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Stealing Honest
Stealing Honest Speculation Group LLC
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Posted - 2010.10.08 17:51:00 -
[1]
This is a 3 part post so please wait for all 3 before you reply.
1) Details
2) About Me
3) Business Model
4) Returns
5) Exit Strategy
5b) Hit By Bus
6) Risks
7) Q & A
8) Edit History
1) Details
Bonds available: 1000
Face value per bond: $3 Million Ea.
Bond Begins: Soon as filled
Maturity: 60days
Interest: 4% monthly base.
Bonus: 1/1 Dividend value payment each SHSG IPO Period
Shares Per Person: Max 200
Date of issuance: TBA
Date of maturity: TBA
Reserved:
Shares Left: 1000 shares
2) About Me
My name is Stealing Honest. I am CEO of SHSG. Over the last few months i have run a public funded corp based on measured trade spread in New Eden.
We currently run an IPO on the LLSE Stock Exchange.
We have run 5 short term public bonds. 2 of which have run concurrent to the IPO.
IPO: http://www.eveonline.com/ingameboard.asp?a=topic&threadID=1359646
Bonds: http://www.eveonline.com/ingameboard.asp?a=topic&threadID=1380750
3) Business Model
SHSG is a trade corp. We buy and sell for profit in New Eden. This is an expansion bond.
Our plan for this bond is to offer a Premium Share product within SHSG to offset our common shares already offered on the LLSE Stock Exchange. The funds from these shares will allow us to expand our footprint in our profitable markets, and secure more funding for a newer market we have been testing for the last 30days.
This model allows us to offer our premium members other extras, such as 40% reduced shipping costs from our shipping service Vapor Sea Express [VSEX], and other premium features as they come online over the next months.
By running this bond as a Premium Share model, we give our investors a higher payout and more extras than would be possible on our LLSE common shares. This creates value in line with the cost per share of this bond vs the cost per share of LLSE stock.
4) Returns:
These premium bond shares pay a base 4% interest rate, plus a bonus rate based on the dividend payout each SHSG period at a 1/1 value.
*Example #1*
Joe Blow has 100 Premium Bond Shares. At the end of each month he will receive 4% interest for his bond shares. However every bi-weekly dividend period for SHSG IPO common share holders, Joe Blow will also receives a bonus payment equal to a 1/1 divided share payment.
*Example 2*
June 1st - Joe Blow has 100 premium bond shares.
June 14th - SHSG Period 80 pays 20,000 isk per share Dividend to IPO shareholders - Joe Also receives 20k Isk for each of his premium shares.
June 28th - SHSG Period 81 pays 20,000 isk per share - Again JOE gets 20,000 isk per share.
June 30th - End of Month - Joe Blow gets 4% Base Interest Rate for premium bonds.
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Stealing Honest
Stealing Honest Speculation Group LLC
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Posted - 2010.10.08 17:52:00 -
[2]
5) Exit Strategy:
At the end of 60 days this bond will offer a 100% issue value buy back offer, or allow investors to rollover for another 60 days.
SHSG will also offer in this bond a feature we call - BUY BACK ON DEMAND.( BBOD)
BBOD allows any investor to return his Premium Bond shares to SHSG at 80% Issue value at any time. This refund will happen within 48 hours of confirmation of BBOD request.
5b) Hit By Bus:
Our 3rd party collateral holder will sell off our collateral and pay out to investors.
6) Risks:
SHSG has taken many steps to reduce risk to our investors. We have run many offerings over the last months and think investors have a clear view of what we offer and do. We have always met goals on time and have been true to our word, vision and profit goals for investors and SHSG as a
corp.
Ponzi - This is something that will be said, that we are using the bond to pay dividends. Our previous bond history has proven the bonds always started after dividends were paid, and ended before the next round of dividends were due. This bond is longer term, and will therefore cover 4 dividend periods.
To help mitigate this issue for investors, SHSG will also put 50% of LLSE common share value into collateral. This will make our collateral value 50% across all investments offered by SHSG.
7)Q & A
5a) Do you plan to have an Audit? Answer = Yes
5b) Do you offer any collateral? Answer = Yes, 50%.
5c) Will a 3rd party hold the collateral? Answer = Yes
5d) Who is 3rd Party? Answer = We have asked Vaerah Vahrokha
8) Edit History
Any edits will be made here.
