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Thread Statistics | Show CCP posts - 1 post(s) |
cosmoray
Cosmoray Construction
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Posted - 2009.08.25 19:23:00 -
[1]
Well firstly, thanks Ray for coming forward with the facts. Transparency and reporting is the best approach at all times.
I don't think finger pointing will help until EBANK works through the process of what assets they ACTUALLY have and how they are controlled and what profit they make.
What will have a HUGE effect on the secondary market is the freezing of withdrawals.
This means that 2 Trillion ISK of customers money is frozen in the medium term, with no guarantee of getting it ALL back.
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cosmoray
Cosmoray Construction
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Posted - 2009.08.25 19:29:00 -
[2]
I would strongly consider freezing deposits also. That would make the bank look more like a ponzi scheme. Using potential new accounts to pay of old liabilties.
Not saying that is what is happenning, it just looks bad.
I wouldn't recommend depositing funds into EBANK if there is no guarantee of getting any funds from EBANK back.
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cosmoray
Cosmoray Construction
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Posted - 2009.08.25 21:09:00 -
[3]
Been taking a close look at the financials, and I have 2 questions (sorry if this has already been asked and answered):
1. Total loans on balance sheet = 257B Profit / Loss sheet, loans = 104B
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)?
2. Investment (Ventures) = 72B This shows no profit or loss or information. Is this a potential asset where you are not sure of its status?
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cosmoray
Cosmoray Construction
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Posted - 2009.08.26 18:58:00 -
[4]
Regards markets setting the rate.
I have spoken to a few people about this, and I know Kazzac and a few other are interested.
The issues I see:
1. What is exact value of saleable assets? 2. If we (group of players), purchase a large block of accounts at a rate we agree with account holders, do we then:
a. Have to wait 1 year for the EBANK turnaround
or
b. negotiate with the board to liquidate those accounts for a percentage we agree with EBANK.
If EBANK is willing to entertain the idea of an account buyout, let MD know what some of the conditions would be and maybe we can put a plan together.
If the restrictions are long term, meaning I have to leave the money in the account for a year, then the buyout would be under 10%. If it was immediate (or short time frame) then the buyouts would be higher with a graduated scale, starting at 20%, and increase depending on level of recovery.
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cosmoray
Cosmoray Construction
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Posted - 2009.08.26 23:28:00 -
[5]
I doubt the turnaround could be short term.
In the best situation in the world, EBANK has 900B in assets. IF, they could generate 40B a month (need a miracle) it would still take 25 months to get back to 2T.
Even if the money is compounded, they have to get so much capital to work (loans, businesses) the result is diminishing return.
No matter which way you look at it, they have to earn 1,200B ISK off 800B. Take years.
As soon as the audits are final, the only clear choice will be some sort of liquidation or rebase all the accounts to a lower percentage. At that point there might be a viable bank, but most people will withdraw their ISK, so EBANK will fold either way.
The responsibility of this lies with the BOD (original) and the Chairman especially. The original EBANK had a BOD to provide stroong oversight to protect against 1 person running off. We now find out that the BOD had NO idea what was going on.
Hexx has to take a massive hit for this. I do appreciate what he has done for MD, but he did not do his job as chairman and control his people (Ric). The BOD are going to be involved with the biggest SCAM ever in EVE.
I don't see how he has the credibility to get his insurance scheme off the ground now.
Most of the original board members of EBANK have trashed their rep with this outcome. I feel sorry for Ray and Omber who have parachuted in to try to sort the mess out.
I do have more respect for Shar Tegral, because he tried to institute reporting and some standards last year and was forced to quit. Looks like he was right.
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cosmoray
Cosmoray Construction
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Posted - 2009.08.27 00:45:00 -
[6]
Originally by: Rellik B00n business as usual tbh, and based on my reply in this thread I demand to be included in the "MD elitelist 2009."
ITS INTERNET MONEY YOU FOOLS!!!
If there ever was an elite, 80%+ have all been ionvolved with SCAMS or business failures in the last few months. Any who were ever on original EBANK board are now pretty much dead on here.
Death to the MD elite, time for the little man!!!!!
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cosmoray
Cosmoray Construction
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Posted - 2009.08.27 01:16:00 -
[7]
Originally by: Brock Nelson Aren't you an MD Elite?
if I am its not by choice.
