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glas mir Reaction Scientific	Posted - 2009.07.08 05:26:00 - [1] CURRENT STATUS: ACCEPTING AUCTION BIDS Please use the format amount @ monthly percent, like 2.5B @ 10%, 2.5B is maximum per character. I contacted Vaerah Vahrokha to conduct an audit. It is my understanding that the audit is complete and a post by VV with full details should follow within a day. Reaction Scientific Prospectus 8B bond July 2009 ò Chapter 1 - Summary of Reaction Scientific ò Chapter 2 - Corporate Governance ò Chapter 3 - The Business Plan ò Chapter 4 - Statement of Assets ò Chapter 5 - Full Disclosure of Main and Alts ò Chapter 6 - Full Disclosure of Risks ò Chapter 7 - Exit Strategy ò Chapter 8 - Bond Phases and Dividends ò Chapter 9 - FAQ
glas mir Reaction Scientific	Posted - 2009.07.08 05:26:00 - [2] Edited by: glas mir on 08/07/2009 05:28:21 edit: text added Chapter 1 - Summary of Reaction Scientific Reaction Scientific is a one man trading corporation. The name is historic; the corporation is not involved in low sec or reactions at this time. Recently the majority of my capital has been involved in contract trading; I put a lot of focus on Raven Navy Issues and Caldari Navy Invulnerability Fields. This is verifiable by anyone in eve, just check my contract history. I started in this market a few weeks before sex trader left the faction market this past spring, and while I canÆt be sure, I believe I had a hand in forcing his retirement. The volatility around a patch usually results in better trading opportunities. I am seeking 8B in additional funds to use in my trading for two months as Apoc 1.5 is going to be released. I will determine the rate by auctioning the bonds off over five days. Chapter 2 - Corporate Governance Reaction Scientific is solely owned by me, Glas Mir. Bonds will be tracked via a holding company. 8000 shares of Reactionary Trading will represent this bond and be used to pay dividends. Chapter 3 - The Business Plan A patch in eve brings with it dynamic changes. It is an excellent time to be in the market. I have really enjoyed playing in the market over the last two major patches. I was disappointed that a major patch was held off till winter, but I recognize Apoc 1.5 will still create many of the opportunities that I want to trade on. I am a successful trader and wish to increase my use of capital in the short term. I project ample returns from trading to pay the bonds interest. Though I do not recommend basing interest rate bids on it, it is very likely a bonus will be paid to bondholders at the end of the term. I wish for all involved in this venture to share in my success. Chapter 4 - Statement of Assets Over my two accounts I have over 13B in assets. I have approximately 6B trading capital that I keep spread in various endeavors. My wallet fluctuates as I put the isk to work, on any given day I could have 50m-3B liquid isk. This NAV does not include character value. Chapter 5 - Full Disclosure of Main and Alts I have two mains. Glas Mir, my trade character, and a pvp character, Rockstara. These accounts have the other slots filled with low sp alts, they are split between price checking and scouting. The CEO of the holding corp, jita BEAST, is on the same account as Glas Mir. I also have a GTC funded account I am training to eventually sell, raiment epoch, as capital characters sell for a very good margin over their gtc cost. Glas currently has decent trade skills, level 4 or 5 in all relevant skills. They are not perfect, but they have served me well given the diminishing returns from training higher. I do recognize that I need more margin in trades as I increase the capital base, so I am training towards more level 5s. I will not be getting any standings to reduce taxes, the benefit is not great enough.
