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Constructive Suggestions for EBANK

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cosmoray Bella Vista Holdings Corp	Posted - 2010.06.06 19:48:00 - [1] When the issues first came to light last August (iirc), I was a firm believer in liquidation. The reason was because I thought it would take about 3 years to earn the money back for depositors, during which time a high proportion of the players would have left the game so would not benefit. At the time return on some of the good investments was about 7-10% per month which made the 2 year time frame possible. Moving forward to June 2010. IMO the EBANK financial situation has gotten worse I believe this IS NOT EBANK'S fault. I think EBANK's recovery was based on possible return available to the BOD at the time, and most of the investments that were made were solid. Since last August the returns achievable on a large amount of ISK (if NOT actively traded) are under 5% per month, and usually under 4%. Also since last August more of EBANK's businesses are suffering as a result of the previous administration which will result in further write downs. If EBANK's position is about 750B it has not significantly moved in a year, and even compunded 4% return per month would take a further 28 months to reach 2T. History has shown that compound growth on this sort of scale is almost impossible. If we double that time frame full solvency won't be reached for 4 - 5 years and that would benefit no one. If EBANK seriously thinks full solvency can be reached quicker I would like them to share how this is possible. My position I think is still in favor of liquidation, but I am not sure what the BOD are really trying to achieve or what was their thought processes on keeping the bank alive vs liquidation. This brings me back to my questions from 2 months ago which EBANK promised it would answer: 1. It is important to restore full solvency, rather than liquidate? 2. Does BOD think current approach is best for customers? 3. If turnaround is long term, how that benefits people leaving game? 4. What happens to capital when people have clearly left at the turnaround point? 5. Why haven't some large customers been asked their opinions on future?
cosmoray Bella Vista Holdings Corp	Posted - 2010.06.06 21:06:00 - [2] Regards to Tornsouls questions about waiting for full payout. I am not sure what the best answer is. Should EBANK pay people back something before they leave the game or should everyone wait. I don't see that as a problem. The problem I do see is that EBANK haven't spoken to any customers or made public their reasons for wanting to get to full solvency (see my questions above which EBANK promised to answer). Also I am concerned that some directors see this as a personal mission, and that success would deliver a great amount of pride and be a great accomplishment (Athre said something along these lines last year). This recoveery can NOT be personal but must be a business decision, hopefully in the best interests of the customer. My feeling is, that this debate about what is best for customers hasn't happenned or if it has it hasn't been publically shared.
cosmoray Bella Vista Holdings Corp	Posted - 2010.06.07 20:43:00 - [3] OK just logged in for the day. Thanks for answers to my questions. I guess I have a couple of follow up points. The BOD is committed to full solvency (not going to argue it anymore). The BOD is comitted to some withdrawals above x (it was 700B). Follow up questions: 1. The amount available for withdrawal is a percentage of EBANK account, i.e. equivalent to current percentage of full solvency currently 35-40%. After payout account would be zeroed? 2. Only people who have registered for API may make withdrawal requests when opened up? 3. Will there be a hard cut off date for API verification, at which point non API accounts are zeroed? As brutal as it may sound, I am in favour of selecting a cut off date for API verification. Set it to something like September 1st, which would be over a year since EBANK freezing of accounts. On this date all non API verified accounts are zeroed. If API verified accounts are under total capital, issue shares to those people to stop a run on the bank and pay dividends to the shareholders. This will make the shares tradeable. Any capital over customer funds could be declared profit and divided by the EBANK current owners (BOD). I know my approach is not popular but it is an effective way of gaining closure over the whole saga.
cosmoray Bella Vista Holdings Corp	Posted - 2010.06.08 04:43:00 - [4] Originally by: Fitz VonHeise Originally by: Shar Tegral I think it would've only been fair to allow people to transfer isk back and forth amongst themselves to their hearts content. If an account holder with 1 billion isk decides to transfer that to another person, via the ebank system, for 250m isk (in game)... so be it... Out of all the suggestions/solutions I have seen so far this one is really quite brilliant. This has always been available. I made some offers last year so did a few other including IHAFS. I got no offers at 20% in 2009. IHAFS might have had a few as they offered 35 or 40%.
