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Preliminary Audit result for the UEMA

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Heikki Gallente Wreckless Abandon	Posted - 2006.08.17 06:37:00 - [31] Originally by: Nobues Yes This is my main aso .. Same old tricks I always, eh? I would like to use this opportunity to restate my belief and claim that you (Nobues/Hansoloo) is also the player behind (Nonou/Kamourses), who was the confirmed scammer in the United Council IPO back in March. - United Council sale and report threads, including my claim that Nobues is Nonou Very strangely, I feel happy that it is EIB possessing the investors assets, instead of this already known small scale scammer.. -Lasse
Barbicane The Gun Club	Posted - 2006.08.17 06:47:00 - [32] Originally by: Kal D'vogh Originally by: Dark Shikari Edited by: Dark Shikari on 16/08/2006 19:11:23 I can see your predicament, Kal. Mung could try using alts and friends to get payment for his shares. Either way this is a possible problem. Edit: You say you will let three members of the public in to "audit the books" with Junior Accountant role. Is it possible for either me or EMFI to get that role to check out Mung's supposed thieving? Yes I will allow both of you access. Wouldn't it be better to allow someone who has not been involved in this scandal do the audit? EMFI is already knee deep in the water and DS is way too close to EMFI to be labeled neutral. I nominate: Heikki Kitty O'Shay Omber Zombie ...in that order. No idea if they are up for it though.
Heikki Gallente Wreckless Abandon	Posted - 2006.08.17 07:36:00 - [33] Originally by: Barbicane Wouldn't it be better to allow someone who has not been involved in this scandal do the audit? I reckon it might be difficult to find someone who is not 'involved'. Personally I am already rather prejudiced against both Mung Lore and Cally/Kal, which might affect my ability to see all the aspects. Then again, although both EMFI and DS are somewhat involved, I do believe they hold their reputation in far higher value than potential assets involved. Hence they do have interest to come out of this clean, and thus make rather good and trusted auditors. -Lasse slighly flattered
Nobues Supero Omnia	Posted - 2006.08.17 08:34:00 - [34] Edited by: Nobues on 17/08/2006 08:39:09 Originally by: Heikki Originally by: Nobues Yes This is my main aso .. Same old tricks I always, eh? I would like to use this opportunity to restate my belief and claim that you (Nobues/Hansoloo) is also the player behind (Nonou/Kamourses), who was the confirmed scammer in the United Council IPO back in March. - United Council sale and report threads, including my claim that Nobues is Nonou Very strangely, I feel happy that it is EIB possessing the investors assets, instead of this already known small scale scammer.. -Lasse I said back then and I'm saying now, yes I did knew Noonou I but after that scam he droped off the face of the earth. I lost about 400mil in that scam, and if my wallet went back that far I would show you.
Pete Wilson Gallente Center for Advanced Studies	Posted - 2006.08.17 10:51:00 - [35] Edited by: Pete Wilson on 17/08/2006 10:51:52 Originally by: Nobues Edited by: Nobues on 17/08/2006 08:39:09 Originally by: Heikki Originally by: Nobues Yes This is my main aso .. Same old tricks I always, eh? I would like to use this opportunity to restate my belief and claim that you (Nobues/Hansoloo) is also the player behind (Nonou/Kamourses), who was the confirmed scammer in the United Council IPO back in March. - United Council sale and report threads, including my claim that Nobues is Nonou Very strangely, I feel happy that it is EIB possessing the investors assets, instead of this already known small scale scammer.. -Lasse I said back then and I'm saying now, yes I did knew Noonou I but after that scam he droped off the face of the earth. I lost about 400mil in that scam, and if my wallet went back that far I would show you. LOL! After reading those links provided by Heikki, the games' up pal Just admit you've used numerous characters and alts to pull off your scams and now that you've been scammed yourself by the very same alt tactics used by Kal/Cally its poetic justice imho. But don't worry, scammers always make mistakes and tell one lie too many sooner or later, so I have no doubts that the same fate awaits Kal/Cally when people finally wake up.... yarrr!
Omber Zombie Gallente Frontier Technologies	Posted - 2006.08.17 12:49:00 - [36] Originally by: Barbicane I nominate: Heikki Kitty O'Shay Omber Zombie no thanks ----------------------
Argenton Sayvers	Posted - 2006.08.17 13:11:00 - [37] Originally by: Omber Zombie Originally by: Barbicane I nominate: Heikki Kitty O'Shay Omber Zombie no thanks This is undeniable proof that OZ killed JFK.