glas mir Reaction Scientific	Posted - 2009.07.08 05:27:00 - [3] Edited by: glas mir on 08/07/2009 05:29:18 edit: text added to reserved Chapter 6 - Full Disclosure of Risks Risk that I stop playing the game. The so called burn-out. This is a short term bond, which mitigates that risk. IÆve been playing for over a year; I definitely donÆt see myself stopping within the next two months. The burn out risk dominates the other risks that would cause me to stop playing, such as being hit by a bus. But if it makes anyone feel any better, I donÆt take a bus to work. Risk that I scam. There is always such a risk in eve. The amount that I am asking for is a useful amount to me, but it is not significantly above my assets. I enjoy contributing economic thoughts in this forum, and I donÆt think my contributions would be as valuable if my name was tarnished. While a pvp alt might be a risk factor, Rockstara has plenty of assets to draw upon. My pvp corp is very focused on efficiency, so I have no desire for billion isk ships. Risk that I lose isk trading. The bond holder is isolated from that risk. The bond is secured by my name. If I lose isk trading I will still pay the bond. I have lost isk in trading before; it should be part of any traderÆs initiation. I keep a diversified portfolio and always keep in mind the downside risk for that reason. Chapter 7 - Exit Strategy The bond has a fixed termination date. I will pay off the bond in full on September 15th, 2009. The shares can be kept as a souvenir or traded back to jita BEAST. Chapter 8 - IPO Phases, Dividends, Market Cap Total Number of Shares 8,000 Price Per Share 1M Anticipated Market Capitalization 8B Bond Auction: The monthly interest rate will be determined by auction. Please a bid with an amount and an interest rate, such as 2B @ 4%. You may bid on as many as 2500 or as few as 1 shares. The minimum interest increment is 0.25%. The auction will last 5 days. At the end of the five days, the lowest rate that will achieve 8B will be used. Isk will be solicited, and the bond will start, July 15th The first dividend will be on August 15th. The second dividend will be on September 15th The bond will be bought back on September 15th Auction July 8th-July 13th Isk due and bond starts July 15th
glas mir Reaction Scientific	Posted - 2009.07.08 05:28:00 - [4] Edited by: glas mir on 08/07/2009 05:29:33 Chapter 9 - FAQ Q: What if someone war decs Reaction Scientific? A: The bond will be unaffected. Hauling, if required, is usually outsourced to courier contracts with full collateral. Q: Why use an auction? A: It allows market forces to do their work, and it give an equal opportunity to all investors. Q: The original discussion was confusing, is it a bond or IPO? A: It is a bond. Q: How does the bond auction work? A: This is best answered by an example: BIDS (by time placed): 2B @ 12% 2.5B @ 10% 2.5B @ 8% 2.5B @ 10% 1B @ 5% 2.5B @ 6% In this case to get to 8B we add: 1B @ 5%, 2.5B @ 6%, 2.5B @ 8%, 2.5B @ 10%, and 0.5B of the 2.5B @ 10% that was placed later. So, in this case, the rate paid would be 10% to everyone. Q: Will you have an audit done? A: yes, see a later post in this thread. Vaerah Vahrokha is the auditor.
jita BEAST Reactionary Trading	Posted - 2009.07.08 05:36:00 - [5] I am an alt of glas mir and am CEO of Reactionary Trading. shares in this company will be used to track the bond. At the appropriate time I will receive the isk, DO NOT SEND isk until the auction is completed, but feel free to make a bid :).
Kwint Sommer Caldari Deep Core Mining Inc.	Posted - 2009.07.08 07:13:00 - [6] I would like to start this out at 40% which is about where I'd rate value this given your nonexistent history and utter lack of security. 1 share at 40%
Vaerah Vahrokha Minmatar Dark-Rising	Posted - 2009.07.08 07:22:00 - [7] Audit report for this business proposal This is Vaerah Vahroka's analysis as of 2009-07-23 02:39 EvE Time. Tools used EvEMon EMMA EvETrader EvEMeep EvE Asset Manager EvE Income Analyzer jEveAssets Forewords The Investee is a trader (Glas Mir) and a PvP player (Rockstara). Due to his profession and aggressive trading style, his inventory is basically his assets and his liquids are highly volatile. As such, an in depth analysis has been made in order to assess the player capabilities. Since not all the readers are interested in a fully featured study, a short version of the audit has been provided. Finally, and the Investee has been warned and agreed about that, the reported amounts will be different from his ones as he used EMMA which for some reason "misses" on multiple billions of the Investee assets. Fortunately for the Investors, the discrepancy is in their advantage, Glas Mir NAV is fairly higher than the automatically calculated value. Short version Considerations The Investee proposes a bond with medium-high interests, mostly aimed at building a suitable inventory to best take advantage of the next patch. The Investee strategy is aimed at catching the current edge of the most profitable items of the moment, with fairly deep investments in the items believed to give great returns. The Investee is also introduced in contracts about the rarer items. Due to the EvE's API limitations it's not possible to truly check contracts and they will be estimated in the NAV without guarantees. A quick scan gave an about 760M figure about