Your2ndPlace

Intlibber Brautigan and I had a chat yesterday, where he responded to the threat of a Class Action lawsuit. We had a long conversation, and much was said - in Second Life, much is always said - but the crux of it was that after discussions with his own legal counsel stated 'BNT is not threatened by this attempted action'. I will not write the details, but I will say that he gave some compelling arguments against the case and it seemed that he was well versed in the accusations.

The onus is really on the people proposing the lawsuit at this point. The last I heard of it was that they were up to about 3 million Linden dollars in damages.

At the end of that conversation, Intlibber pointed me at the Resolution of BNT Financial and Its Depositors. In looking over it, it does not seem too dissimilar to SLCapEx's SLWallet:

...we are left with no choice but to convert BNT Financial into a Real Estate Investment Trust which will IPO on the ACE exchange. There will be 6 million total shares, with 4.23+ million offered to the public at 1.00 per share. Funds raised will go to liquidate depositor claims. At the end of the IPO period, any unpurchased IPO shares will be distributed to the depositors for their self determination.

BNTF RE will be a FULLY collateralized entity. It is being assigned 10 BNT sims to be managed for its benefit. Revenues from sales of land will go to the stockholders as dividends and possibly stock buybacks, and tier profits will pay for operating expenses. Thus, the Net Asset Value, NAV, of BNTFRE will remain at its IPO price, and rise as the real estate market continues to pick up.

This will allow depositors in BNTF the opportunity to obtain as close to the value of their deposits as possible, and with some wise trading, even profit above that. The NAV ensures that the company is worth its price. However it is up to shareholders to value the company properly...

In this, SLCapEx does differ in theory. SLWallet is supposed to allow buyback at 1.03, which is still pending and seems to be doubted by at least a vocal few. The BNTF RE does not apparently offer a buyback price. The BNTF RE is using Second Life land as collateral; SLWallet is using a real life company's equity for buyback.

Neither has reached fruition for stockholders at this point. Time, as always, will tell.

Maybe SLCapEx will put Ancapex in their land description and really confuse new investors.

Technorati Tags: Business Metaverse Op/Ed SecondLife SL Capital Exchange Stock Exchange Intlibber Brautigan BNT Financial BNTF RE ANCAPEX