Dark Shikari Caldari Imperium Technologies Firmus Ixion	Posted - 2006.08.17 13:12:00 - [38] Edited by: Dark Shikari on 17/08/2006 13:14:29 Originally by: Heikki Originally by: Barbicane Wouldn't it be better to allow someone who has not been involved in this scandal do the audit? I reckon it might be difficult to find someone who is not 'involved'. Personally I am already rather prejudiced against both Mung Lore and Cally/Kal, which might affect my ability to see all the aspects. Then again, although both EMFI and DS are somewhat involved, I do believe they hold their reputation in far higher value than potential assets involved. Hence they do have interest to come out of this clean, and thus make rather good and trusted auditors. While I am "involved" and EMFI has consulted with me during this, I have stated before that I have very little stake in EIB and even less in UEMA. The only stake I have is through my 900,000 EMFI shares, and EMFI has already undervalued both sets of shares to ensure losses in the case of anything bad happening are minimal. In other words, I have no worries: I trust EMFI here. I'll contact Kal with an alt of mine to get it into the corp. If Kal approves I can provide screenshots of what he claims. --[23] Member-- Originally by: DB Preacher The only time BoB's backs are to the wall is when Backdoor Bandit is in local.
Omber Zombie Gallente Frontier Technologies	Posted - 2006.08.17 13:57:00 - [39] Originally by: Argenton Sayvers Originally by: Omber Zombie Originally by: Barbicane I nominate: Heikki Kitty O'Shay Omber Zombie no thanks This is undeniable proof that OZ killed JFK. That's a damn lie, I was just eating a sandwich on the grassy noll, and my thermos was steaming. It wasn't smoke. ----------------------
Taurequis Waylander 01	Posted - 2006.08.17 14:00:00 - [40] Originally by: Omber Zombie Originally by: Argenton Sayvers Originally by: Omber Zombie Originally by: Barbicane I nominate: Heikki Kitty O'Shay Omber Zombie no thanks This is undeniable proof that OZ killed JFK. That's a damn lie, I was just eating a sandwich on the grassy noll, and my thermos was steaming. It wasn't smoke. Hmm.... What type of sandwich? Taur
Kal D'vogh	Posted - 2006.08.17 14:21:00 - [41] Originally by: EMFi Manager Kal, could you please also include the balance of UEMA bank account with EIB in the audit result? Regards, From the list of investors that obtained UEMA shares through the EIB it appears that there was an initial 7000 shares sold and a further 5000 available. Not all the 5000 sold however, infact less than 1500 were sold from the second share phase to the public. That brings the total of 8.5 billion public investment. What has annoyed me is that it appears the UEMA was given more than 8.5 billion during its operational state. There was obviously the blueprint purchase handled on our part, and then 1 billion issued for working capital prior to launch and a further 1 billion allowed for the UEMA float after launch. There is also numerous requests for finance on the UEMA part of which Cally seems to have authorised despite there not being enough capital raised from the share purchases. In effect, UEMA has loaned isk from the EIB and used the shares we hold as collateral. All through the UEMA operational stage, Mung has not made one deposit to the UEMA corporate account with the EIB. Therefore its corporate account balance with us is 0.00 isk (and technically UEMA is in debt to the EIB). The only money that has come back from the UEMA was from the dividends EIB recieved whilst holding shares which just about cover the charges levvied to the UEMA for the insurance contract. In my opinion, Mung was attempting to scam his investors by leaving the EIB contract. The contract and conditions we had put in place meant that it was impossible for him to make a worthwhile score. He saw the recent troubles EIB had and used the opportunity to cast his vote on leaving EIB moderation because it was ample time to bring the topic up. Apart from the fact that Mung is a scammer, another key fact has been proven here and it is that the insurance contract the EIB offers for IPO's does work and works very well. The insurance contract has prevented the theft of more than 8.5 billion isk, and possibly more since I believe that when Mung aquired the shares they would find their way onto EGSEx and proceeds would have gone directly to Mung. Therefore this insurance contract we offered prevented the possible theft of upto 30 billion isk from the public. I think we should be applauded for this service despite recent events. Although investors may not see 100% of their investment back, they are atleast going to get most of it back in the event of UEMA liquidation.
Banni Vinda EnfuRia Confederation of Independent Corporations	Posted - 2006.08.17 14:33:00 - [42] Originally by: Kal D'vogh Apart from the fact that Mung is a scammer, another key fact has been proven here and it is that the insurance contract the EIB offers for IPO's does work and works very well. The insurance contract has prevented the theft of more than 8.5 billion isk, and possibly more since I believe that when Mung aquired the shares they would find their way onto EGSEx and proceeds would have gone directly to Mung. Therefore this insurance contract we offered prevented the possible theft of upto 30 billion isk from the public. I think we should be applauded for this service despite recent events. Although investors may not see 100% of their investment back, they are atleast going to get most of it back in the event of UEMA liquidation. I'll hold back applauding the service until I'm happy I'll get back my 75% according to the contract, for the shares I hold. You say that not every shareholder will receive compensation for this if Mung does not return the shares he holds. So how does your contract protect me in this case? If my shares will not be compensated, then I call your insurance contract worthless.