items out in contracts. An investigation confirms the Investee claims about him trading in Faction items and ships are true. Green flag: the Auditor has reviewed the investee's skills and current assets. They look in line to the claims and compatible with the trading profession. Green flag: the Investee arranged an audit. Red flag: the Investee won't provide for a collateral. His possessions beyond his inventory are not really worth being used as collateral, excluding 1 CNR already on a contract all he got are a number of not really valuable ships. He could maybe give 1B in collateral, well below an acceptable collateral. Apparently he does not even own a freigther and even if he had it, he would need it to continue his business anyway. Red flag: the Investee is not exceptionally precise at organizing his books and tends to invest a lot on some items considered "best", this might backfire. Red flag: the Investee looks like a 2008 alt of his PvP character and even the PvP character is "just" middle of 2008 old. Green flag: despite having only industrials, the Investee managed to lose very few of them and for a little loss. Green flag: the Investee proved prudent enough to post about and then use third party freigther services when he needed to move valuable goods. Green flag: the Investee proved to be able and keep a 6.1B inventory and manages an above 10B NAV for prolonged amounts of time, mitigating the red flags above. Conclusions The Auditor classifies this investment as middle-high to high risk investment. The Investee seems competent (skills wise and player wise) enough to deliver on his statements and his business is in a growth phase that would lead to believe in a logical correctness about his intention to step up with new capital. No fundamental flaw has been found in his (or his alts) past recorded deaths and forum posts. The Auditor suggest the Investors NOT to invest their full capital on this venture but to offer what they could eventually afford to lose. Basically, the player looks like with the ability to successfully honor the bond, the most realistic risk of defaults are: a wrong, draining, massive investment in an item that won't deliver or a plan to effect a scam. Very little seems to suggest a planned intention for the latter. - Auditing and consulting Before asking for investors, please read http://tinyurl.com/n5ys4h and http://tinyurl.com/lrg4oz
Vaerah Vahrokha Minmatar Dark-Rising	Posted - 2009.07.08 07:23:00 - [8] Full version Generalities Main trading character is Glas Mir, apparently born as trading alt of a PvP character called Rockstara (their unique ID would also indicate this order of creation). Other characters and their past posts are mostly irrelevant. They are 800k "pre March 10" free V skills alts used to read markets across the regions (they got some basic marketing skills) or a pilot on the make to be later resold. The Investee asked not to post their names beyond those he disclosed himself in previous posts and proposals. Since the combined low SP alts contribution to Glas Mir's wealth is minimal and disclosing their names would negatively affect the Investee performance, the request sounds fair enough. The character is an August 2008 one and has 13.22M SP. The character is an industrial IV capable pilot, tuned for Logistic ships, limited manufacturing, heavy on marketing skills, some at level V already. The character is able to pilot Amarr cruisers, Logistics, Caldari frigates. The character posted a about 50 times on the forums, mostly about this business or market related. On his other characters he posted and asked about SP optimization strategies (he's raising an optimized account for resale) and other general combat activities. No obvious posts related to his main characters being up for sale or just bought. The character got no standings to talk about, as stated in the bond prospectus. A substantial part of Glas Mir's business is done in Gallente Federation space and Jita with an offspring in 0.0, presumably tied to his PvP character activity. Rockstara, his only "real" other character is basically a quite successful all-round and 0.0 PvP pilot as the killboard recors would show. He's able to fly AFs, battleships of multiple races, cov ops, interceptors, interdictors, recons and so on. Being practiced in PvP is a green flag, the guy won't panic and goofily die before the first difficulty and takes the required precautions when carrying goods. Considerations Please refer to the audit's short version for general considerations about the Investee. Involvement in other business The Investee appears to have owned 100M of The Bitter Sea Trading Company. Business Plan Analysis The Investee sent the Auditor some previews about his business prospectus and was quite open about talking about his past. The business plan is pretty straightforward: the Investee plans to raise a fairly high (auctioned) interest rate bond to expand his business and let him leverage on information gathered about the next game patch. Speculated post-patch popular items would be acquired and kept for when the demand for them will greatly increase. Despite the simplicity, there's a number of possible issues that an Investor could take into account: - The patch is in a moment of the year when a limited amount of people play. If overdone, it's easy to end up with