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Ray McCormack Kisoken Innovations	Posted - 2009.08.25 17:22:00 - [1] Statement from the Board Account Freeze It is with deep regret that we inform you of our decision to suspend certain banking activities with immediate effect. As of now both withdrawals and interest are frozen until further notice. This decision has not come lightly, we have critically analysed all aspects of the business and decided it is in the best interest of our customers and the long-term sustainability of the bank that these actions be taken. Mismanagement In early March this year, as has been revealed previously, our then current CEO Ricdic embezzled funds for the purpose of RMT to the amount of 250b ISK. He was immediately dismissed and action was taken against him by CCP. He was also responsible, along with board members, for over-extending credit to a long standing loan customer. This loan, for an overall amount of 275b, was soon defaulted û leaving the bank with little recourse to recover the funds. A 525b ISK loss should have been easy for a bank with 2 trillion in deposits and a year and a half of profit generation behind it; but what wasnÆt clear was the extent to which RicdicÆs mismanagement had harmed the bank. Without proper management reporting it was also impossible for the Board to identify and resolve the worsening crisis, although we accept the fact this situation should never have been allowed to continue unchecked for as long as it did. Deficit With the recent establishment of maintainable financial statements the depth of the situation has started revealing itself. At this point in time EBANK is 1.2t ISK in deficit, which continues to increase by an estimated 12b ISK per month. This is an unacceptable situation, and without drastic action being taken there would be little chance of recovery. Drastic Action òWithdrawals are frozen, with the exception of deposits that were made after this announcement. òAccount interest has also been stopped, with the exception of loan interest. òLoan defaults will be revealed, and ruthlessly pursued. òThe Board will be returned to its full complement of 9 Directors. Interest and Withdrawal Switch Interest will be turned back on when two conditions are met: 1.Interest from non-intensive activities sustainably matches or exceeds the monthly interest expenses. a.Profit generation from sustainable, low maintenance operations needs to exceed 36b ISK. 2.The bank achieves an equity status not less than 85% of its liabilities. a.Available capital must exceed 1.7t ISK. It currently stands at 0.8t. Interest will be switched off again should equity fall below the 80% mark. Withdrawals will be allowed once the bank achieves a maintainable equity status of 90% (1.8t currently); they will be stopped again should that fall below 80%. Losses Losses to date have occurred as follows: 1.~250b û Ricdic Theft. 2.~380b û Loan Defaults 3.>48b û Share Losses 4.~466b û Interest Paid 5.~75b û Salaries There are possibly further losses not accounted for, such as operational losses, additional theft and reporting errors. As these are established we will report on them.
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 17:22:00 - [2] How Did This Happen? The truth is we do not have enough information at hand to establish this, without the benefit of robust reporting we donÆt have any solid documentation to investigate. The internal forums allude to masses of wealth being generated through ventures run by Ricdic and others; however we cannot consolidate this against our current finances. WeÆre not even completely sure that he only managed to abscond with 250b; he may have gotten away with more. It is possible the bank has been running at a deficit since its inception û we have no evidence to disprove this. What is certain is that this was allowed to happen by the Board; controls were not enforced, auditing was never completed and reporting was almost non-existent. That will change. Changes Full APIs are being pulled and stored for all staff members with access to funds, and you can at any time look at our Public Financials to see exactly with whom and where your ISK is. Ventures, which for so long ran independent of the bank, are undergoing a major overhaul. They will for all intents and purposes just form another part of the bank, much as tellers and loan officers are. They will operate under the same strict standards that are being set for the bank itself. Loans will be collateralised, that change has already been enforced. Prior defaults will also be revealed and ruthlessly pursued. They will also form part of our main focus. There is a moratorium on salaries, they are still being recorded but wonÆt be paid until the bank is in a more stable condition, and definitely not before clients are able to get their ISK back. Recovery Without the burden of 36b in interest per month the bank can start down the long path to full recovery, and with further internal changes weÆll be aiming to triple our monthly profit generation within a very short timeframe. Whilst we canÆt say for certain when weÆll achieve full liquidity, our aim is to turn interest and withdrawals back on within a year. However recovering a trillion ISK is a monumental task, and we ask for your patience whilst we go about this endeavour. Our Public Financials will be updated weekly, you have but to ask should you see something lacking. The Future The bank is now in a state of consolidation, weÆll be working towards strengthening the board with both executive and non-executive directors. Reporting will become more structured and transparent; the API will be used to greater effect in order to accurately report and alert us to issues. All members are committed to this action, we draw strength from the fact we are doing the right thing. We will answer any serious questions you may have and address any concerns you raise with honesty and to the best of our ability. Yours Sincerely, The Board and Staff EBANK EBANK Public Financial Statements http://spreadsheets.google.com/pub?key=t1FCGqaDaXqV1xH1RLu1g9w&output=html EBANK Forums http://forums.eve-bank.net Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 17:34:00 - [3] Originally by: Skyvyr Well it seems there can't be a director shift without something bad coming out shortly after. Just to be clear, LV stepped down and OZ joined us a week or so before this decision was made. We tried to buck the drama trend but to no avail. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 17:50:00 - [4] Originally by: Tesal So EBank was possibly a ponzi scheme from the start? How is this possible without other members in leadership knowing? Did the former leadership know? It's amazing how people pick up on one sentence in a post and run with it. It's a possibility due to the lack of supporting evidence, however common sense would suggest unlikely. But I'm not passed ruling things out yet. The board didn't know due to the lack of reporting standards, an incomplete audit and a tendency to take Ric on his word (as most people did). Originally by: Tesal How do you know it was Ricdic and not other members of EBank? Do you have any evidence that shows where the isk went from these other isk generating ventures and who was involved? It's a definite possibility others were involved, possibly unknowingly. There just isn't any evidence to discover that. Originally by: Tesal Can EBank recover from this? Yes. Originally by: Tesal Is EBank insolvent, and if so, why not simply liquidate and pay the proceeds to investors rather than dragging this out for 6 months or a year? When will remaining cash be returned to depositors? Read the OP. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 17:50:00 - [5] Originally by: Grendell reserved. You? Hardly. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 17:55:00 - [6] Originally by: SCORPY Why not? You guys obviously are poor judges of character and incompetent. I recall several people repeatedly crying wolf about Ricdic being an accident waiting to happen, now you want to freeze withdrawals while bringing in even more new directors = even more risk to exacerbate the situation. Look at my posting history and you'll see me at the top of that list. Originally by: SCORPY How can you not know what was lost in what way? Not know which losses were theft and by whom? I appreciate your communication and transparency, it's just not transparent enough. Whether that's really beyond your control or not is what I'm unsure of. Please take a look at the Public Financials, specifically the Loss Analysis tab where we list all potential losses and expenses. That amounts to 1.2t ISK, near enough our deficit. Which would indicate the bank has been running without turning a profit, an unlikely situation. The reason there is no actual knowledge of the losses is due to the lack of reporting. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 18:01:00 - [7] Originally by: Vaerah Vahrokha He also warned people when one of the big debtors tried to gather more money (the famous "I advise against..."). As did I, I was the post just after his. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 18:05:00 - [8] Originally by: Tesal stuff Thanks for your opinions, but they're not valid in this context. The deficit is genuine, we cannot pull the plug as we don't have enough ISK to pay everyone out. Once we do, we'll open withdrawals and let the public make their own decisions. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 18:09:00 - [9] Originally by: Rie Takahashi Originally by: Ray McCormack As of now both withdrawals and interest are frozen until further notice. ITT Ebank scams for the rest of the money that they hold We're publishing some quasi-live financials here, feel free to follow them. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 18:21:00 - [10] Originally by: Toast515 I'm out 70 something million that I will never see again. Well played "EVE Bank". Well played indeed. Don't despair, we'll get it back to you once we can get it back to everyone. Also, in some other news, our in-game channel has gone bonkers during some motd changes. We've petitioned, but it's been moved from stuck to the ui petitions queue (oh lord no). So expect it back by next downtime. Some people call me the space cowboy, yeah

Ray McCormack Kisoken Innovations	Posted - 2009.08.25 18:24:00 - [11] Originally by: Rie Takahashi I shall indeed - and follow them closely - but, whichever way you want to dress it up semantically, IMO unilaterally declaring 'no more withdrawals' is tantamount to the same thing. How so? It's the only course of action that can see us recover the deficit and return everyone's ISK. Otherwise we will just collapse like a ponzi. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 18:43:00 - [12] Originally by: Zila Shadow I'll be much less annoyed by this news if it doesn't apply to withdrawals made before the announcement, though I don't have my hopes up. If you made the withdrawal request before the time of the announcement you will get your ISK. If you deposit ISK after the time of the announcement you are free to withdraw it. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 18:54:00 - [13] Originally by: Sophie Daigneau At this point, the best thing to do would be to close up shop and return everyone's money as a fraction of what they invested. There's no telling how long it could take for you to restore ebank to being fully liquid, especially in light of these revelations of gross incompetence by EBANK leadership. And how would we decide who lost out? Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 19:28:00 - [14] Originally by: Julian Koll The 337,5b in Titan BPOs suggest you own 5 BPOs, however the 15b monthly income suggests you only hold 4. That's a conservative estimate, and based on recent auctions and sales it may become an accurate one. Originally by: Julian Koll Another thing that bugs me are your losses to default being 430b in total, but i see no collateral showing up in the balance sheet, just a mere 30ish b of 'other assets' It bugs me too, there was little documentation of collateral. We have some to sell, which is included in the 31b asset valuation; but most of the defaults were not collateralised. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 19:32:00 - [15] Originally by: Vilgan i'Lakin Unilaterally blocking all withdrawals seems pretty darn close to stealing. You should at LEAST offer a withdrawal option where people don't get the full value of their deposit back. Let people choose. Hoping you can get it back to them within a year is a bit ludicrous given the %'s people can make for themselves if they are active and not ******ed. This has been raised internally, and it can still be discussed. It won't happen until I'm one hundred percent certain of the true deficit so we can establish an actual percentage difference. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 19:36:00 - [16] Originally by: cosmoray I would strongly consider freezing deposits also. People are free to withdraw any ISK they deposit after this announcement. I cannot however stop them from sending ISK to the deposit corp should they so wish. I could go around breaking everyone's fingers so they're not able to, but that might take more than a year or so and by then we'll be open for business again. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 19:40:00 - [17] Originally by: Vaerah Vahrokha Athre why did you decide this MOST UNFORTUNATE choice to freeze the accounts and interests? You dug your own grave needlessy. If all you needed were 36-40B a month, it's not impossible to make them, some guys make 25B in solo, you should have made a subsidiary IPO and then slowly recovered back to "black". The freeze will not be condoned nor forgotten, not when you have another recent scandal still hanging around. Okay, thanks for that. You should start a blog so everyone can see your mindless rambling. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 19:41:00 - [18] Originally by: Sophie Daigneau Easy, you liquidate all assets, then distribute the isk that's remaining to depositors as a percentage of what they are owed. If you wind up with 1T worth of isk and owe depositors 2T, then each person gets half of what they're owed. Its not ideal, but its probably the best course of action for the depositors at this time to preserve as much of their money as possible. And how long do you think that liquidation would take? Have a look at our financials and let me know. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 19:44:00 - [19] Originally by: Julian Koll One more thing, on Profits & Loss you generate interest from ~100b in Loans while stating 257b in loans on the asset page Yup, was wondering who would spot that. The 157b extra on the balance sheet is in toxic loans that need to be written off if not recoverable. We're in the middle of that process. Originally by: Julian Koll and the investments in associates dont match on those two pages That's just a typo, it should be 72b on both. Thanks, will fix that. This is currently a manually updated figure until our internal consolidation is complete. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 19:49:00 - [20] The only problem is you're attacking the people that aren't responsible for the problem, but rather the ones trying to fix the problem. Some people call me the space cowboy, yeah

Ray McCormack Kisoken Innovations	Posted - 2009.08.25 19:49:00 - [21] Originally by: Julian Koll I know all of this is WIP but, those 157b arnt collateralized aswell, are they? That would be too good to be true. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 19:53:00 - [22] Originally by: Tal Foya You should be paying for a large alliance or merc alliance to get that money back... but are you just shaking your fist at them? Yes, we should be, shouldn't we. Originally by: Tal Foya How many people in EVEBANK have actual investing/banking experience? How many have accounting degrees? Who cares? When I hire a merc corp I don't ask for their rl murdering qualifications. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 20:04:00 - [23] Originally by: Vaerah Vahrokha How can I be the only one (along with those ATM posting in game) who can easily see this? Oh my, you must be an exceptional genius, please can I be like you? You've made whatever point you were trying to (I certainly can't see), go back to playing auditor now. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 20:05:00 - [24] Regarding calls to liquidate the bank now and just pay out what we have, here are some sums. If you had 3b in your bank account, we could at best allow you to withdraw 50% of that now. You could then re-invest that 1.5b and at 5% compounded per month it would take a year and a half to get back up to your 3b. We're offering to do the same thing for you. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 20:06:00 - [25] Originally by: Miss CutieTrader I might not get this right....nor do I have isk invested in EBANK personally or corperation isk. However if it was me having said 10b in ure bank, I would be pretty ****ed right now. basicly you give ppl no chooice, it looks like for me basicly like a kidnapping of ppls isk. You could in my eyes made a much bether PR solution. a example: give ppl the chance to vote...between getting % of their investment back right away....said A) 60-70% of their isk back or b) do as u did. However , u basicly just said "this is how we do it, we simply gonna freeze all your accounts..and not give out intrests" Simply by giving ppl the chooise u would have gotten out much bether. most ppl would prob choose B anyways. and if they didnt , it shows how litle fait they got in u. Either chase u would have looked bether in my eyes We did think of other options, and we're still open to new ideas. But see my sums above. This isn't such a bad option. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 20:08:00 - [26] Originally by: Fleshbot Can isk currently in EBANK be transfered to other accounts within EBANK. For example if I would like to transfer funds deposited last week to an alt today, is that possible? I understand I would still not be able to withdraw the funds until this gets worked out but I'm wondering how frozen the isk is. Originally by: Kazzac Elentria Will customers still be allowed to transfer isk between accounts, so that we can still at least conduct business of sorts? Try, let me know if it doesn't work. Originally by: Fleshbot Have you thought about not turning on the switch per see of withdrawals, but instead placing a minimum cap on all accounts once some form of liquidity is achieved so as to avoid complete and total blow out? Can you explain this further, not sure what you mean? Originally by: Fleshbot Have you thought about, or at least talked with a possible lender of last resort? No, the bank won't be allowed to sink further into debt, either public or private. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 20:10:00 - [27] Originally by: Miss CutieTrader But u aint giving ppl the chooise ....ure basicly pushing down the solution down their troath.... its here the issue lays...not the isk itself, in my eyes. What other solution must we offer? Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 20:13:00 - [28] Originally by: Mephistocles That's a good point. I think the main complaint, from what I've read, is ebank is basically saying this offer is compulsory. Most people can make 5% per month with little effort, and a year in eve is a very long time. We'll look at opening this possibility up, but it won't happen until the Board agrees the deficit calculation is accurate. That means the loan audit needs to be complete, defaulted collateral liquidated and several other requirements. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 20:19:00 - [29] Originally by: Herschel Yamamoto Looking at the financials, a few things stand out. One, your salaries expense, more than 75B, is really high - all I can remember hearing about EBank salaries was that they were pretty token, maybe a hundred mil a month at the high end. Were those numbers a misunderstanding on my part, lies, or are they legit and you just have a huge salaried workforce? I have no idea, link me some posts regarding the amounts and I'll get an answer from payroll. It also includes the large costs for the website development. Originally by: Herschel Yamamoto Second, even ignoring the 275 bil default, you have another 100+B of defaults on there. Just how many collateral-free loans did you give out, and why? Did you at least charge a pretty savage risk premium for them? Why did you continue making inherently risky low/no collateral loans for such a long time(at least a year and a half, from the looks of it) after the defaults started rolling in? Ricdic appears to have been in charge of most loans. He left a mess, simple truth. Why he gave out so many loans without collateral is beyond me. Originally by: Herschel Yamamoto And third, that loss statement cannot possibly be complete. 1221 B in losses, and 1174 B of negative equity, implies a lifetime gross revenue of 47 billion. Those titan BPCs alone should have made you more than that in the last few months. Can you put together a calculation of lifetime revenues, figure out what the uncounted losses would have to amount to? Those are all the outgoings that we could possibly list, the rest must be from additional theft, long-term income deficits or reporting errors. Originally by: Herschel Yamamoto Also, a broader question. Did the people running EBank see regular financial statements? If so, were they incomplete, screwed-up, or intentionally falsified? Is there any way to tell when these errors crept into your statements, and when your understanding of your financial position became this utterly wrong? Because this information makes it look like you either had a pretty epic fraudster or fool as an accountant, or your financial data was hilariously incomplete from the beginning. They didn't, there isn't, and about three days after I joined. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 20:22:00 - [30] Originally by: Secondskin stuff Thanks for your suggestions, we'll take them into consideration. But I won't let anybody shoot me. Some people call me the space cowboy, yeah

Ray McCormack Kisoken Innovations	Posted - 2009.08.25 20:25:00 - [31] Originally by: Garthran Also, when it was first suggested something was wrong, before I read this thread, I emptied my account. Should you re-enable interest bearing (soon, I hope. I feel that I am still entitled to some compensation for the deprivation of assets) I will be bearing interest on 0.17 ISK, despite the fact that the bank will still be holding the rest of the ISK. Is there a way to have that withdrawal reversed? Account name is for this character. What? No. But hopefully our actions over the next year will alleviate your disappointment. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 20:28:00 - [32] Originally by: Kazzac Elentria Credit unions often require minimum account balances, even to the point where the savings account has a minimum balance that is always there until you close out the account completely. This might allow you to incrementally increase liquidity, and ultimately prevent this ** from happening again. I think that's a complex solution to a simple problem, maybe I'm missing something else? Originally by:** Kazzac Elentria One more that came to mind... are all loans from this date forward being collateralized or will you be retroactively adding collateral requirements to existing accounts as well? All loans since Ricdic was fired have been backed by collateral. Existing loans without collateral will be glared at until they conform. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 20:31:00 - [33] This was your only question not answered in the OP (unless you need me to elaborate on some of them specifically?). Originally by: Grendell - Were you specifically brought in on the board to help make this decision, and make a cleanup? No, I was voted in as Chair whilst still completing the audit (which didn't take months, but rather days), and the true extent of the deficit wasn't yet apparent, just suspected. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 20:33:00 - [34] Originally by: Nemi Lethal Would ebank allow some debt restructuring service to purchase current Ebank account holders accounts at say 20% value and have those accounts consolidated into a single restructured account. If you can explain how that would even work to the benefit of any party then you have my ear. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 20:37:00 - [35] Originally by: Kazzac Elentria Now is more or less the time to rethink the current model Oh fur shure, but we have oodles of time to change the model now. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 21:00:00 - [36] Originally by: Kazzac Elentria I wouldn't say oodles, the freezing is nothing more than a stop gap. It's a pretty large gap. Originally by: Kazzac Elentria That said, how soon until depositors can get a outlined plan with date goals? A month or so. The plans are there, they just need to be formulated and put onto paper. I also have other reporting tools that need to be in place before that can happen. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 21:12:00 - [37] Originally by: Grendell - Regarding the Staff salaries, I was wondering if the staff will still be paid the same wages as they were before the freeze. I understand they will still be paid, probably a year down the line or so, was just wondering if there is a review of how much everyone is getting paid? As in will Staff be paid more once salaries start getting paid again, with the increased workload or will they do the opposite. We'll review that under the consolidation of ventures, but currently nothing has been changed. Originally by: Grendell - As far as the Timeline question goes, I understand it will be roughly a year before you unfreeze. So does that mean you plan on unfreezing once the defecit is in the positive? Or will there be a planned surplus built up by that 1 year where the unfreeze will take place? This was laid out in the OP, see the 85% and 90% comments. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 21:15:00 - [38] Originally by: cosmoray Is the difference between the two numbers relating to asset back loans (secure) for the profit/loss and the balance sheet shows ALL loans (including those with no security)? The difference is toxic loans that should be defaulted. Originally by: cosmoray This shows no profit or loss or information. Is this a potential asset where you are not sure of its status? 30b is the start of the new consolidated venture, which will report monthly income as it accrues (not forecasts). The remainder is in ventures that are liquidating and thus returning nothing. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.25 21:16:00 - [39] I'm off to bed for now, I'll respond in the morning to any questions that Athre or Hexxx can't, don't or won't answer. You won't receive a response from any other member of staff besides the three of us. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 05:22:00 - [40] Originally by: Brock Nelson 1. If a business going under, the first step would be to eliminate liabilities. First thing that came to mind with wiping out the 75b owing to employee salaries. Was that option considered? I can imagine that some people would outright reject that. It's not owing, it's what was paid. And I'm not asking for it back. Originally by: Brock Nelson 2. It's known that EBank owns shares of public corporation including Flux Technologies, does EBank plan to hold onto those shares or sell them off at higher than purchase price? That depends on the price and the share. It's a portfolio we'll manage just like any other. Originally by: Brock Nelson 3. Relating to #2, because you guys froze all accounts; customers can't retrieve their isk or earn interest. What's to stop other corporation whose shares are owned by EBank from sending dividends to EBank? I don't have any investment in EBank but if I did, my line of thought would probably be like this "If I can't get my money, why should I send these guys money?" Nothing. I could stand over their shoulder and make them but the air tickets and detective fees to track them down would probably not be worth it. Some people call me the space cowboy, yeah

Ray McCormack Kisoken Innovations	Posted - 2009.08.26 05:26:00 - [41] Originally by: species2143 Ray I really hope you're not involved in the titans4U project like was suggested by a previous poster in this thread I'm not. Originally by: species2143 Now with that said the so called plan to fill the gap is a complete joke... it states % but no timetable?! What kind of a joke of management are you guys on the board? Any financial institution is able to give a best-case and worst-case timetable, do you really believe investors will be safistied with that answer until you guys get your act together? Oh I forgot, you don't really care about what the investors think... you simply assume you know what they think. Read the OP again. And as stated previously we'll publish a plan in a month or so. Originally by: species2143 With all this said, I really hope that EBANK makes it out of this crysis and will learn, improve and prosper. Thank you, all the staff do too. They were free to leave before this decision was made, most decided to stay and stick it out. They're aware they're due some criticism and accept it; they're not running away with tail between their legs. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 05:27:00 - [42] Originally by: Stela'Artois I havent yet checked, but I hope the Ebank website is still live, as I would like to be able to check in on my isk and at least say hello...maybe bring it some cookies or at least give it some company... We'll definitely keep it up so you can monitor the non-progress of your ISK. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 05:29:00 - [43] Originally by: Block Ukx Ray, I agree with Varo, EBANK Directors are liable for the missing ISK. EBANK should find a way to pay back its debt to its customers. Agreed, see the plan as outlined in the OP. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 05:31:00 - [44] Originally by: Jadun I would like to see all past and present Directors post in this thread. Please give us a headsup why they think that they deserved to be on the payroll and get Salaries. Not going to happen. Want a specific response regarding an aspect of the bank either myself, Hexxx or Athre can't answer? We'll get it for you. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 05:33:00 - [45] Originally by: Astaria Pyreto Might help if they allowed people to talk in the channel. The ingame channel is broken, we have a petition in but only expect it to be fixed during downtime. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 09:12:00 - [46] Originally by: Marcus Baltar Also no mention of Ray's RAYBY Bond on your investment sheet - you know, the one that was confused with AATP. (http://www.eve-search.com/thread/1124586/page/1#23) You include other investments that completed successfully - consistency as well as transparency. If you want to be pedantic, we actually remove shares from the listing if we returned them to their owner. But you're just picking on random discrepancies to make some twisted point. Thanks for the effort in pointing out we're not perfect. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 09:14:00 - [47] Originally by: testirania Actually Ray what that means is that the board have to cough up those 1.2 trillion ISK that are missing right now if all the customers decide to withdraw their ISK...... Thanks, but I got that point. I however live in the real world, not some fantasy universe where everyone walks around with trillions of ISK just in case their fellow bank employee scams. This is the plan for the directorship to recover the ISK. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 09:16:00 - [48] Originally by: Marcus Baltar Can you confirm the dates in your posts and reports are correct? No, I'm not going to get bogged down in semantics. What ever happened occurred when it did, it doesn't make a blind bit of difference to the current situation. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 09:25:00 - [49] Originally by: Magnu Stormhawk I think interest should still continue to accrue, at least at a reduced rate, to be paid once the balance sheet has recovered. As has been stated previously, freezing withdrawals is tantamount to theft but at least if interest was accruing it would give people a small degree of comfort. I also dont think the IPO route should be disregarded, with a focus on a debt for equity swap option. This is a possibility we can look at once a solid monthly income is established. But currently it just means we need to make 36b every month before even beginning to chip away at the deficit. When we're sure we can continue making a stable monthly income we can look at turning interest back on early at a reduced rate. An IPO is out of the question. I'm not stupid enough to attempt one under current circumstances. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 13:37:00 - [50] Originally by: Kazzac Elentria Ray, will you bring the discussion of possible equity swaps to the BoD. I have clients that are more than willing to participate to free capital up and trust myself and others to be the purchasers of said equity. It's already being discussed and a system formulated. Some people call me the space cowboy, yeah