I just speak my mind, and run my business for my investors
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cosmoray
Cosmoray Construction
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Posted - 2009.08.27 04:20:00 -
[8]
Originally by: F90OEX Edited by: F90OEX on 27/08/2009 03:48:18
Originally by: cosmoray I doubt the turnaround could be short term.
In the best situation in the world, EBANK has 900B in assets. IF, they could generate 40B a month (need a miracle) it would still take 25 months to get back to 2T.
Even if the money is compounded, they have to get so much capital to work (loans, businesses) the result is diminishing return.
No matter which way you look at it, they have to earn 1,200B ISK off 800B. Take years.
No it does not, I was able to turn 875bil into 3.4t in less then 2years without great effort.
Few months ago while I was on TS with some other interesting traders Ray's name came up, even though I don't know him directly it was agreed he is one of the few known people who think outside the box and know how to turn around things like this.
It's because of that, I have decided to help out some of the people who have a large amount of Isk frozen within there Eve bank account and have other loans out with myself as mentioned in page 8-9. It's not a large amount (200bil).
Personally I think Eve bank got to big for there own good, and not enough checks and balance's and this is the result.
Tbh Ray will probably never know the full truth of what went on, only try clean up the mess that's in front of him.
You might one of the most successful players in Eve (NAV), congrats. The 2 year time frame was probably 06/07 - 08/09. A lot of profits probably came from some good T2 BPO's. After invention the profitability of a lot of T2 BPO's has plummeted.
I very much doubt someone could make 3T in 2 years now, with invention. I bet you must of had a few ISK printing press BPO's before invention (one or more of Hulk, Invuln II, HAC, CS, best ammo, LAR II, Expanded cargohold II, etc...)
I also admit that Ray is very smart, and I like his business and reporting standards. I think this time it will be too much work for 0 reward.
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cosmoray
Cosmoray Construction
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Posted - 2009.08.30 14:21:00 -
[9]
Originally by: parnassius
Originally by: Ray McCormack 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.
What you don't take into account is the fact that you cannot guarantee this this will happen and i believe a lot of people will probably be happy to have 50% of the balance on the account now than the hope to get everything in an year. The Trust people have in you has obviously deteriorated, why we should trust you once again? I have almost 1B in your bank, i would prefer to take 500M out today and reinvest it myself for a profit than leave it to you to manage. You (EBANK) have a record of poor management, what guarantees you offer us? None that's why you froze our assets leaving us like this. People should have a choice from several options proposed. This is not great.
And btw i agree on all the people saying that who put money on game bank run like this is an idiot. That's how i feel at the moment and i'm pretty sure i'm not the only one .
One very important point about investing.
example. If I had 10B in EBANK and you gave me 5B. It would be pretty easy for me to earn 20% on the 5B per month through trading if not more. It is likely I could replace the lost 50% in 3-6 months.
Now that small amount is completely different to earning returns on 800B, or which is 500B is fixed in the Titan program and loans. You can't really trade with the rest, so it is likely to only return 5% per month and that will take well over a year.
People can do much better with a small anmount in total return than huge amounts of capital. This has been pointed out many times including EBANK and DBANK boards. As the ISK gets higher the returns get lower.
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cosmoray
Cosmoray Construction
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Posted - 2009.09.08 18:56:00 -
[10]
Kazzac, if you check the new balance sheet (as of Sep 8th) it lists assets at 800B with a shortfall of 900+B.
1. The Titan program at 350B will bring in 180B over the next year. If the 90B earned after 6 months from the Titan BPC's is added to the loan porfolio and compounded it can turn 90B into 130B by year end. Total Titan program with reinvestment at end of year 1 is 220B 2. 260 in loans at 6.5% brings in about 200B, if compounded for loans it brings in 233B 3. Other ventures (listed at about 100B or so) return 50-70B (best world).
With re-investment of profits into loans (assuming you get them) you can earn about 520B in 1 calender year, assuming you can reinvest ALL profits.
With best intentions and an ideal working scenario EBANK could theoretically pay back in about 20 months, with current returns on assets (I don't think Titan's will be worth as much when DD nerf comes in November) and current loan rates!!