a massive inventory of "predicted best items needed past patch" stagnating beyond the intended terms and thus yielding lower profits. - The available information used for the speculation might be partially invalidated by last minute adjustments. - External, unforeseeable factors might apply. Example, in recent times there has been a massive and unannounced ban operation and this altered the market panorama. - External, foreseeable factors could also apply. Example, someone else with a tenfold bigger budget could have had the same idea and find Glas Mir as an obstacle to take out (example, buying out / crashing his market). This very business nature, along with the lack of collateral pushes the Auditor into classifying this business as medium-high risk. - Auditing and consulting Before asking for investors, please read http://tinyurl.com/n5ys4h and http://tinyurl.com/lrg4oz
Vaerah Vahrokha Minmatar Dark-Rising	Posted - 2009.07.08 07:24:00 - [9] Net Asset Value and other balance considerations EMMA had some issues at calculating all the values due to it considering billions of the Investee goods as zero, the EvE API does not support contracts, so a partly manual plus jEveAssets plus EMMA estimation has been used. The estimated net worth of all liabilities, solid & liquid assets is about 16.05B. Out of the several characters, Glas Mir is the most subject of transactions. Assets across all of the characters and corporations are estimated to be worth 11.38B. Assets values POS: 0M Wallet balance: 3.45B Out of said balance, liquid capital amounts to: 1.12B Market sell-orders: 369M Market buy-orders: 92M Contracts: 760M Goods: 11.38B of which: Fleet / ships: 2.39B Modules: 4.42B Misc. solid assets; minerals, salvage, ice and trade goods etc.: 3.14B Blueprint copies and originals: 95M Investments: 0M Ordered assets under construction: 0M Other: About 1335M Not classified: there are some additional assets, like a Vexor Navy Issue, that are erroneously considered at 0 ISK value by all of the software used. Estimated total: 16.05 Billion ISK Business impressions The business is pretty linear: the Investee expands, purchases items believed to raise in value after the next patch then sells them. It could be split in two parts: the ability to generate income as trader and the accuracy at predicting the big post-patch selling items. Now, the first part may be evaluated by using some performance tools and examining the spread of the inventory. While it's not the place to show the actual item names, an item report would report profits from -23% to 178%, with an often profit of about 30%. The Investee mostly deals with "minerals" (the portfolio composition won't be disclosed) and modules. Ships resale profit tends to be smaller. The orders are spread across a number of items, as shown by the "anonymized" graph below: http://img365.imageshack.us/img365/269/itemsportfolio.png One entry seems to dominate the others, it's an heavy cost item which has been target of speculation in the past days, its impact is not usually so big, so don't be adversely influenced by the apparent predominance of it. The margins may be easily seen with the same data shown in a different format: green is the profit, orange is the turnover: http://img3.imageshack.us/img3/3883/topproducts.png A green flag comes by the Investee playing and trading in a fairly regular and often way, as shown below: http://img38.imageshack.us/img38/9262/salestimedistribution.png indicating the Investee got time to dedicate to his project. The Investee uses a series of high sec trade hubs but also a 0.0 station. http://img29.imageshack.us/img29/999/topstations.png It's fairly easy to see how in that (5th) place there's some good profit, in fact the turnover is almost the same as the net gain even if at a reduced rate than the main hub. At the same time, the outpost is not so important to the continued business to become a security red flag. The above should cover the Investee ways to do and his efficiency. - Auditing and consulting Before asking for investors, please read http://tinyurl.com/n5ys4h and http://tinyurl.com/lrg4oz
Vaerah Vahrokha Minmatar Dark-Rising	Posted - 2009.07.08 07:26:00 - [10] The accuracy of his predictions cannot be as easily gauged instead. His quite noticeable margin (his PvP character alone owns 6B of assets) may be considered as a safety cushion in case the speculation does not turn being so good. It'd take an improbable amount of in game catastrophic events to void the 8B received in bonds and his whole assets. Thus the Auditor considers a real time event or a planned scam as quite improbable but the highest probability adverse events that are expected to happen. Business presentation: it's fairly good, it might be improved by disclosing a more in depth analysis of the liquid flows right before and after the patch is made available. Green flag: the player collaborated a lot, he is convincingly committed to the business. Business size: the Investee starts fairly big compared to the usual ways. Yet he would really get nothing by asking for 1B or two, his floating cash goes beyond that. Green flag: the Investee looks like being able to maintain a double digits figure in gross trade margins, as long as he does not deal with ships. Risks The largest risks of failure, in descending order of probability, involve: - unexpected factors affecting the value of the speculated items - investing too much in one item seen as "best" (aka "betting everything on one horse") that post patch reveals not to be so good - burn out or other real life issue - scam of a business without collateral. Conclusions Please refer to the audit's short version for the conclusions about the Investee. - Auditing and consulting Before asking for investors, please read http://tinyurl.com/n5ys4h and http://tinyurl.com/lrg4oz
