Your2ndPlace

After an interesting yet strangely uninformative public meeting, it seems that the Ginko Financial IPO on AVIX was rolled back. From that release by Investor Allen:

GFG IPO Rollback

After more careful consideration it has come to our attention a merger with Ginko would not be in the best interest of GInko and Allenvest. At thist ime we're rolling back the GFG ipo since it's intent was partly to construct the merger. We feel our depositers will be safer with our business staying under our protection. We will no longer look to merge with other institutions without a solid knowledge of their ability to cover their accounts and will never again even glance at exposing our accounts to such a risk.

The fact that so many answers to obvious questions were not thought out is disturbing, to say the least. With little transparency into Ginko Financial... it's hard to say how the IPO would have been a good investment. The fact that the public meeting about a 'merger' happened hours after the IPO began did not make sense in any other context but damage control.

As I said in the meeting, investors in Second Life have become much more intelligent over the last week - and I must say, openly, I think that the merger and the IPO itself was an insult to that intelligence. While I do not want to see Ginko Financial in trouble - indeed, I have money in that bank - I also do not want to see the businesses of Second Life face more scandal.

Frankly, that the IPO was even allowed with as little information as there was lends itself to two possibilities: incompetence or corruption. I try to be even handed when talking of these things, but this whole situation did not make a good impression and there is absolutely no way that I can paint a picture with such a dark sky and then paint a bright sun into it.

The pulling of the IPO was responsible. That it required a public meeting prior to it being pulled was not. If people want investment, they shall have to do markedly better than this.

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