Customers would be looking at a 100% return in approximately May 2011
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cosmoray
Cosmoray Construction
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Posted - 2009.09.08 19:21:00 -
[11]
Originally by: SetrakDark There is 485b worth of assets that could be liquidated (or are already liquid) and 325b in outstanding loans or other ventures. Add the fact that mass liquidation would lower asset value and you have a < 485b for any "super" recovery fund, whatever form that takes.
The fact is that EBANK have stated they want to return the money in a year. To do that they need to earn 9.5% across their ENTIRE asset base EVERY month and then COMPOUND it.
Their best efforts are only returning 5-7% (Titan and loans will not return more).
Liquidating seems to return 40% now. 100% in 1 year is a joke
It can't be done in 1 year. There I said it.
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cosmoray
Cosmoray Construction
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Posted - 2009.09.09 22:17:00 -
[12]
How about:
7) Talk to your customers and see what they want
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cosmoray
Cosmoray Construction
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Posted - 2009.09.10 04:21:00 -
[13]
Originally by: Athre
Originally by: cosmoray How about:
7) Talk to your customers and see what they want
Please recognize you are one of the vocal minority. As stated the item you want, nea DEMAND (not your choice dude) is on the table still even though the internal feeling is this is not a good fix for our customers.
When you guys show me your sums that prove you can make 1.2T from your 800B asset base. You need over 8% compounded every month for a year, when your Titan program yields 5-6%, and your loans 5-7%. You will be short.
Secondly I think you heritage guys are doing it for emotional reasons, like it will be some big achievement to make EBANK a success once again. You need to think about your customers not yourselves.
I am one of many posting my opinions. I browse the EBANK and EO forums and I don't see too many saying "hey keep my money for as long as you like". Show me the 'majority' who think you should carry on as normal with customers cash.
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cosmoray
Cosmoray Construction
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Posted - 2009.09.10 13:19:00 -
[14]
Originally by: HawkBlade
Let's see how far we can take this bit of silliness. Originally by: SetrakDark To be fair, the burden of proof isn't on cosmo. Someone made a direct quantifiable statement, which he demanded proof for. There's no onus on him to prove the opposite.
He was called a "minority". Cosmo is one (1) of thousands thus, ergo, and qed he is a minority. To assert that his opinion is the majority (which I'll explain why I doubt it soon) requires proof. Why I doubt that any of Cosmo's opinions are shared by the majority? Cosmo's opinions are always well thought out seeking balanced solutions. The majority of people, yeah you reading this, are not so intelligent or reasonable. Mind you just because I have high respect for Cosmo's opinions does not mean I think his is ever the only one available in any given situation. PS: Cosmo, simply I think you should honestly get together with the eBank guys and add your unique bit of thunder to their brainstorming. I can tell you, the answers you seek will not be forthcoming from this venue. Trust me. (Spare me the trolling on those last words - I'm not culpable in this disaster.)
The thing is, I truly want a resolution to the EBANK because I think the secondary market will sc**** itself off the bottom if we can.
Problem is I don't want to join a board of directors for EBANk or any corporation. I work during the day and don't want to be IM'ing all evening. I like to enjoy the MD market and forum in my way.
I also very much doubt I can add anything of value at this point as I have on opinion on my solution, for which I don't need to be on the board to voice:
1. Cancel the large number of admin type accounts (under 2m ISK or an acceptable number) that people set up as placeholders. This will greatly reduce the number of accounts.
2. With the accounts that are left send an e-mail posting a link with a number of options (in my case 4): a. liquidation now (with % value) b. hold until January 1st 2010 then liquidate c. hold for a year and payout whatever value assets are d. keep EBANK open with frozen accounts and take whatever time is required to get 100% of capital back
Run the vote and then abide by decision.
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cosmoray
Cosmoray Construction
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Posted - 2009.09.10 13:45:00 -
[15]
Originally by: HawkBlade
Originally by: cosmoray Problem is I don't want to join a board of directors for EBANk or any corporation.
Who said join? I know for a fact that the eBank guys will take ideas and comments from any rational person regardless of affiliation. If I remember correctly, there's a few people who are not staff/managers who get to kibitz on various meetings and what not. By invitation mostly but I'm sure if you dropped by their forums you'd get one fairly quick. i.e. I'm not in eBank in any official capacity of any kind yet I still occasionally get my opinion asked. The only reason it doesn't happen more often is due to my own self imposed isolation from eBank. (Or at least I like to think so!) With rational people, there are always solutions to any problem. Only requirement, an open mind.