Kasheem Cetanes coracao ardente Triumvirate.	Posted - 2009.07.08 08:07:00 - [11] Reserve 250M upon me reading this really long threat at some point after I wake up
Emmgel	Posted - 2009.07.08 09:53:00 - [12] Has the OP given consideration been given to locking down some of the assets on the pvp character which might reduce the risk and subsequently the interest rate? This would go a long way towards providing the security that an agreement like this thrives upon. Given what appear to be returns stated of 30%+ (per audit) and accounting for risk as stated, am prepared to offer 1.5 billion at 12.5%/month on basis of information provided to date. I reserve the right to amend the offer, based on input from others. Emmgel
Kazuo Ishiguro House of Marbles	Posted - 2009.07.08 10:15:00 - [13] If I didn't need most of my available capital on a fairly regular basis, I'd consider investing. --- 20:1 mineral compression ISRC Racing, Season 7 - schedule
Gabriel Virtus hirr Morsus Mihi	Posted - 2009.07.08 10:19:00 - [14] Who is VV and why would I accept her audit as legit or even worthwhile? I understand the catch-22 with auditors, but an audit by a non-trusted auditor is worthless. Get one of the 5 ppl to do the audit or dont even bother with it. I am sure I will have more comments after I read the page of text. -GV
Saehta Sigillum Militum Xpisti Novus Ordo Mundi	Posted - 2009.07.08 12:08:00 - [15] Edited by: Saehta on 08/07/2009 12:15:50 VV has done a few audits now, each with an extensive look into the proposal. Trust is up to you but VV is an up and coming name in auditing EDIT: I'll invest 500m @ 12.5%
Brock Nelson Caldari Flux Technologies Inc	Posted - 2009.07.08 12:24:00 - [16] Originally by: Gabriel Virtus Who is VV and why would I accept her audit as legit or even worthwhile? I understand the catch-22 with auditors, but an audit by a non-trusted auditor is worthless. Get one of the 5 ppl to do the audit or dont even bother with it. I am sure I will have more comments after I read the page of text. -GV And who would those 5 people be? There's only 4 active auditors...
Coupe Soleil Hitchhikers Inc.	Posted - 2009.07.08 12:32:00 - [17] I'll invest 200M @ 10%
Vaerah Vahrokha Minmatar Dark-Rising	Posted - 2009.07.08 12:59:00 - [18] Quote: And who would those 5 people be? There's only 4 active auditors... For the updated list of active auditors, here's the excellent "Audits 101" by Kazuo Ishiguro: http://www.eveonline.com/ingameboard.asp?a=topic&threadID=916580 Anyway I'd kindly suggest staying on topic. - Auditing and consulting Before asking for investors, please read http://tinyurl.com/n5ys4h and http://tinyurl.com/lrg4oz
cosmoray Cosmoray Construction	Posted - 2009.07.08 13:07:00 - [19] If you have 16B and are as you state an excellent trader (forcing other players from your market), WHY do you need a bond? You have lots of cash on hand, plenty for escrow requirements. Your specialised areas don't require 8B in extra liquid capital to move. This could surely be self financing and not share the profits.
glas mir Reaction Scientific	Posted - 2009.07.08 13:10:00 - [20] I will summarize the current bids when I get home from work. Originally by: Emmgel ... consideration been given to locking down some of the assets on the pvp character which might reduce the risk and subsequently the interest rate? Thought about it, but I can't say for sure which ships I will need and which will sit uselessly, so I decided against it. Obviously if I were buying and using blueprints which can be locked down and still used, it would be a no brainer, but it is important to remember that even collateral only spreads around the risk of a scam. Originally by: Gabriel Virtus Who is VV and why would I accept her audit as legit or even worthwhile? I personally have found VV's recent audits very complete. And as Brock said, there are a limited number of auditors.
Marcus Baltar	Posted - 2009.07.08 15:02:00 - [21] Please use the format; amount @ monthly percent: 50 million ISK @ 12.5% per month. Thanks. -- DesuSigs
Empress Viele Golden Goat Hedge Funds and Finance Xenotech Celestial Coalition	Posted - 2009.07.08 16:00:00 - [22] 2000 million @ 20%
Chris15 RennTech Sylph Alliance	Posted - 2009.07.08 16:28:00 - [23] 200M @ 10%
Boha	Posted - 2009.07.08 18:35:00 - [24] 500 million @ 15%
Mienka	Posted - 2009.07.08 18:59:00 - [25] 50m @ 12.5
Bankimus EVE Wealth Management	Posted - 2009.07.08 20:01:00 - [26] 200 million @ 15% ______________________________________ http://sites.google.com/site/evewealth
Vasta Magna	Posted - 2009.07.08 21:17:00 - [27] 300m @ 15%
Sen Quenten Gallente Mining and Manufacturing Inc	Posted - 2009.07.08 21:55:00 - [28] 200M @ 12.5%
Amoc Reel	Posted - 2009.07.08 22:18:00 - [29] 300M @ 12%
Rotnac Caldari GoonFleet GoonSwarm	Posted - 2009.07.08 23:53:00 - [30] 500m @ 15%

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