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Stealing Honest
Stealing Honest Speculation Group LLC
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Posted - 2010.10.08 17:57:00 -
[3]
SHSG Common Share Holders from LLSE have Priority Choice in this Bond. They have the right to confirm or pass on this offer before i accept outside bids.
Priority List:
Banque
49473
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Vaerah Vahrokha
Minmatar
Vahrokh Consulting
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Posted - 2010.10.08 17:57:00 -
[4]
Edited by: Vaerah Vahrokha on 08/10/2010 18:03:46
Audit report for Stealing Honest business proposal
This is Vaerah Vahroka's analysis as of 2010-10-07 15:00 EvE Time.
Tools used
EvEMon
jEveAssets
EvEMeep
EvE Asset Manager
EvE Income Analyzer
Eve Trader - New release by Femaref
Forewords about the Audit
Stealing Honest is a trader and former 0.0 player.
After a series of successful public investments, he seeks out to further expand his activities.
Generalities
Main character for this proposal is Stealing Honest, a trader alt acting as middleman between the Investors and the other involved characters, located on four accounts.
Stealing Honest's characters are fairly old and well introduced in several environments, including an important 0.0 alliance.
The player has experienced all sorts of gameplay but mostly PvP and trading.
The main character is not a trading alt. Actually, the Investee owns multiple 35M to about 60M SP characters that would be entitled to be considered "main character" grade. The oldest character is a Feb 2005 one (he's not the only 2005 one) and got a total of about 59.5M SP.
The vast majority of the 12 characters have trading skills, and are tailored to the Investee style of trading (covered later).
The Investee owns a freighting operation yet he does not move his own stock.
The main (PvP) characters are mildly diversified by kind of PvP (i.e. 0.0 oriented, generalist etc...), in general the Investee may fly everything up to including carriers, freighters, exhumers, interdictors, T2 other ships of various kinds (he owns all of these ship kinds).
The various characters posted about 540 times on the EvE forums, mostly about trading / investing, ships combat, game mechanics.
The Investee has records of starting multiple investments in the past. They succesfully concluded.
The only immediately visible "odd operation" is an old attempted character sale that got cancelled as its CEO skills became needed by his corporation mates.
Because of previous questioning about the debatable Investee chosen character name, the Auditor went for for additional informations.
The choice of name has been explained but cannot be objectively proven beyond RP reasons.
When asked for clarifications the Investee submitted vast documentation spanning long periods of time and positively reacted to some trap questions.
Other checks were performed, expecially to reasonably determine if the reported four accounts were actually four. A 2007 post sees the Investee casually talking of his 4 accounts. He bought several PLEXES asking the sellers to give them to characters belonging to the reported (and not other unknown) accounts.
It's worth noting how despite playing since a long time, the Investee is not very rich. This appears being due to:
- slow sell trading style, where returns are good but volume and velocity are not.
- his heavy PvP past
- his PLEX purchasing for keeping multiple accounts subscribed.
Involvement in other business
One IPO: Link
Business Plan Analysis
The Investee sent the Auditor several informations about his business.
The plan is about slow sell station trading both in high sec and in 0.0 (VERY minimal, only 1 cheap item as of now).
The alts are placed in strategical locations across many Empire regions.
The amount requested is quite in line with the Investee capabilities and the interest offered seems fair enough, in the light of the previous succesful records, the partial collateral and the amount asked vs Investee NAV.
(To be continued...)
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Auditing & consulting
When looking for investors, please read
http://tinyurl.com/n5ys4h + http://tinyurl.com/lrg4oz
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Vaerah Vahrokha
Minmatar
Vahrokh Consulting
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Posted - 2010.10.08 17:59:00 -
[5]
The Auditor ran a performance check both on the high sec stations, for about 20 days (30 but only 20 are really covered). There's also a graph made on the last 7 days.
Gross sales in hi sec have been about 6.51B, with a profit of about 1.88B (29%).
The best sold item category ranks 353% profit, others tend to rank 30%, few sell at below 20%.
The following graphs have been anonymized to protect the Investee trade secrets.
Graph about the daily activity of the Investee:
List of the top 15 sold items, 30 days:
List of the top 15 sold items, last 7 days:
List of the high sec stations, sorted by absolute profit
The following graphs are restricted to the best selling character due to space constraints and auditing software limitations
Approximate trading efficiency, that is realized profit / gross sales
Approximate income per hour across the week
Collateral and exit strategy
50% collateral is going to be provided.
In case of "hit by a bus" event or after 2 months past the last Investee post at the latest, such collateral will be liquidated distributed among the Investors.