My suggestions have gone up on the EBANK forums, so they can spend time looking at them
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cosmoray
Cosmoray Construction
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Posted - 2009.09.11 00:45:00 -
[16]
Originally by: HawkBlade
Originally by: cosmoray Problem is I don't want to join a board of directors for EBANk or any corporation.
Who said join? I know for a fact that the eBank guys will take ideas and comments from any rational person regardless of affiliation. If I remember correctly, there's a few people who are not staff/managers who get to kibitz on various meetings and what not. By invitation mostly but I'm sure if you dropped by their forums you'd get one fairly quick. i.e. I'm not in eBank in any official capacity of any kind yet I still occasionally get my opinion asked. The only reason it doesn't happen more often is due to my own self imposed isolation from eBank. (Or at least I like to think so!) With rational people, there are always solutions to any problem. Only requirement, an open mind.
I think a closed mind!
My suggestions are up, but immediately shot down.
A vote wouldn't work because customers don't have the ability to vote for what is best for the whole group. They shouldn't vote for themselves!
suggestion on EBANK forum
Sorry, no democracy here!
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cosmoray
Cosmoray Construction
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Posted - 2009.09.11 04:11:00 -
[17]
Originally by: HawkBlade
Originally by: cosmoray Sorry, no democracy here!
Hmmm... I see a lively conversation that just started today. Sorry if people expressing concerns or differing opinions upset you. I had not thought it would but I guess perhaps I over estimated you. Please don't let me interrupt you, continue with the drama bombing. PS: Waving your hands in the air screaming about a lack of democracy only makes me wonder if you understand what a democracy is or if you better understand marketing.
No I don't get upset, I have always loved a good argument.
I think I am going to stick to being a drama queen/bomb. When all the sides have finished shouting can you tell me who won!
For the record, I have always been a good marketer, but a very poor listener and not very diplomatic. Cost me a few job promotions, according to some of my less than intelligent bosses!!
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cosmoray
Cosmoray Construction
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Posted - 2009.09.14 15:41:00 -
[18]
My 20% offer is looking better and better as more information comes out.
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cosmoray
Cosmoray Construction
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Posted - 2009.09.15 02:23:00 -
[19]
Originally by: isevele please someone correct me, because i pray im wrong......will someone review the financial statement and tell me if the debt has gone up another .1 trillion or no....i thought it was 1.2 trillion and now its 1.27 trillion......what the hell are you people doing?
You are reading the balance sheet correctly. EBANK are in the midst of an audit, so the complete picture of EBANK's financial situation is not clear. This is changing all the time.
The current asset position is worse than initial reports and is 736B (down from 800+B), and the losses is upto 1.27T
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cosmoray
Cosmoray Construction
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Posted - 2009.09.15 02:55:00 -
[20]
Originally by: Amarr Citizen 155 Correct me if I'm wrong for calling some of you idiots but isn't the API still down? Wouldn't that mean that the spreadsheet isn't showing all the figures it usually does? I'm no expert like some of you claim to be so I could be wrong.
Was down earlier, but it is currently showing fully updated as of September 15th.
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cosmoray
Cosmoray Construction
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Posted - 2009.09.15 03:23:00 -
[21]
Originally by: SetrakDark Edited by: SetrakDark on 15/09/2009 03:09:23 This
Originally by: isevele please someone correct me, because i pray im wrong......will someone review the financial statement and tell me if the debt has gone up another .1 trillion or no....i thought it was 1.2 trillion and now its 1.27 trillion......what the hell are you people doing?
I believe is referring to this
Pending Withdrawals226,919,577,200
which is a new addition to the sheet.
Edit: and has nothing to do with APIs.
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.
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cosmoray
Cosmoray Construction
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Posted - 2009.09.16 01:26:00 -
[22]
Originally by: Din Chao Or people like me. I deposited 400 mil before learning of the freeze (but after it was announced, so supposedly I'm allowed to withdraw it), and now wait for the day (if ever) when I can get it back.
Put a ticket in on the EBANK website, to get the withdrawal actioned.
