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Rho'varo
Minmatar Diversified Operational Services
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Posted - 2008.12.30 10:03:00 -
[1]
Investment Units for sale
A job-lot of Dynasty Banking (DBANK) Certificates of Deposit (CDs), with principal totalling 4.504 billion ISK. All are 4-month, 10%-per month CDs with maturation dates ranging from roughly one week to roughly four months from now. Total value at maturation: approximately 6.609 billion ISK:
- 500 million ISK maturing 4 months from 2008-09-07;
- 500 million ISK maturing 4 months from 2008-10-20;
- 500 million ISK maturing 4 months from 2008-12-02;
- 500 million ISK maturing 4 months from 2008-12-02;
- 759 million ISK maturing 4 months from 2008-12-12;
- 745 million ISK maturing 4 months from 2008-12-30; and
- 1000 million ISK maturing 4 months from 2008-12-14.
If one or more bidders require such assurance, I hereby authorise Manalapan, Iknota and/or any other listed DBANK employee who has sufficient access to confirm in this thread that I and/or my corporation own CDs such as I have described above.
Some Notes About DBANK CDs
As of 2009-01-01, certificates of deposit with such a high rate of return will no longer be available from Dynasty Banking, but, according to the Dynasty Banking website, existing CDs are 'grandfathered' and these four-month CDs will retain their current rate of return.
Holding the CDs will require the buyer to have a DBANK account. Instructions on setting up an account, how to make withdrawals and so on are available at the DBANK website.
Auction conditions
Start bid: 5.45 billion ISK Reserve price: 5.75 billion ISK Buyout price: 6.30 billion ISK Minimum bid increment: 150 million ISK
Auction End: 2009-01-03-Saturday 23:00 (Eve Time) Sniper Rule: 15 minutes; i.e., after the Auction End, the passage of 15 minutes from the most recent valid bid will conclude the auction.
To execute the transaction:
- we can use a trusted third party at the bidder's expense, e.g., a Dynasty Banking representative such as Manalapan or Iknota, or a generally reputable pilot such as Chribba, Ricdic, Shar Tegral, or someone else we both agree on that is willing to do so (such a third party would need to have a DBANK account in order to facilitate the transfer); or
- you send ISK then I transfer ownership of the CDs to your DBANK account.
Asides
You can see here that I recently sold some other equities. The transactions were concluded smoothly.
I also have some Fury Bank shares. If you are interested in those, being cognisant of the current status of that entity ("apparently defunct"), please contact me by evemail with your offer.
á á
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Linia
Gallente Linia Corp
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Posted - 2008.12.30 14:36:00 -
[2]
Free bump for a great guy.
I still have the shares and it was one of the best investments I ever did!
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Athre
Minmatar The Higher Standard
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Posted - 2008.12.30 16:40:00 -
[3]
I would like to see Dbank post that these CD's are indeed transferable.
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Aidan Ryder
Ryder Interstellar Fuel Services
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Posted - 2008.12.30 19:04:00 -
[4]
I'll start with
5.75 bil
Assuming we can find a trusted third party to do the deal. |
Rho'varo
Minmatar Diversified Operational Services
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Posted - 2008.12.30 19:46:00 -
[5]
Thanks for the kind words, Linia!
Originally by: Athre I would like to see DBANK post that these CD's are indeed transferable.
I have encouraged DBANK to post here, and a bit of confirmation wouldn't hurt, but their website does already confirm this publicly: 'You can transfer ownership of CDs to other characters or corporations'.
Originally by: Aidan Ryder 5.75 bil
Assuming we can find a trusted third party to do the deal.
Thank you! Reserve met.
I'm confident that we can find someone we'd both agree on to act as a trusted intermediary for the transaction. The key question might be whether or not such a person charges a fee for that service? E.g., Chribba offers a top notch service and generally charges a fee. You will recall in the auction conditions that the buyer pays any such fee, so it won't surprise you that I am happy to work with any mutually-agreeable trusted party, regardless of what fee they might require.
Several issuers of stocks and shares have in the past been willing to act as a trusted third party for free with regard to their own stocks and bonds (e.g., Kwint Sommer for KWINT, Ray McCormack for RAYBY).
If someone from DBANK posts in this thread, hopefully they can indicate whether or not they will act for their clients in this fashion.
á á
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Rho'varo
Minmatar Diversified Operational Services
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Posted - 2009.01.01 22:28:00 -
[6]
Still a couple of days left for bidding on these securities!
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Rho'varo
Minmatar Diversified Operational Services
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Posted - 2009.01.03 00:12:00 -
[7]
Now less that a day remaining in this auction.
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Manalapan
Dynasty Banking
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Posted - 2009.01.03 04:56:00 -
[8]
Well I wish I had seen this sooner. Yes you are able to Transfer CDs using our website. So, it is possible to transfer but Dynasty Banking will not guarantee any such transaction.