Net Asset Value and other balance considerations
The estimated net worth of all liabilities, solid & liquid assets is about 10.76B ISK.
The transactions are made by the trade characters.
Assets across all of the characters and corporations are estimated to be worth 5.86B.
Assets and balance
Balance
Wallet balance: 3.76B
Market sell orders: 500M (this value is skipped in the total since they are included in the assets evaluation below).
Market escrow: 1.14B
Contracts: 0M
Investments: 0M
Total: 4.9B
Assets
POS structures: 11M
Fleet / ships: 3.71B (unfitted)
Modules: 2.08B
Misc. solid assets; minerals, salvage, ice and trade goods etc.: 53M
Blueprint copies and originals: 6M
Other: About 0M
Ordered assets under construction: 0M
Total: 5.86B
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Estimated grand total: 10.76 Billion ISK
(To be continued...)
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Auditing & consulting
When looking for investors, please read
http://tinyurl.com/n5ys4h + http://tinyurl.com/lrg4oz
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Vaerah Vahrokha
Minmatar
Vahrokh Consulting
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Posted - 2010.10.08 18:01:00 -
[6]
Risks
The estimated largest risks of failure, in decreasing order, involve: player stopping to play for any reason, scam, loss of collateral due to any issue involving the Holder.
Last but some will not want to exclude it, there's a possibility the Investee is organizing some fireworks scam a la Bad Bobby, where he boldly proclaims how people invested even when his name really gave it out.
The Auditor could not find objective and irrefutable proofs to disprove this suspicion, despite the Investee would have explanations for it.
Conclusions
Due to the partial collateral, RL exit strategy, and inherent risk at trading, the Auditor classifies this investment as medium to high risk. Notice how "high risk" is not a negative judgement on the business plan or kind but a statement about possibility of losses being real.
The Investee seems competent (skills wise and player wise) enough to deliver on his statements, his business is in a growth phase, he's has API records showing he's currently operating as he stated.
The Investee looks like being able to deal with PvP conditions as well, the PvP character record is quite good.
Basically, the Investee looks like with the ability to successfully honor the bond. Notice how an audit can only evaluate the ability or potential of an Investee to succesfully honor a bond / IPO.
The Auditor suggests perspective Investors NOT to invest their full capital on this venture but to offer what they could eventually afford to lose.
Disclaimers
Due to stringent EvE API limitations, although the information provided to you on this document is obtained or compiled from sources believed to be reliable, Vahrokh Consulting cannot and does not guarantee the accuracy, validity, timeliness, or completeness of any information or data made available to you for any particular purpose.
Neither the information nor any opinion contained in this document constitutes a solicitation or offer by Vahrokh Consulting or its affiliates to buy or sell any securities, assets or services.
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Auditing & consulting
When looking for investors, please read
http://tinyurl.com/n5ys4h + http://tinyurl.com/lrg4oz
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49473
Jita Trade and Research Institute
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Posted - 2010.10.08 18:16:00 -
[7]
1.5b
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RAW23
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Posted - 2010.10.08 18:47:00 -
[8]
Edited by: RAW23 on 08/10/2010 18:50:08
Edited by: RAW23 on 08/10/2010 18:48:39
Sorry if I missed the details but what is the collateral and who is holding it?
Also, could you explain a little about why you chose this rather complicated structure for the payouts?
Edit - Ok, saw the answers to questions 2 and 3 on a second read through but still didn't spot what the collateral is.
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Horstulane
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Posted - 2010.10.08 19:15:00 -
[9]
I would like to reserve 25 shares (I know, smalltime)
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Stealing Honest
Stealing Honest Speculation Group LLC
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Posted - 2010.10.08 19:48:00 -
[10]
 Originally by: Horstulane
I would like to reserve 25 shares (I know, smalltime)
I will mark you down. Thanks
Raw - The collateral will be BPO's and should be in place in a few minutes.
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Vaerah Vahrokha
Minmatar
Vahrokh Consulting
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Posted - 2010.10.08 20:30:00 -
[11]
Confirming I received collateral for a total value of about 2.3B
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Auditing & consulting
When looking for investors, please read
http://tinyurl.com/n5ys4h + http://tinyurl.com/lrg4oz
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Banque
Lonely Pear Inc.