cosmoray Bella Vista Holdings Corp	Posted - 2010.06.09 16:28:00 - [5] I don't see what benefit a RL auditor will bring EBANK other than expenses. At present the BOD have agreed on a course of action The BOD as a courtesy release semi-accurate financials If the path forward agreed by the BOD was different, and involved the public more then I agree a different approach to the financial could potentially be required. The T2 BPO's may or may not fully included in the public financials but I also know that EBANK partially financed some of the purchases initially.
cosmoray Bella Vista Holdings Corp	Posted - 2010.06.10 12:25:00 - [6] Varo, what is the point of all the rhetoric about auditors and qualifications etc. EBANK aren't making a change in how they release their financials (which I agree with). So that aside why all the arguments about who is qualified or not makes no odds. From the auditing work I have seen VV has been the most professional in the reports that have been provided here on MD. The 2 auditors you have stated that you use, I have no idea of their qualifications or quality as I haven't seen them in action. Your bashing EBANK for not providing up to date financials, which are purely voluntary, yet at the same time you stated that you would offer financials of One Stop when you purchased it. You haven't released anything public. Before you reply that I CEO's don't offer financial statements, I have never offered them. Looking forward to the long awaited One Stop public financial statement, as promised.
cosmoray Bella Vista Holdings Corp	Posted - 2010.06.12 02:08:00 - [7] I have a new suggestion for EBANK. Why doesn't EBANK publish the account holder list with their current balances to a group of "trustworthy/auditors" here in MD. Then at least these people get to see the scope of the problem and can maybe come up with some interesting solutions. Maybe a group of these auditors can talk to groups of account holders to verify still in game or ask them for their opinion. May suggest methods for reducing administrative levels of accounts, or come up with different approaches to problems.
cosmoray Bella Vista Holdings Corp	Posted - 2010.06.12 15:32:00 - [8] Maybe what I was suggesting is a bit confusing. What I am suggesting is to get a few more people involved. Trusted people. Get them to do some marketing. Find out what customers want. Find out who is still in game. Come up with more ideas. They could be semi-employees. The problem is that EBANK is just treading water. Its not going anywhere, your not going to achieve full recovery for years. There is a good chance some of you guys will leave the game before then, and certainly most of your customers will. At present EBANK has lots of assets but not much cash. You can not earn a high enough return to get the customers cash back. What is your realistic timeframe for getting the money back?
cosmoray Bella Vista Holdings Corp	Posted - 2010.06.13 04:39:00 - [9] Originally by: Athre I have not read the entire thread and I really have no intention to as the vested interest of the parties speaking are not established. Athre, how do you know what the vested interests of the parties is? You have no idea what anyones vested interests are, because you have never talked to your customers and asked them what they want. Many people posting in this thread (and the other couple that RAW23 started) have an interest in EBANK successfully brining an end to this current financial situation. This could be liquidation or full solvency, at this moment some good ideas (all ideas in brainstorming help) are coming out and may or may not be used. For myself I want EBANK to remove itself from bankruptcy (for want of a better word), as I think it would be a good thing if done right and I am also interested in what is best for the customers. I have also not done this from an armchair position as I am pretty sure I lent you guys 6B ISK just over a week ago (with 0% collateral) so you could purchase a T2 BPO, the loan has been paid back. Feel free to criticise when you know what the vested interests are, or read the whole post, but don't just shout back a pretty ignorant rant.
cosmoray Bella Vista Holdings Corp	Posted - 2010.06.14 16:09:00 - [10] The problem with the whole EBANK saga is that it has become emotional. This is both sides BOD and customers. I don't think anyone here blames the current board for what happenned to make the bank implode. The problem is that the board didn't use this credibility/allowance in their initial proposals or posts, and then quickly used up what political capital they had. Both the BOD and customers/MD regulars both took contrary positions from which neither side will move, and the only thing that regularly happens is a mass argument such as this. I honestly don't know how this mess will get sorted out, but the BOD is going to have to make some sort of peace offering to its customers/MD to get the process going. At present the situation is that EBANK hasn't moved in 1 year, and the bank are stating that even if it takes till hell freezes over that is their position. The public replies that the BOD has lost the plot/don't know what they are doinbg/ etc... This isn't going anywhere. At some point EBANK needs to communicate a credible plan that has at least some public or customer backing. In a years time it won't matter as most customers will have left the game and at that point no whatever you deliver it will be a failure. All Athre's/Sencnes statements of "it would be a great accomplishments" etc.. won't be worth anything if less than 20% of customers get their money.

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