EBANK did state that any funds deposited after the account freeze could be withdrawn. A ticket should get to a teller, and your money should be returned or at least get an explanation.
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cosmoray
Cosmoray Construction
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Posted - 2009.09.17 19:09:00 -
[23]
Originally by: Kar Yu Its already almost a month since it was anounced by EBANK about the scam of Ridic.
Now, lets talk about serious things. Most of the major players in EVE make more money then the interest paid by EBANK. Im not one of those players but im close.
I have about 500mil isk deposited in EBANK that I really need some of it. I understand the freeze on the bank operations that you guys made. If panic was (and it is) installed, every client would whitdraw the money making things worst.
What I dont understand, and I think its a f**k...ing excuse of your part is to totaly freeze interest. Has you said, 500 BIL is nothing compared whit the trilions of isk you guys have at OUR expense.
Its totaly unfair you freeze the daily interest on the accounts! For the big players im sure they dont care, but for medium players like me, that daily interest might make the diference at the end of the month just to get a GTC.
Will EBANK ever repay its custumers about it? Its not our problem that you put people that were involved in other scams.
In real world bank, if a bank have things like this, its not the client fault. Its the management bank fault. But I never saw a bank freeze accounts on clients and even if they did, the goverment of that country will certain make something about it.
Well we dont have a goverment but we have CCP. What if all the clients petition CCP to look at ur accounts in game and check the transactions made and get out money? Probaly that would not be much fair too....
My point is, I agree that clients should not take the money from EBANK, after all, if we deposited money in you guys, believed that you could indeed make a diference after all the scams, we should all support you. Will you ever support your clients because of your mistakes? Should we pay for it?
At least repay us the frozen interest that you have mantained since this happend, and surely 1.5% month its total crap. I think we deserve something better after this.
If you dont manage to provide a better and safe way to keep our money, I think most of you clients will get they money has soon they can...or you can always find more scams to avoid that...ok im sorry...im getting sinical...
Just want to make a point, hope I dindt offend anyone and of course, has a EBANK client im worried and I wish to see my investment, my faith and my trusted repaid.
p.s. Sorry for any misspell words.
Regards,
Don't get me wrong I am no fan of EBANK and I also disagree about how they are planning to run the bank, but....
You should not leave a large amount of cash you require with ANY third party. Secondly if you deposited money into EBANK you were fully aware at the time that the interest rate was 1.5%, and certainly wouldn't go any higher. EBANK always stated it was a private institution, so they chose not to listen to their customers, who are now finding out that very important fact.
If you want even a small part of your cash out I think you will all need to wait until the next announcement is made Oct 15th - Nov 1st. At that point other players may make offers on account balances so smaller players can cash out if they wish.
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cosmoray
Cosmoray Construction
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Posted - 2009.09.18 01:08:00 -
[24]
Originally by: Dzil October announcement: completion of the Ebank BOD titan fleet is complete. Bye!
October announcement:
"After a full audit and months of work the Board of Directors of EBANK voted and are pleased to announce that there will be another announcement at the earliest of Decmber 15th and January 1st 2010 at the latest."
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cosmoray
Cosmoray Construction
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Posted - 2009.09.21 20:58:00 -
[25]
Originally by: Hoo Is
Originally by: Leneerra So you are scamming me for anything between 200M and 300M (1 to 2 months worth of intrest) before you will even tell me what options I will have to lose isk on this whole thing?
I will repeat as often that that this is not accepteble. of course I can do little else than post about it.
After listening to your trap flapping non-stop even though everything you have asked has already been answered 514 times... If I were on the BoD, I'd make sure you didn't get a single isk back. Your account would be zeroed out to help our other account holders just because you are bing a PITA
This should be called pro-active scamming. On Oct 15th they will announce a list with all the people who haven't complained and give them back 100%.
All the rest of the money is in a pot, and there will be a huge battle in low sec with winner takes all from all the moaners
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cosmoray
Cosmoray Construction
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Posted - 2009.10.01 20:32:00 -
[26]
Originally by: SetrakDark
Originally by: Le Skunk
Where do we vote for option A? On the website? I think most people would take 40%, a lesson learned, and a line drawn under the whole affair.
