Selina Candor
Chernobyl Trading Corporation
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Posted - 2009.05.15 03:50:00 -
[3]
Thanks for the comments on what transpired guys.
Was going to post a report card yesterday but was too tired after work.
So here is a report card summarising what SCS did, right and wrong.
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What Went Wrong ----------
1) Brokerage system
I have my personal reservations against this system. Among other things, the brokerage system managed to convince many investors to send their isk to Caleb before a satisfactory audit had been completed. Had it been anyone else, the chances of a tag-team scam would have been sky high.
2) ISK transferred to IPO manager once audit had been completed. Not after it had been reviewed.
Once both audit reports had been published, the ISK was quickly wired to Ji. This after Kazzac's report highlighted a red flag. I believe the SCS was too hasty in sending the ISK to Ji once the report had been published. Although most investors had not raised any objections, the fact remained that the ISK had already been transferred; any objections raised now would have been moot.
3) SCS was not proactive in seeking additional Auditor support.
After Shar was unable to complete the IPO audit, the IPO languished in a state of limbo for several days before Kazzac was brought onboard. This in spite of an offer from Kazzac himself to work on the audit. API keys were finally transferred sometime on Sunday and the audit was completed within a few days.
A big thanks goes out to Kazzac for quickly finishing the audit, even thought I believe he was very busy the following week.
As an IPO service provider, SCS should have been more proactive in seeking additional auditors for the IPO and not after much prodding, both internal and external.
Will not be touching on the investment arm issue as that falls under the Auditor's field of work.
What Went Right ----------
1) Launch of the Intern Auditor Program
One of the few bright spots in this launch, the SCS managed to bring Brock on as an 'intern' auditor. This program should be able to help address the problem of there not being enough auditors in MD.
2) Ji's 100% buyback offer
I'm of the opinion that this was one of the reasons we didn't see too many people abandoning the IPO. However it comes down to the fact that ji shouldnt have been offering a buyback as the ISK really should not have already been transferred. Which leads back to point 1 of WWW.
3) That the IPO launched at all.
In spite of all the problems encountered, the IPO didn't die before it was even in operation. I mark this as a plus for Ji and am confident it will carry over into his conduct during the IPO's run.
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And thus ends my report card on the SCS's activities for this launch. Theres plenty of room for improvement. Alot of it.
Apologies for the rambling nature of some of the points. Now I need to get myself some coffee.
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