Ray McCormack Kisoken Innovations	Posted - 2009.08.26 14:27:00 - [51] Originally by: Salvo Brunel You have stated that you won't be asking for repayment of the 75b paid as salary. Have any of those who received salaries *offered* to repay it? Yes, some have. I refused their offer. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 14:51:00 - [52] Originally by: Dzil This is what I'm hearing, do I understand you correctly? Correct. Go on, ask me to explain why so you can turn around and tell me how my point of view sucks donkey balls. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 15:40:00 - [53] Originally by: Dzil I'll admit, I've had time to think on this decision, and while it still has no direct impact on my finances, I think you're taking the bank in the wrong direction. Originally by: Azelle Storm'Eye Well the directors who want to give back the money could always just deposit thir payment to their accounts thus giving it back without you having a say in it :) Exactly, and it would be anonymous and therefore not lead to animosity and finger-pointing in future. It also allows those who can't return their salary or shouldn't to avoid being called on it. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 15:42:00 - [54] Originally by: Dzil I'll admit, I've had time to think on this decision, and while it still has no direct impact on my finances, I think you're taking the bank in the wrong direction. Care to elaborate further on why and in which direction you would take it? Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 16:20:00 - [55] Originally by: Dzil I'd give customers an option to liquidate, even if at 30, 50, 20, whatever % aligns with the present solvency of the bank. Ricdic stole some money, and members of the board of directors made some mistakes. Admitted, and time to move on. We're going to allow the market to provide that opportunity. As stated before we're working on a plan, which will be presented shortly. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 17:52:00 - [56] Originally by: Block Ukx Do you still believe Ricdic was just an idiot that got caught in RMT? I do. Ricdic is a simpleton. Originally by: Block Ukx I donÆt understand why you are getting involved with EBANK when most of the people that are responsible for this situation are no longer in EBANK. I enjoy a challenge. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 18:00:00 - [57] Originally by: Merdaneth You can weigh that against the fun others will have with a portion of their isk returned soon rather than most of it later. Yup, agreed. The board raised these points before the OP was made too. But I want the market to drive it with our oversight. Anyone interested in trading in accounts should contact myself to start formulating proposals. Originally by: Merdaneth As an aside: financially, freezing accounts for at least a year is a wise decision, since I estimate about 20% of customers will quit eve within that year, so you would make plenty isk from that alone. I would at least suggest you work quitting players into your financial projections. The only way we can account for players that leave is if they delete their accounts, and even then we'd have to search for them manually in-game. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 18:22:00 - [58] Originally by: Block Ukx How long are you planning to stay in EBANK? Previously, you did a great job running BMBE but you left after a few months. IÆm concern you will leave EBANK before accounts are repaid. I would prefer you be in charge of liquidating EBANK. I ran the BMBE for over a year. I'll stay (less that fateful bus drags me off into the nethers of EVE infamy) until accounts are repaid, at least. Originally by: Block Ukx I really think you are better off starting your own Bank, buying off EBANK assets, and liquidating EBANK. Why not try that route? u mad? Open a bank in this climate? Let's see where the market takes us with the account purchases, we'll get a good indication of what customers want from that. I've made one large decision this month, I won't make another just yet. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 18:32:00 - [59] Originally by: Block Ukx Originally by: Ray McCormack One possible alternative is to issue IOUÆs. Have you considered this alternative? That would have us reducing our access to working capital. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.26 19:53:00 - [60] Originally by: Victoria Akmea Would you keep the withdrawals locked but initiate a 3% or so interest, paid out at the end when the books are balanced No. Originally by: Victoria Akmeaand can we just let you sell off the collateral on loans and pay out any remaining debt?[/quote Yes, contact your loan officer to arrange this. Some people call me the space cowboy, yeah

Ray McCormack Kisoken Innovations	Posted - 2009.08.27 05:27:00 - [61] Originally by: Betty Rhage If I don't get a response, sure. I look forward to your information. On a more serious note, I'd just like to let everyone know we're aware of the concerns raised here and of the options presented. We have taken heed to the possibility people would like to withdraw their ISK sooner at a loss and will be working towards implementing a solution for that. We're also well aware of the monumental task ahead of us. As someone has indicated 8% compounded for a year on this quantity of ISK is quite a mission. But nothing is set in stone, we're open to changing the conditions set in the OP and will implement any suggestions we feel are sound and of benefit to both customers and the bank. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.28 05:19:00 - [62] Originally by: TraderAlt 3104989531 1) Are the BOD and employees account frozen as well? 2) Could you tell us how much from those accounts was withdrawn after this solution was proposed/discussed to the BOD and employees, but before it was announced publicly (in aggregate form, no one need be identified)? 1. Yes. 2. 28b if I'm not mistaken, from the accounts I know about. I authorised the withdrawals. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.28 05:21:00 - [63] Originally by: Vaerah Vahrokha Who are those "board members"? Have they been destituted? All of them active at the time of the loans. No. Originally by: Vaerah Vahrokha what's a timeframe to know who robbed your bank? When we're ready to release the list. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.28 05:26:00 - [64] Originally by: Betty Rhage Either contact me in game within 24 hours and give me back all of my initial principle, or I start talking about things I should not. 24 hours will pass while I'm at work, I won't be able to login and talk to you. Please can I have an extension on the deadline? I'm really scared about you revealing what you know and ruining the bank (even more). Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.28 06:46:00 - [65] Originally by: testirania So you let the BOD take out money while the costumers, whom they were supposed to work for arent allowed to get theirs ? Isnt this "friends taking care of friends" ? And if the BOD all were commited to making this work out, then shouldnt they have proven so by leaving their ISK in the bank instead of this insider trading kind of action ? This seems more and more to be a case of the BOD taking care of themself first instead of the customers as YOU! have put forth that is your interest. Possibly. When the liquidity crisis became apparent several staff and directors deposited ISK into their sweep account to help us out. I allowed them to withdraw that ISK; some did, others didn't. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.28 08:26:00 - [66] Originally by: Kalrand So all the other people who deposited isk in the last week or two, who won't get their money back are less important to you than the ****ups who caused this mess? /me shrugs. I'm trying to avoid getting into specifics, as it doesn't matter who it was. But the staffers that deposited ISK into their sweep account (which doesn't accrue interest) did so to help us out in a crisis, they're also not responsible for this mess. I made a judgement call in the situation and allowed them to recover their ISK before the freeze so as not to punish them unfairly for a kind act. If you find this unacceptable, then I'm here for the hanging, head in noose and feet standing on a stool. Feel free to kick it away. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.28 09:00:00 - [67] Originally by: Bluebeard Could you tell us how much isk was put into the Sweep Accounts by the staff at this time. Not precisely, but it was in excess of 45b, over a period of time. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.28 09:09:00 - [68] Originally by: Taryn Ceridwen What would be more helpful would be a very clear timetable for announcements and decisions, not nebulous 'we are looking at solutions and will make an announcement sometime' - I want to know what my options are, or at the very least know when I will know what my options are. No, things will happen when they happen. I'm not going to be forced into releasing time frames only to be trolled on here when they're not met (which will happen, this is a game, we have lives outside of EVE). I have indicated a plan will be published in a month or so, and we're looking to establish methods for people to get their ISK at a reduced rate by then. I cannot offer more than that. And before you jump on this point, remember we are doing this because we feel it is the right thing to do for both the customers and the bank. Do not vilify the staffers staying on to help recuperate this drunken horse, they are acting with best intentions. You may disagree with either the methods or intentions outlined, but it does not give you the right to criticise or demean their character. These are stand up guys who are staying on in the face of all adversity, they deserve that much respect. Some of them are responsible for the position the bank find itself in, and they're staying on because of that and accept their failings; but others are not responsible. Do not lump them all in the same boat, and remember that your attacks affect those who have no part to play in the culpability. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.28 09:12:00 - [69] Edited by: Ray McCormack on 28/08/2009 09:14:20 Originally by: Bluebeard Ok, so when it looked like there was a liquidity problem, the staff injected 45bil of their own isk to cover what was hopefully a temporary problem and later on when it became obvious that the problem was serious, you allowed them to recover 28bil of the injected isk ? Correct. Edit : I'm not 100% certain on the figures, but they're accurate enough to paint the picture. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.28 09:31:00 - [70] Originally by: Bluebeard By only mentioning the 28bil repaid, you were seriously asking for a kicking from the (rightfully) enraged investors that are posting in here. Yes, but at least I weeded out some of the drama queens not looking to think or discuss things through logically. I can supply answers to questions, I'm not going to outline the entire situation every time. If people want to fly off the handle at every sign of an apparent indiscretion then that's their prerogative. I'm not here to baby them into accepting my every decision. Some people call me the space cowboy, yeah

Ray McCormack Kisoken Innovations	Posted - 2009.08.29 00:35:00 - [71] Originally by: Kalrand Originally by: Jerni No, you're not. Read Ray's posts following the one you quoted. Please also note that Ray is not allowing people who put money in after the BoD members did to take it out. I know, I'm evil. Someone kick the stool already. Free reading glasses if you do. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.30 11:17:00 - [72] Originally by: Scott Ryder Did ebank give 380 billion isk in loans without having collateral cover? Yes. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.30 13:28:00 - [73] Originally by: Scott Ryder Hmmm may I ask why? Sure, but I couldn't give you an answer. Stupidity perhaps. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.08.30 16:56:00 - [74] Originally by: Solisk Does Ebank intend to provide employee salaries during this frozen period? Or will salaries continue to be frozen as well? Salaries will continue to accrue for staff, but will only be paid once the bank achieves full liquidity and then some. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.09.09 05:25:00 - [75] Originally by: Jazz Scotch Who is speaking for EBANK, I read all this and I don't see EBANK saying anthing. When are thay going to tell us something. Anything! I'm sorry, I don't believe I've missed any questions. What would you like me to comment on? Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.09.09 17:16:00 - [76] Originally by: Muad' Dib When are you going to give clear answers to questions asked ? When are you going to ask clear questions? Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.09.10 05:16:00 - [77] Originally by: cosmoray 7) Talk to your customers and see what they want There are a handful of us and thousands of them. They're more than welcome to approach any staff member with their wants and desires, we'll listen and respond accordingly. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.09.10 13:18:00 - [78] Originally by: arjun1 still waiting for the list of loan defaulters to be published. whats holding you back? Still waiting for the loan audit to complete. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.09.11 17:54:00 - [79] Originally by: ProfessorFaust Posted on this thread. Can we get a confirmation on this? Confirming that I posted that. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.09.12 07:12:00 - [80] Well, let's just get right down to the bleeding obvious. The one year statement is an aim, one that will be re-evaluated during each stage of the recovery. It is by no means a promise or a guarantee, and quite frankly means bugger all to me. Generating a profit of 1.2t in a year is unlikely to happen; it's possible, but without many more man hour contributions it's not a sound reality. However generating profit is not our only means of reducing the deficit. Other avenues we will be trying include some of the following: * Default collection. * Account closures. * Transfer fees. * Other stuff. So let's avoid making statements about how the Bank promised to generate 1.2t profit in a year, stop picking up your pitchforks and torches in anticipation of the lynching - it will not happen. What will happen when we near the one year mark is a re-evaluation of where we stand, we'll be in a better position to analyse the options and choose a path. Some people call me the space cowboy, yeah

Ray McCormack Kisoken Innovations	Posted - 2009.09.12 07:18:00 - [81] Originally by: Mme Pinkerton ... and we thought DBANK was bad at handling PR Cry me a river, I'm not here to mollycoddle you. And do not lecture me on investing significant amounts of time in the Bank. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.09.12 09:53:00 - [82] I'll make this quite clear, a complete liquidation will never happen whilst I am chairman. I am your villain, demonise me. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.09.12 12:32:00 - [83] Originally by: Vaerah Vahrokha I agree with what Mme Pinkerton said, which is basically a longer and more diplomatic version of what I said Who cares why we want to do this? Originally by: Skarii TuThess Why? For the same reasons Stalin never gave up Russia. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.09.12 12:55:00 - [84] Originally by: Skarii TuThess Why did Stalin not give up Russia? Because of сокол. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.09.12 13:12:00 - [85] Originally by: Johnny Ringo If Ebank won't be liquidated while you are chairman, then resign. No. Originally by: Johnny Ringo It's our money, give those of us who want a portion of it back the option to do so. Okay, we'll let you sell your account to someone offering to buy it. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.09.12 14:21:00 - [86] Originally by: Skarii TuThess So, loyalty? Everyone is here for different reasons. OZ is possibly in the best person to answer this question, he joined when things were at their bleakest and an account freeze seemed inevitable. He's staying on despite not being required to, and despite (and possibly in spite of) all the wretched accusations by people attempting to indict anyone affiliated with the bank. At the end of the day it doesn't matter why we're staying on, those responsible for this mess are either banned or have been asked to leave. Those that were asked to leave were invited to continue assisting the bank's recovery in a private capacity. Those that are staying have zero culpability in my eyes. So whilst you may see me having my occasional forum fun, please be aware the only measuring stick you have for judging us is the ever changing public financials. These will chart our course over the next year and beyond. We're aiming to be in a position to re-open the bank in a year, it may take a little longer than that. But we will not set a concrete date. Nor will be turn a blind eye to the issues raised; we understand that alternatives need to be put in place, that other plans will need to be made should our progress towards our ambitions falter. We by no means feel we have the perfect solution, however we feel we have the correct solution and have the resolve to follow it through to its resolution. We will listen to sound ideas and engage in dialogue with those interested in furthering our ambitions, we won't shut you out. But please appreciate we're players as well, resolved to sorting out a nasty mess. Take that into account when you throw your lofty arguments about. Also, to qualify my liquidation statement. Nothing is never an absolute impossibility. It's just not up for consideration by the board for at least the next half year. Until we have a stable platform to gauge our performance there's no use in quantifying the possibilitites. I'll end this monologue with the following announcement (about announcements). The plan of action (or what I would like to call the New Economic Policy) will be announced no earlier than October 15th and no later than November 1st. 2009. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.09.13 11:57:00 - [87] If you keep complaining I'll make it five years. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.09.14 11:53:00 - [88] Originally by: Catarrh Ague Can you confirm that these references are merely humorous? Yeah. Although some would quite rightly question the humour. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.09.14 12:07:00 - [89] Originally by: leona starfire For people who still have loans outstanding with e-bank I am willing with my main Nightjester to transfer up to 10B isk to your account once i have received 80% of the value of your loan in assets. You can then repay e-bank get back your assets from e-bank and instantly save yourself 20%. I will then allow you to pay back your loan with no interest over the following 12 months. Originally by: Leneerra Are there people out there that have a loan with ebank that they wish to refinance or repay? I have up to 4.4Bil Ebank isk availeble for any such transaction. Anyone caught doing this will have their loan defaulted, and all accounts belonging to the parties involved will be zeroed. The bank is in recovery mode and the board is working hard to restore it to full liquidity, if you want to play silly buggers and try and circumvent the situation by abusing the system then we will treat you with the same level of respect. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.09.15 06:14:00 - [90] Originally by: Leneerra What steps are you planning to take to make that statement a reality? What timeframe are we looking at for such steps to be taken? We'll make the process known in the Oct 15 - Nov 1 announcement. Originally by: Leneerra What guarantees will ebank claim to provide to set a fair market value for current depossits? We can't control what the market offers. Originally by: Leneerra Will eBank affiliates be forbidden from entering the trade in eBank isk? Sure. But I can't guarantee they won't use alts. Originally by: Landea Kimimi What Ray has indicated here is that he/EBank is looking for any reason not to repay people what they are owed. Such willingness to subjectively screw people indicates that few depositors, if any, will likely ever be repayed. Where the heck did you get that from? Take a step back and rethink this. What I'm actually doing is trying to protect depositor's ISK from people looking to screw them over by abusing a loophole in the system. Originally by: leona starfire Ray you have told us we cannot use isk within the bank to pay of other peoples loans. Am I ok to tranfer my isk to another account and sell the risk to someone else who is willing to wait for 1-5 years? Yes, details of how to do this will be made in the next announcement. Originally by: leona starfire Also would e-bank come to some agreement with IPO runners to get there isk out and allow trusted IPO's to pay interest for the access to the isk. I would be happy to pay say 1.5-3% interest for access to my isk. That depends on the agreement, I'm not exactly sure what you're offering here. Originally by: cosmoray How can they have pending withdrawals of 226B. When I look at the site, I don't see a withdrawal "button", yes I know withdrawals are suspended, I just wondered how you could even action it. You need to look harder, it's still there to allow late depositors to withdraw their ISK. We haven't coded a cancel feature yet so that 222b+ is sitting in limbo and needs to be counted. Originally by: Lexander Morinex But the way the bank has handled it denies the investors the ability to decide the fate of their own ISK. As stated many times before we are aware of this and are working on plans that will allow investors to recover some of their ISK rather than wait a year. Details will be forthcoming in the next announcement. Some people call me the space cowboy, yeah

Ray McCormack Kisoken Innovations	Posted - 2009.09.18 12:35:00 - [91] Who do you have in mind? Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.09.20 14:06:00 - [92] I'll restate then what has been repeated ad nauseam. Your choices will be detailed in the next announcement due Oct 15 - Nov 1st. Liquidation will not be an option. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.09.23 18:36:00 - [93] Originally by: tehsuxOr AC, are there still any no collateral loans within ebank? If so how many fo what amounts. You guys must have missed my question on page 28/29. Sorry, been meaning to answer that. Yes, there are still grandfathered loans without collateral. The exact amount and value won't be released. But be assured no new loans are being given without collateral. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.09.25 18:27:00 - [94] The Wyvern component auction is currently the only sale going on. The next sales will be for the Titan blueprint copies and **** face's pathetically fitted Navy Raven. Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.09 16:53:00 - [95] Originally by: Phoebe Halliwel I've seen Ricdic called a "turd" by Ray (which is warranted currently, but not historically - Ricdic was the first to question Ionia holding so much public funds and Ray was the quickest to defend). I think you've got this wrong, I don't recall defending Ionia. What I do recall is Ric making **** up by guessing at what Ionia had held in public ISK, a figure he pulled out of his arse. I called him on it, as it was completely off base. Is that perhaps the occasion you're thinking of? Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.09 17:44:00 - [96] Originally by: Vaerah Vahrokha And now the one important question for this thread: is Kim McCormack Ray's missus or gf (roleplayed of course)? She's my slave you sick son of a *****! Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.09 19:00:00 - [97] Originally by: Dzil Use alts, fools :P I am, that's why I posted my offer with cosmoray. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.09 19:10:00 - [98] Originally by: FlameWarrior RAYY!!! have u ver look at my request for bank loan ? i need to pay off previous lottery to get my reputation back to get the lottery going again for income ! Detail your collateral and your valuation of it in an EVEMail to me and we can go from there. Please remember your collateral needs to exceed the loan amount in value. And as a teaser of what is contained in the next announcement, we'll allow you to use 30% of your account value as collateral, but only for up to 20% of the loan amount. That means you still need to supply at least 80% of the loan in collateral, but the remaining 20% can be made up from account ISK, as long as it doesn't exceed 30% of the account value. Simple, eh? That was one of OZ's brain farts. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.10 05:07:00 - [99] Originally by: Leneerra Then how much of their listed account value would they lose? 30% or 100%? 100%. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.10 05:14:00 - [100] Originally by: Leneerra Not realy intrested in defaulting, but I am intrested in discovering (or getting them to admit) how ebank values our accountholdings at this time. That's no secret, you could have just asked straight out and I would have answered. We value them at 10% below our current asset holdings, which is around 40.33% of equity, hence the 30% offer. We're good at sums, no? Titan BPC Auction \| Some people call me the space cowboy, yeah

Ray McCormack Kisoken Innovations	Posted - 2009.11.10 13:23:00 - [101] Sure, we'll do that for major updates, as has been done in the past. Just make sure your email address is correct on your account details. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.10 17:46:00 - [102] Originally by: Kalrand In that case they would be collateralize 20% of their loan, with 100% of their balance, but you would only let them use up to 30% of their balance in this manner, correct? Yes. It's not meant to be an attractive opportunity, or a method to liquidate your investment. It's simply a means whereby account holders can gain some sort of use out of their capital without selling our liquidating their account. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.10 18:23:00 - [103] Originally by: cosmoray EBANK are offering to release 20% of account balance via a loan mechanism. I believe we're offering 30% here. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.10 18:35:00 - [104] Originally by: Kalrand Curious, what kind of rates are available on new loans, assuming they are ~110% collateralized and in the single digit billions isk range. Depends. For single digit billions anywhere from 6% to 10%. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.11 04:59:00 - [105] Originally by: Nano Pope overcollateralized loans Hardly. Your ISK isn't worth what it should be, we're just allowing you to use it's actual value without liquidating or selling it. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.11 15:16:00 - [106] Originally by: Edward Gruberman Don't you mean YOUR valuation of OUR isk? MY valuation is the only valuation that matters. Regarding your other suggestions : 'lol'. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.11 15:29:00 - [107] Originally by: Dzil an attractive choice. Hey, let's face it, there's nothing attractive about the current EBANK situation. But we're offering you the best choices we can. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.11 15:35:00 - [108] Originally by: Breaker77 Too bad your opinion doesn't matter. /me looks up from the bank vault, keys in hand. Mine is the only opinion that matters, sweet cheeks, and you're doing nothing constructive to change it. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.11 16:32:00 - [109] Originally by: Breaker77 It would be a lot easier than trying to fix this mess and raise hundreds of billions of ISK. And that's the crux of it, why should we shy away from the difficulties we find ourselves presented with? EVE doesn't need another failure, the financial markets require this bank to survive and continue more than anything else. But that's another argument and one I won't get into here. Needless to say I'll reiterate our commitment to restoring the bank to full liquidity. We'll deal with our popularity when get there... Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.11 16:38:00 - [110] Originally by: Omber Zombie or he's simply stating the current wishes of the current BoD as the face of said BoD since he is the chairman... We should start talking in the 3rd person I guess, pander to the lowest common denominator. And he wonders why I told him to stfu... Titan BPC Auction \| Some people call me the space cowboy, yeah

Ray McCormack Kisoken Innovations	Posted - 2009.11.11 16:56:00 - [111] Originally by: Krathos Morpheus The main issue in my eyes is about Ray lieing and saying that the offer is not overcollaterallized when it is indeed, and the fact that he tries to sell it as a favour to ebank's customers when it is the other way. I have no idea what you're on about now, so I'll try explain it in bullet form. * Account holder ISK is frozen, they cannot use it. * Account holder ISK is worth 40% of it's actual value. * We're offering to allow them to leverage that value (less 10% to avoid any unpleasant surprises down the road) by using it as collateral on a loan. * Account holders can now use their capital, something they couldn't do before. * Overcollateralising (sic) loans is just good business sense, would you prefer I did it the unsecured route? Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.11 19:13:00 - [112] Originally by: Proton Power the only thing I can come up with. The stupid-shop phoned, they want their stupid back, it seems you took it all. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.11 19:19:00 - [113] Originally by: Proton Power Is this really the best you can come up with? No. You also smell bad. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.11 19:55:00 - [114] Originally by: Dzil Originally by: Proton Power Does the interest paid out in accounts reflect actual value Ebank has ever paid/owes or does it only reflect enough to make the deficit = with your numbers. Are you attempting to ask whether Ray's data is enough to determine the exact amounts owed/paid to each account as interest on outstanding balances? Balogh supplied the figure from the database. I haven't verified it, but I can double check it if you want. It's pure coincidence the deficit and the loss analysis were very similar when the freeze was announced. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.12 05:33:00 - [115] Much of what is being discussed is contained within the overdue announcement, so I'll refrain from commenting (it would just be sarcastic anyway, right?) until the various bits and bobs that need to be in place for it to be posted are (in place). /me licks the peanut butter off AC's finger. Hmm, salty... Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.12 15:06:00 - [116] It's hardly recent. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.13 05:26:00 - [117] Originally by: Tiberizzle However, upon some reflection it seems that mere stupidity is insufficient to adequately explain some of the recent proposals. I'm sure if you put your mind to it you can find some adequate words. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.13 12:13:00 - [118] Originally by: Black Dronza Is this announcment still due? Yes. There are some technical change requirements that are holding the announcement back now. I'm aiming to have those changes in place by the end of the weekend. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.13 14:16:00 - [119] Reilly, you're so cool, sign my breast. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.13 14:23:00 - [120] This thread is now about my manboobs and Reilly's dreams about them. Titan BPC Auction \| Some people call me the space cowboy, yeah

Ray McCormack Kisoken Innovations	Posted - 2009.11.13 14:35:00 - [121] Originally by: Reilly Duvolle Or we could discuss basic comprehension of the english language You're so cute when you're annoyed, ravish me now Reilly! Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.16 05:25:00 - [122] Originally by: chris4 Hmm Ray, Could you care to explain some of this... Insider trading maybe? I would, but what's the question? Originally by: Tiberizzle I think that's been explained sufficiently now... Works for me. Your DNS being fubar or the site temporarily going down isn't exactly evidence if us shutting up shop. Originally by: Quince Dupree heh Ray's a rich mutta fuker Yes I am. I'm a rich mother whatsisname with attitude. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.16 15:01:00 - [123] Originally by: Mme Pinkerton I guess his question is how any withdrawals could take place during the last 30 days when all customers' ISK have been frozen for quite some time now. Believe it or not people are still depositing ISK with us despite our status. Athre runs through the withdrawal list every week or so and actions withdrawals for people that deposited ISK after the freeze. That is what you are seeing in those figures. Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.17 05:43:00 - [124] went to rest'rant steak was late, told the waiter to bring my steak cold Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Kisoken Innovations	Posted - 2009.11.19 05:26:00 - [125] not care if late by more years than brad in tibet report out when done Titan BPC Auction \| Some people call me the space cowboy, yeah
Ray McCormack Nordar Innovations.	Posted - 2010.03.21 13:26:00 - [126] Shame, poor baby can't read too well. Here, let me spell it out for you with quotes from previous replies answering your same inane questions: Originally by: RAW23 Will such withdrawals be made available this month? Originally by: Ray McCormack We will advise when these withdrawals will be allowed each month Originally by: RAW23 And will BLEEP be implemented in time for the first batch of withdrawals? Originally by: Ray McCormack BLEEP will be implemented when it becomes a requirement for people to withdraw or liquidate their ISK, before that my time is better spent elsewhere. Titan BPC For Sale \| Some people call me the space cowboy, yeah
Ray McCormack Nordar Innovations.	Posted - 2010.03.21 14:15:00 - [127] Originally by: RAW23 My question wasn't when this month but if this month? And what part of the answer don't you understand? If and when, we will announce it. Capiche? Titan BPC For Sale \| Some people call me the space cowboy, yeah
Ray McCormack Nordar Innovations.	Posted - 2010.03.21 14:43:00 - [128] That doesn't even make sense. I'm done wasting my time with you. Titan BPC For Sale \| Some people call me the space cowboy, yeah
Ray McCormack Nordar Innovations.	Posted - 2010.03.21 14:52:00 - [129] Originally by: RAW23 If so, could you clarify under what circumstances profit will become available? When you stop being such a pedant. You're picking apart word semantics now, how is any of this constructive? I've answered your lame ****ing questions now, get over yourself. Titan BPC For Sale \| Some people call me the space cowboy, yeah
Ray McCormack Nordar Innovations.	Posted - 2010.03.21 15:28:00 - [130] Originally by: RAW23 I'm just trying to understand what you mean by your statements I'm not your kindergarten teacher, understand it on your time like the rest of the big boys. And Breaker77, suck it man. Titan BPC For Sale \| Some people call me the space cowboy, yeah

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