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Four days ago, LNL Chairman Lindsay Druart announced the bankruptcy of L&L Credit Agency. Following this announcement was a second announcement that LNL Financial Services, parent company of LCA, would be similarly closed and delisted.

Readers may remember that LNL was the first company to delist from the WSE after the latter closed days before the banking ban. Druart received significant intention when she announced her intentions of a real life L&L Credit Union. At the time, Druart stated that the the real life counterpart would actually be a holding of her virtual enterprise. Apparently this has changed, as Druart has assured investors that real life endeavors are continuing despite the virtual delistments.

Delistment of both companies is scheduled to occur no later than May 31st. In response to investor concerns, Druart has alluded to the possibility of a 'liquidation fund' but has offered no concrete details. In fact, if the forums are any indication, the LNL announcement was completely out of the blue, being Druart's first announcements in over a month. With respect to LCA, the announcement of bankruptcy follows a disappearance of LCA CEO Sully O'Kelly. Of course, in SL terms, 'disappearance' means a few weeks to a month.

Investors have been directed to Druart's blog for further developments, of which there are none at the time of this post. Druart was not immediately available for comments.

Update:

On June 12th, LNL and LCA were delisted by Capex due an apparent failure to post each company's respective financial statement. Investors and interested parties have been directed to a new forum for updates and additional information concerning the future of L&L corporation.

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