starting to look as if you are only really interested in derailing this thread. Is this out of pique because your dodgy business dealings have led you to be barred from investing?
Statements of full collateral and posting what the collateral is are two different things. IMO most collateral for loans is posted.
What would it harm if the BPO list was provided.
Complete transparency only improves offers. At the moment less than 20% of the bond has filled. In my experience if large offerings don't fill a large portion quickly then they are unlikely to meet goals.
Bad Bobby's bond filled the first one or two Titan sets (130B approx.) very quickly, and it was a bit slower for the rest. This bond hasn't exactly got off to a flier.
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RAW23
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Posted - 2010.01.18 19:12:00 -
[28]
Edited by: RAW23 on 18/01/2010 19:14:31
Originally by: cosmoray
Originally by: RAW23
Originally by: cosmoray I believe the BPO list should be posted here, so investors can decide on the value of the collateral.
Most cap BPO's aren't selling for more than NPC price so for collateral purposes should be calulated at NPC.
Cosmo, you know full well that there is a discussion thread over there ----->.
It's starting to look as if you are only really interested in derailing this thread. Is this out of pique because your dodgy business dealings have led you to be barred from investing?
Statements of full collateral and posting what the collateral is are two different things. IMO most collateral for loans is posted.
What would it harm if the BPO list was provided.
Complete transparency only improves offers. At the moment less than 20% of the bond has filled. In my experience if large offerings don't fill a large portion quickly then they are unlikely to meet goals.
Bad Bobby's bond filled the first one or two Titan sets (130B approx.) very quickly, and it was a bit slower for the rest. This bond hasn't exactly got off to a flier.
I'm not suggesting there is a problem with a list, although that's up to Varo. I'm suggesting that there is a problem with you posting your suggestions here when you know perfectly well that the forum for considering and responding to those ideas is not in this thread.
I'm also not sure why you think commenting on the speed at which this is filling is appropriate here. And if you don't think it will fill, why do you continue to waste your time finding more and more mud to fling at it. Varo has raised over 50 billion in 4 days (including my 25 bil unsecured). That seems like a pretty good start to me. I'll also be putting some more into the secured portion once I have finished winding down my operations.
Given the efforts you and Bobby are putting in to derailing this, it's not surprising that many investors will wait for the dust to settle to see if any of your objections remain standing before making their final decisions. I'm confident that the mud will be wiped away, although doubtless some people are still stupid enough to follow your lead on the viability of investments and will fail to think for themselves. Varo will lose some investors due to your efforts. It remains to be seen whether your grudge and your attempts at bullying will be sufficient to prevent the offering filling fully though.
And to reiterate - if you want to respond to my post, let's take it outside, so to speak, to the thread specifically set aside for these discussions.
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cosmoray
Bella Vista Holdings Corp
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Posted - 2010.01.18 19:28:00 -
[29]
Originally by: RAW23 Edited by: RAW23 on 18/01/2010 19:14:31
I'm not suggesting there is a problem with a list, although that's up to Varo. I'm suggesting that there is a problem with you posting your suggestions here when you know perfectly well that the forum for considering and responding to those ideas is not in this thread.
I'm also not sure why you think commenting on the speed at which this is filling is appropriate here. And if you don't think it will fill, why do you continue to waste your time finding more and more mud to fling at it. Varo has raised over 50 billion in 4 days (including my 25 bil unsecured). That seems like a pretty good start to me. I'll also be putting some more into the secured portion once I have finished winding down my operations.
Given the efforts you and Bobby are putting in to derailing this, it's not surprising that many investors will wait for the dust to settle to see if any of your objections remain standing before making their final decisions. I'm confident that the mud will be wiped away, although doubtless some people are still stupid enough to follow your lead on the viability of investments and will fail to think for themselves. Varo will lose some investors due to your efforts. It remains to be seen whether your grudge and your attempts at bullying will be sufficient to prevent the offering filling fully though.
And to reiterate - if you want to respond to my post, let's take it outside, so to speak, to the thread specifically set aside for these discussions.
Can't enforce where I respond, it's a forum.
Everything I have said or asked in any of these threads about this purchase have been from an investor standpoint. I have been trying to make an opinion on how safe the investment is. I have been doing the same thing for 3 years in nearly ALL investment threads (its my RP if you like), others have done the same.
You think that all my and BB's statements have been directed at calling your character into question which has never been the case.
You have decided to find *tone* in mine or Bad bobby's statements when there wasn't any, you think we are calling your reputation into question when we haven't.
You need to stop getting emotional about our questions, which might be hard or un-diplomatic but are straight forward investor questions and have no opinions about you but just about the business at hand.
IMO your emotional outbursts and changes in your financing have made the investment less trustworthy than if you had just kept out of it. You have other issues with me that should be kept separate from varo's offering.
Varo did not start out with the best opening, but was adapting to criticism and making changes to make this more investor friendly and still has some way to go to make it a safe bond financed at 4% (this is a large amnount).
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Varo Jan
Caravanserai Consulting
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Posted - 2010.01.18 19:34:00 -
[30]
Guys, I really, really, really would appreciate it if you would post any questions in the discussion thread, not a thread that was specifically opened to take reservations. No, cosmo, I cannot force you to do that, but I would appreciate it if you would do so. The discussion thread is linked in my opening post in this thread.
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