Your2ndPlace

While Konner was cracking open the can of worms of the most recent mass delistings of WSE, I was having a chat with Spontaneous Rich. Spontaneous Rich Investments, Inc. was one of the companies delisted:

DELISTED - SRI

Submitted by: World Stock Exchange (WSE)

Date: March 18, 2008

Spontaneous Rich Investments, Inc. (SRI) has been delisted from the World Stock Exchange due to a breach of the WSE Constitution.

All shares in SRI will now be converted to the WSE Traders Fund (WTF).

SRI will no longer be displayed on the WSE Website.

There's that WTF again. WTF? Yes, WTF. It was funny the first time, but now it seems to be LukeConnell Vandeverre's initials. Now, how did SRI actually breach the WSE Constitution? Only Luke Connell 'WTF' Vandeverre knows. I suppose I'm foolish to expect a better explanation in a notice telling shareholders that they're stuck with WTF. WTF? Yes, WTF.

Needless to say, Spontaneous isn't happy - but he was quite lucid and straightforward. I asked him to toss me a notecard with what he had to say (edited for presentation on the web, bold mine):

On March 5th 2008, I started to contact SRI shareholder that I was thinking of doing a buyback of all SRI share and delisting from WSE and getting out of the stock exchanges in SL. Due to the fact that the assets in WSE would only use WIC and have no value to anyone, as the are created as need by Luke. I stated to the share holders with 100,000 shares and a couple of other shareholders that "over the next week or two I will be buying L$ with my personal money to start doing the buy back. I have to buy L$ because all money is tied up in WSE, LNL and SLW. But what I am offering is a buy back at .20L$ per share in L$ rather then in WICs. Let me know your feelings on this."

All the responses I got said I should to do it.

I also sent out a notecard to Luke asking him the best way of doing this. I also stated that my plan was to give L$ in world to anyone with more then 10 - 15K shares and then having WSE delete those shareholders there final share holder left after the buy back in world I would distribute on the WSE as a last and finale dividend. I will wait to post anything till we can talk. Well it seems that Luke would rather just take the SRI assets on the WSE World Scam Exchange and keep them for himself and give out WTF. I never got a response from Luke until today March 17th stating as the following.

[2008/03/17 19:38] LukeConnell Vandeverre: (Saved Mon Mar 17 22:26:00 2008) Hello, due to off market deals of shares listed on the WSE, SRI has been delisted from the WSE. This is a breach of the WSE Constitution and Policy. All former SRI shareholders on the WSE are now shareholders in the WSE Traders Fund. These shareholders are no longer your responsibility as they were participants of the WSE service.
I logged on right away and this is the convo we had:
[2008/03/17 19:39] Spontaneous Rich: Thats fine. You seem to do whatever you like anyway
[2008/03/17 19:39] LukeConnell Vandeverre: Look on the bright side, you no longer have to look after them now I do.
[2008/03/17 19:40] Spontaneous Rich: I send you a notecard asking you what I should do.
[2008/03/17 19:40] LukeConnell Vandeverre: clealry you have done very well out of the WSE
[2008/03/17 19:40] LukeConnell Vandeverre: Buying back on the market is different to making it clear to many others behind my back that you've been buying back through private deals off market
[2008/03/17 19:40] Spontaneous Rich: I had not bought back any yet
[2008/03/17 19:41] Spontaneous Rich: I only contacted the share holders with more then 100,000 shares to get feed back
[2008/03/17 19:42] Spontaneous Rich: I told them that I would have to use my own money to do this then I would recoup it from sell off stocks
[2008/03/17 19:42] LukeConnell Vandeverre: that is not what i have you quoted as saying in public chat to fellow CEO's
[2008/03/17 19:42] LukeConnell Vandeverre: Either way your delisting cannot be an option once we launch.
[2008/03/17 19:42] LukeConnell Vandeverre: It had to be sorted out prior to launch.

So I really don't know what to say about all of this, except Luke CONnell strikes again. To SRI shareholders, I tried to do what I thought was in the best interest of you. I was trying to get everyone there money back as so as possible. But it seems that Luke wanted it for himself and now everyone get WTF and Luke walks with the money again. My hands are tied at this point, feel free to IM or email me.

Now, truth be told I have had a copy of the discussion LukeConnell alluded to in this conversation - how LukeConnell got it is another question entirely. I have a crackpot theory that involves a new exchange, but I don't have enough details to flesh that out. What is apparent is that there was a leak of that meeting, directly or indirectly. Since everyone there had something to lose, I'm guessing that it was an indirect leak.

What I have read here, and in the transcripts that I am now tempted to publish since LukeConnell already has them, indicates that Spontaneous Rich was simply trying to do right by his shareholders when the WSE basically absconded with their funds for almost 3 months. And now the absconding, for all intents and purposes, seems complete.

If WSE is not a scam, it sure looks like one right here. I heard rumors about things that smell like the WSE does in this little story - if you kick them you find magic mushrooms underneath. I imagine that lawyers with briefcases may eventually end up in Australia to see LukeConnell - which might actually be an upside for him. Angry people with baseball bats could be a lot worse. The WSE tie might get messed up.

And then there's the SEC who might reach out and touch someone. Examples? We gots examples here boss...

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