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Posted - 2010.10.08 22:05:00 -
[12]
I will take the maximum of 200 Shares please
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49473
Jita Trade and Research Institute
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Posted - 2010.10.08 22:06:00 -
[13]
I will take the maximum of 200 Shares please
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Calypsa Aeurelieus
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Posted - 2010.10.08 23:00:00 -
[14]
I'll take 50 Shares.
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Krathos Morpheus
Legion Infernal
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Posted - 2010.10.08 23:27:00 -
[15]
200 shares
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Breaker77
Gallente
Reclamation Industries
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Posted - 2010.10.09 02:14:00 -
[16]
I'll take 200 shares as well, let me know when to send ISK
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Luxotor
Minmatar
Sankkasen Mining Conglomerate
On the Rocks
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Posted - 2010.10.09 04:06:00 -
[17]
Edited by: Luxotor on 09/10/2010 04:16:08
I'll take 100 shares.
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Make lowsec useful! |
Gamarabi
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Posted - 2010.10.09 05:39:00 -
[18]
I would like to purchase 9 Shares if there are any remaining.
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Valandril
Caldari
Ex-Mortis
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Posted - 2010.10.09 06:45:00 -
[19]
put in me in for 33
Recruit me if you dare |
Vaerah Vahrokha
Minmatar
Vahrokh Consulting
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Posted - 2010.10.09 08:14:00 -
[20]
For those wondering about replies, SH lives in some odd timezone so he'll take a bit to reply.
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Auditing & consulting
When looking for investors, please read
http://tinyurl.com/n5ys4h + http://tinyurl.com/lrg4oz
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Valandril
Caldari
Ex-Mortis
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Posted - 2010.10.09 08:28:00 -
[21]
Originally by: Vaerah Vahrokha
For those wondering about replies, SH lives in some odd timezone so he'll take a bit to reply.
How odd timezone is that ? :D
Oh btw you should post your reports in PDF and then just link them, makes em nicer and easier to read.
Recruit me if you dare |
Vaerah Vahrokha
Minmatar
Vahrokh Consulting
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Posted - 2010.10.09 08:43:00 -
[22]
Originally by: Valandril
Originally by: Vaerah Vahrokha
For those wondering about replies, SH lives in some odd timezone so he'll take a bit to reply.
How odd timezone is that ? :D
Oh btw you should post your reports in PDF and then just link them, makes em nicer and easier to read.
1) I hope you will appreciate how I am not authorized to disclose RL exact information about anyone and most of all my Clients.
2) Linked PDF would be easily tampered with, while inline content is (almost) immediately engraved forever on Eve-Search and becomes "staying written proof".
3) If you have further questions please contact me in game, this is not my thread.
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Auditing & consulting
When looking for investors, please read
http://tinyurl.com/n5ys4h + http://tinyurl.com/lrg4oz
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Stealing Honest
Stealing Honest Speculation Group LLC
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Posted - 2010.10.09 13:43:00 -
[23]
Originally by: Valandril
put in me in for 33
There are only 10 shares left, if you want them. I placed you on the list for them.
SH
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Valandril
Caldari
Ex-Mortis
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Posted - 2010.10.09 13:44:00 -
[24]
Originally by: Stealing Honest
Originally by: Valandril
put in me in for 33
There are only 10 shares left, if you want them. I placed you on the list for them.
SH
sure
Recruit me if you dare |
Stealing Honest
Stealing Honest Speculation Group LLC
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Posted - 2010.10.09 13:52:00 -
[25]
Ok this bond reserve is full.
All investors can now send their isk to ME. I will update when all isk is recieved and launch the bond.
Thank You
SH
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Stealing Honest
Stealing Honest Speculation Group LLC
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Posted - 2010.10.09 14:00:00 -
[26]
Edited by: Stealing Honest on 09/10/2010 14:02:24
Dear Investors.
Please remove CSPA charges on your contacts with SHSG staff, as these costs add up over time.
Thank you
SH
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Calypsa Aeurelieus
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Posted - 2010.10.09 17:08:00 -
[27]
ISK Sent. 150m
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Breaker77
Gallente
Reclamation Industries
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Posted - 2010.10.09 20:16:00 -
[28]
600 mil ISK sent
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Luxotor
Minmatar
Sankkasen Mining Conglomerate
On the Rocks
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Posted - 2010.10.09 20:24:00 -
[29]
300m ISK sent.
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Make lowsec useful! |
Stealing Honest
Stealing Honest Speculation Group LLC
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Posted - 2010.10.10 10:06:00 -
[30]
Updated list.
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