I am also confirming that all of the CD exist. Note: the 1000million ISK CD is a corp CD so the rate is 9% rather the 10% the rest have.
Dynasty Banking |
Rho'varo
Minmatar Diversified Operational Services
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Posted - 2009.01.03 06:52:00 -
[9]
Originally by: Manalapan I am also confirming that all of the CD exist. Note: the 1000million ISK CD is a corp CD so the rate is 9% rather the 10% the rest have.
Thanks for confirming that the CDs are transferable, Manalapan, and for catching my error with the interest rate for the corporate CD. My personal accounting spreadsheet introduced this 1% error to the interest rate, and I have now double-checked that the interest has indeed been accruing daily at the 9% / month rate.
To account for that error in my calculations and the resulting slightly decreased yield from these securities, the Start bid, Reserve price and Buyout price are hereby each adjusted downward by 40 million ISK:
Reduced Start bid: 5.41 billion ISK Reduced Reserve price: 5.71 billion ISK Reduced Buyout price: 6.26 billion ISK
I will leave the OP unchanged for now, so that it can remain undisturbed until the close of the auction.
Finally, my understanding of Aidan Ryder's bid was that he was intending to exactly meet the Reserve price, so it seems only fair to consider his bid 5.71 billion ISK now as well (unless he objects!).
á á
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Aidan Ryder
Ryder Interstellar Fuel Services
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Posted - 2009.01.03 07:13:00 -
[10]
Originally by: Rho'varo
Finally, my understanding of Aidan Ryder's bid was that he was intending to exactly meet the Reserve price, so it seems only fair to consider his bid 5.71 billion ISK now as well (unless he objects!).
I was going to convo you ingame about this issue, thank you for taking the initiative to solve this problem.
I indeed do change my bid to
5.71 Billion ISK
and I have no objections sir also, I was wondering how you came up with your approximation (of 6.609bil) if you'd so enlighten me |
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Rho'varo
Minmatar Diversified Operational Services
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Posted - 2009.01.03 07:44:00 -
[11]
Originally by: Aidan Ryder I was wondering how you came up with your approximation (of 6.609 billion ISK) if you'd so enlighten me.
Frankly, it was an overly-hasty back-of-the-envelope sort of spreadsheet that starts with the ISK going in to each CD and adds the expected interest. The 'approximate' turns out to be related to a small error I had in my original calculations (I did say 'overly-hasty', right? D'oh!).
Looking at the spreadsheet again right now, and I also had another error (in the buyer's favour!) in my calculations and my updated estimate for total at maturity is 6.656 billion ISK (even factoring in the 9% instead of 10% on the corporate CD), rather than 6.609 billion ISK... still, the original estimate was within 1% and so is within the scope of 'approximately'.
The interest is notionally added to the CD account daily using an interest rate calculated as 10% (or 9% for the corporate CD) divided by 30, which actually yields a bit more than that 10% (or 9%) in a 30 day period. I've assumed that each CD runs 120 days.
So each 500 million ISK CD will yield 745 million ISK at maturity, and the others 1132, 1111, and 1433 million ISK respectively.
á á
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Dagnourth
Minmatar
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Posted - 2009.01.03 22:41:00 -
[12]
I'm interested, but I can probably only afford to bid on one. Are you willing to split up the bonds to sell one at a time?
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Rho'varo
Minmatar Diversified Operational Services
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Posted - 2009.01.03 22:55:00 -
[13]
Originally by: Dagnourth I'm interested, but I can probably only afford to bid on one. Are you willing to split up the bonds to sell one at a time?
Thank you for your interest, but with bidding already in progress (indeed, soon to close!) I prefer to sell the certificates as a block at this time.
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Rho'varo
Minmatar Diversified Operational Services
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Posted - 2009.01.03 23:07:00 -
[14]
Originally by: Aidan Ryder 5.71 Billion ISK
Aidan Ryder wins; that's a wrap for this auction!
I will be in touch via evemail regarding logistics for concluding the transaction. á á
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Aidan Ryder
Ryder Interstellar Fuel Services
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Posted - 2009.01.03 23:53:00 -
[15]
Originally by: Rho'varo
I will be in touch via evemail regarding logistics for concluding the transaction.
Very smooth: worked out a system that could address all of my psychotic security worries and leave me a happy customer . Would do business with again.
Rho'varo has my regards |
Rho'varo
Minmatar Diversified Operational Services
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Posted - 2009.01.04 00:01:00 -
[16]
Originally by: Aidan Ryder Very smooth: worked out a system that could address all of my psychotic security worries and leave me a happy customer. Would do business with again.
Thanks, Aidan Ryder, and seconded: smooth and successful transaction; would do business with again (I just wish I had another 5+ billion-worth of CDs to sell)!
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