Given that 280 mill, the player could probably make his 700 mill back in a couple of weeks, rather then waiting 2 years for someone else to make it back for him (if they don't **** it up again)
EBank is suggesting there will be some type of cash-out option in their next announcement, or at least that's what I've interpreted from various statements.
I think they are going to suggest a mechanism that the market buys out accounts.
A look at the balance sheet shows that they have about 780B in assets or around 39% of all accounts balances.
If someone will buy accounts they will not do so at asset value and leave it with someone else to earn money. All offers will probably be at a discount to asset value (under 39%), or you could just buy assets off the market at face value and not have any security issues.
IMO best case scenario is about 30% on account balance maximum, unless there is a major change in EBANK's balance sheet.
Either way expect market offers to be at least 20% under current asset value.
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cosmoray
Cosmoray Construction
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Posted - 2009.10.02 16:53:00 -
[27]
Originally by: Hexxx
Originally by: cosmoray
Originally by: SetrakDark
Originally by: Le Skunk
Where do we vote for option A? On the website? I think most people would take 40%, a lesson learned, and a line drawn under the whole affair.
Given that 280 mill, the player could probably make his 700 mill back in a couple of weeks, rather then waiting 2 years for someone else to make it back for him (if they don't **** it up again)
EBank is suggesting there will be some type of cash-out option in their next announcement, or at least that's what I've interpreted from various statements.
I think they are going to suggest a mechanism that the market buys out accounts.
A look at the balance sheet shows that they have about 780B in assets or around 39% of all accounts balances.
If someone will buy accounts they will not do so at asset value and leave it with someone else to earn money. All offers will probably be at a discount to asset value (under 39%), or you could just buy assets off the market at face value and not have any security issues.
IMO best case scenario is about 30% on account balance maximum, unless there is a major change in EBANK's balance sheet.
Either way expect market offers to be at least 20% under current asset value.
Pricing should be a function of risk (whatever the market determines that to be), with estimates of time to recover, and some speculation. Assets on a liquid market (securities for example) are rarely priced at the current valuation but instead at future valuations. This is evident via the P/E ratio on some stocks being several multiples of 10 over their actual underlying fundamental value. Google for example has a P/E ratio of 33.
Ultimately demand for liquidity coupled with risk appetite will likely be the big factors. My humble opinion of course.
Google is a unique business in RL like others which can't easily be copied. In Eve when buying out a business you have the option of buying the equivalent assets and using them yourself.
Because of this fact most businesses in Eve are worth close to their NAV, with some IPO's gaining more value due to the trust factor.
If EBANK holds (lets say) 800B in assets, I would not pay more than 800B for those assets because I can buy them from the market or in the case of loans start my own shop. Secondly if EBANK is holding onto that money for (at the moment) an unknown amount of time there is a great deal of risk in that investment.
I know I would trust myself with my own cash with a good chance to make a 250% return over a year (or whatever timeframe), but do I trust other people to do so. This is the increased risk factor fby speculating in EBANK as an investment.
Due to the above two statements that assets in Eve only hold their market value and a large risk associated investing in EBANK at present it is unlikely that people will offer money equivalent to current assets or a higher amount. SO if the assets when EBANK reports back this month the assets are worth 800B (guess?) that would be 40% of account balances, I think I would offer account holders some amount less than this value to make a return.
If I needed to pay 40% I would just buy the assets elsewhere and earn money with them
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cosmoray
Bella Vista Holdings Corp
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Posted - 2009.10.23 02:58:00 -
[28]
With the Titan BPC sales only netting 10B each EBANK is in a serious hole.
Two Titans sold for 10B while the others are unsold. In EBANKS calculations they valued Titan BPC's at 18B each.
10 BPC's per year (x18B) = 180B Per month = 15B
Current return on Titan BPC's = 8.5B
the Titan BPC program was meant to be the big cash cow (it may be again in the future).
The banks total earnings per month are currently running around 15B instead of the optimistic 22B.
This means the payback time is going to be much longer. Chances of 100% payout I put at almost zero. Bank might just get to 50% capital base after the 1 year timescale mentioned.
I can't see how the new plan will be much more optimistic.
