Companies Leaving International Stock Exchange
Jasper Tizzy, CEO of Countless Galaxies (ISE: CGI) announced today the intention of six ISE-listed companies to delist from the International Stock Exchange and move to the startup, nearly-unknown exchange "VSTex.net."
And only two weeks ago they migrated to ISE from WSE.
The actual press release is here, though the new VSTex.net is not mentioned. VSTex.net, run from Italy, has been quiet - rumor has it that the owners were on vacation and won't be starting for another week2.
This, apparently, seems to be a reaction to the mix of the potential change in ISE ownership and maybe a bit of concern related to the new policy, based on some of the comments I read.
I don't understand why these sudden changes before a new owner of ISE has been decided, especially after having migrated about 2 weeks ago from another exchange.
Frankly, keeping track of all of this sort of 'news' seems increasingly strange and doesn't give me much confidence in any of the exchanges in SecondLife - not that I have had much, recently, but...
1 Bear in mind that Xavier Mohr, who posted that entry, is also the Public Relations Director for SLCapEx, another competing exchange. That doesn't seem to have direct bearing on this, but this tangled web is getting a little... iffy.
2 I haven't corresponded with them directly because they have been unavailable.
Technorati Tags: Business ISE SecondLife Stock Exchange ise stock exchange metaverse 3d finance vstex
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I've said it before
I've said it before. I'll say it again. Jasper Tizzy is an idiot. Or at the very least a spoiled brat. You can't have confidence in SL business until CEOs understand business rules and ethics. These guys don't.
Read Tizzy's notes in the ISE for sale thread. He thinks buying 51% stock in ISE means he would OWN it. He could control its management, but that isn't the same thing as owning it. This is why you can't trust SL business. There aren't laws in place to protect shareholders. What we need is a major shareholder lawsuit in US Federal Court to set a precedent and teach these guys a lesson. In RL lawyers and accountants are in charge, and for good reason. For SL to be safe, we need the same thing.