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cosmoray
Cosmoray Construction
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Posted - 2009.08.25 22:06:00 -
[1]
I have looked through all the EBANK financials (publicly available), and assuming the losses are correct this is what I see (numbers approximate):
Liquid ISK = 90B ISK
Shares (liquidatable at current value) = 60B
Ventures (number quoted from Ray) = 30B
Loans = 104B
Assets (Titan BPC's) = 337B
Total Assets = 621B
Total deposits = 2,000B (2t)
Potential Loss = 1,369B
Conclusions:
1. If EBANK was to liquidate (could be done) investors would receive back approximately 30% of their proceeds in the account.
2. Approximately 500B in assets generates 23B in profits per month. This would take between 3-4 years to pay back all 2T.
Possible Solutions (Ideas)
1. Total Liquidation - would recover about 30% of all investor funds as of today
2. Capital Reduction - Liquidate assets and use those proceeds to rebase everybody's accounts (e.g. if EBANK recovers 30% of the money, reset all accounts in the database to that level), and then re-open EBANK to allow investors to withdraw or deposit from their rebased accounts. This would allow EBANK to reset on a secure footing and re-start their activities.
3. Distribute spare ISK accross the accounts (rebase), and provide shares to customers in percentage terms in EBANK on what assets are left (share portfolio, loans, Titan business, other), and pay diviends monthly. This allows shares to become liquid.
4. Allow investors to buyout current depositors at a market negotiated rate.
5. Freeze Accounts for upto 1 year (current option). EBANK tries to get back on its feet, and recover what it can for investors.
Whatever option EBANK chooses it should get a consensus from its customer base. If people wish to cash out (even at a lower level) then let them.
Other opinions welcome.
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cosmoray
Cosmoray Construction
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Posted - 2009.08.25 23:37:00 -
[2]
 Originally by: Dzil
Cosmo - you regularly track investments here on MD. Are there ANY banks, that have not gone belly up?
IF, and I can't see how this can be turned around in the short-medium term, then every bank so far will have failed/defaulted/scammed.
Also if EBANK does suffer a 50-70% "haircut", then I would say that the secondary market has made a loss overall since inception (whenever that event occured).
Secondly, if a huge loss does occur, then those on the EBANK board (I think Ray, Shar and PP aside who tried to either stop certain actions or joined after events occurred), will take a huge reputation hit. It will mean that they failed in their oversight duties.
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cosmoray
Cosmoray Construction
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Posted - 2009.08.25 23:58:00 -
[3]
Originally by: Caleb Ayrania
So generally if ebank went public and started operating on a public ownership, it could potentially get out of the cra-phole by launching on 2T total scheme.
Even though things look dire, I must admit I would consider buying in on an ebank IPO.
Are there any other ways to get out of this current drama?
Problem is:
1. Would you invest in a 2T IPO, that is only worth 600-800B?
2. Would you trust an IPO from EBANK now?
Personally I think if the EBANK financials are correct people are looking at about 70-80% loss.
Admittedly 25% of the 2T is interest so the losses are lower, but....
20c on the dollar now is looking better than an unknown amount in a year, if your still playing!!
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cosmoray
Cosmoray Construction
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Posted - 2009.08.26 00:46:00 -
[4]
Personally I think taking 20% now would be a good result (400B out of 2t). It looks like EBANK only has 600-700B is assets, as the balance sheet doesn't include the extra right-offs that are required on the loan book that Ray stated.
The returns only get better if EBANK keep the Titan program running and it adds over 100B over the next year.
I see it as 20% now or 30-40% (maybe) in a year. Bird in the hand is better than......
If groups of players with a large account balances in EBANK want to syndicate their accounts with me, I will guarantee a 20% return (no commision), but charge a 10% commision on all money returned over 20%.
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cosmoray
Cosmoray Construction
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Posted - 2009.08.26 02:22:00 -
[5]
I think it is time to realise that with current assets around 800B, and even after Ricdic SCAM and his default loan (total 450-500B), they are still 600-700B under water.
This would mean that EBANK NEVER, EVER made any money. If this turns out to be the case, the rest of the heritage board are rsponsible for that!!
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