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cosmoray
Bella Vista Holdings Corp
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Posted - 2009.11.06 15:39:00 -
[29]
Originally by: FlameWarrior wht u mean by ebank claim ?? i just need to get the 1.3bill so i can get it going, as they freezed my 1.3bil in there =(
I'll give you 260M for your 1.3B ISK in EBANK. That is 20% of account value.
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cosmoray
Bella Vista Holdings Corp
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Posted - 2009.11.08 21:47:00 -
[30]
Originally by: SetrakDark
Originally by: Phoebe Halliwel Why has a deadline been set and missed and people are still kissing Ray's backside?
I asked you to show me where. You can't. Now you're deflecting with a bunch of irrelevant stuff.
Unless you can show me where, don't bother responding anymore because I don't care.
Please look at the title of this whole post:
"Next announcement October 15th - Nov 1st, wait patiently or whine in here" or something like that.
Then AC stated on this post that there will be a slight delay because more stuff is coming out of the audit.
Just sit back and wait for the announcement. I would rather see a post with ALL the facts than a half hearted stab that keeps a few people happy.
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cosmoray
Bella Vista Holdings Corp
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Posted - 2009.11.09 21:06:00 -
[31]
EBANK already deos collateralized loans. At present over 300B worth.
Won't make a big difference at all.
All it means is that people can release a little bit of equity, but they have to have substantial assets to release it.
My prediction, not many takers.
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cosmoray
Bella Vista Holdings Corp
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Posted - 2009.11.10 16:08:00 -
[32]
EBANK are offering to release 20% of account balance via a loan mechanism.
My offer is to purchase entire accounts at 20% of value (no loan required), and for those that saw 30% that was from Proton Power and has been withdrawn.
People will have to decide whether they want out or not.
note: Once I see EBANK's updated report I reserve the right to change that offer UP or DOWN. 20% is on the table NOW, it may not be for long.
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cosmoray
Bella Vista Holdings Corp
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Posted - 2009.11.10 18:00:00 -
[33]
Originally by: Kalrand
Originally by: Ray McCormack
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.
Curious, what kind of rates are available on new loans, assuming they are ~110% collateralized and in the single digit billions isk range.
I offer 6% per month upto 2B on collateralized loans. Over 2B rate drop to 5%. All assets priced at NPC and must be minimum 100% cover.
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cosmoray
Bella Vista Holdings Corp
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Posted - 2009.11.12 02:50:00 -
[34]
Originally by: Mahke Edited by: Mahke on 12/11/2009 00:29:18 Edited by: Mahke on 12/11/2009 00:27:48 Just an idea:
If your NAV is ~40% of total obligations and you don't want to liquidate (which IMO would be the best and most honest thing for your investors to do, but, clearly you don't agree), why not offer people the ability to make withdrawals at a loss compared to your NAV?
Allowing withdrawals at, say, 30%, for a limited time would let people who have lost all trust and/or who just want their isk NOW get it, but at the same time it would generate a 33% profit for EBANK for every withdrawal made, because for each 3 isk withdrawn, claims with a value of 4 isk (if you liquidated) are erased.
Its not an ideal solution, but, given that you refuse to do the right thing and liquidate, if you have any intention at all of eventually paying people back offering such an offer is a win-win for everyone. People who want out can get out (albeit with a tremendous haircut), and people who want to stay in will have to wait much less long for NAV to reach 100% of obligations again.
Partial liquidations don't work. If EBANK offered this there would be a run and all the liquidity would be gone, therefore not allowing any return on the remaining assets to payback customers.
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cosmoray
Bella Vista Holdings Corp
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Posted - 2009.11.19 05:56:00 -
[35]
Just like my ex-wife, EBANK took all my money, and you both lost most of it!
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cosmoray
Bella Vista Holdings Corp
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Posted - 2009.11.19 15:42:00 -
[36]
Originally by: Krathos Morpheus Please learn what a haiku is before even thinking about it. http://en.wikipedia.org/wiki/Haiku
Anything without caesura, cut or kire is not a good haiku and should not qualify for the best haiku.
Any moron can write haikus. Just stop at the seventeenth sylab
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cosmoray
Bella Vista Holdings Corp
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Posted - 2009.11.21 05:23:00 -
[37]
Give me my money before the thread is locked. Mine was the best. None of you mentioned your evil ex-wives.
Gimme, gimme, gimme.
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