Caroglac Amarr The Arrow Project The ARR0W Project	Posted - 2006.08.17 14:45:00 - [43] Kal, Please contact me ingame I have some investments that I need to talk to someone in authority about aswell as a zydrine delivery contract thats up in the air... xendraii has been unable to help me since tuesday due to lack of cash in her float... please help :) thanks Calgorac - Caroglac - Lacgarco
Kal D'vogh	Posted - 2006.08.17 14:50:00 - [44] Originally by: Banni Vinda I'll hold back applauding the service until I'm happy I'll get back my 75% according to the contract, for the shares I hold. You say that not every shareholder will receive compensation for this if Mung does not return the shares he holds. So how does your contract protect me in this case? If my shares will not be compensated, then I call your insurance contract worthless. First of all we have not decided wether we will liquidate the UEMA. We have 2 options. Option 1 is to purchase the shares in our possession to grant UEMA working capital and then restructure it. Option 2 liquidate it. In the event of option 2, we will do our best to ensure all investors in the UEMA are reimbursed. The problem we have is Mung Lore still holds 3000 shares and should we just offer an outright purchase on shares to anybody he is going to obtain a futher 3 billion through us by using alts or friends to sell them back to us. The only way forward should a liquidation occur is we first buy the shares from investors who purchased them through the EIB. This was one of the reasons why a condition in the contract insisted we handled all share sales. If shares have changed hands we would have to trace the new owner of them, so you can see this process is very difficult but do-able. As I said before if Mung returns the 3000 shares, reimbursing all investors will not be a problem. However we will do our best to ensure all investors get the minimum 75% reimbursement should he fail to return them if liquidation occurs.
Banni Vinda EnfuRia Confederation of Independent Corporations	Posted - 2006.08.17 14:52:00 - [45] Fair enough. I await the outcome with interest
Helmut 314 Amarr J.H.E.N.R Pure.	Posted - 2006.08.17 15:02:00 - [46] The funniest part of this continuing saga is that none of the entities involved have published a single figure or screenshot that supports their case either way. ________________________________ Trying is the first step of failure - Homer J Simpson
Kal D'vogh	Posted - 2006.08.17 15:05:00 - [47] Originally by: Caroglac Kal, Please contact me ingame I have some investments that I need to talk to someone in authority about aswell as a zydrine delivery contract thats up in the air... xendraii has been unable to help me since tuesday due to lack of cash in her float... please help :) thanks Calgorac - Caroglac - Lacgarco I apologise but the problem I am facing is liquidating buy and sell orders that I have. Its a slow process and can take upto 1 month to fully liquidate 60 billion isk worth of assets without having a loss on the purchases. The majority of the capital I have is assets so I am sending it through to Xendraii as I have it. I will be sending him a few billion today so you can contact him then. I will be rejecting ingame convo's as I have alot of problems to sort out that came up from Cally's disapearance so if you would like to speak to me please email at [email protected]
Kal D'vogh	Posted - 2006.08.17 15:24:00 - [48] Originally by: Helmut 314 The funniest part of this continuing saga is that none of the entities involved have published a single figure or screenshot that supports their case either way. The EIB blog I have posted screenshots on the EIB blog. Take a look for yourself. I will also be allowing 3 members of the public access to UEMA to see for themselves incase you think these screenshots are doctored.
Dark Shikari Caldari Imperium Technologies Firmus Ixion	Posted - 2006.08.17 15:27:00 - [49] For a long while I predicted that in any case that game mechanics (such as EIB's insurance policy) made it impossible for someone to simply run off with a corp's assets, people would try to commit fraud by skimming the wallet and falsifying the books. To be honest... it isn't very surprising that this has happened. On the other hand, without EIB's insurance, I doubt it would have taken this long for Mung to run off with the cash. --[23] Member-- Originally by: DB Preacher The only time BoB's backs are to the wall is when Backdoor Bandit is in local.
JP Moregain Gallente Moregain Guaranty Trust	Posted - 2006.08.17 15:31:00 - [50] Originally by: Dark Shikari For a long while I predicted that in any case that game mechanics (such as EIB's insurance policy) made it impossible for someone to simply run off with a corp's assets, people would try to commit fraud by skimming the wallet and falsifying the books. I agree 100%, and the CROTCH is not enough...(was that a James Bond movie or something?) JP "In JP We Trust, All Others Require Collateral..."
Jaeger Orlofsson VentureCorp CORE.	Posted - 2006.08.17 15:38:00 - [51] Originally by: Kal D'vogh Originally by: Banni Vinda I'll hold back applauding the service until I'm happy I'll get back my 75% according to the contract, for the shares I hold. You say that not every shareholder will receive compensation for this if Mung does not return the shares he holds. So how does your contract protect me in this case? If my shares will not be compensated, then I call your insurance contract worthless. First of all we have not decided wether we will liquidate the UEMA. We have 2 options. Option 1 is to purchase the shares in our possession to grant UEMA working capital and then restructure it. Option 2 liquidate it. In the event of option 2, we will do our best to ensure all investors in the UEMA are reimbursed. The problem we have is Mung Lore still holds 3000 shares and should we just offer an outright purchase on shares to anybody he is going to obtain a futher 3 billion through us by using alts or friends to sell them back to us. The only way forward should a liquidation occur is we first buy the shares from investors who purchased them through the EIB. This was one of the reasons why a condition in the contract insisted we handled all share sales. If shares have changed hands we would have to trace the new owner of them, so you can see this process is very difficult but do-able. As I said before if Mung returns the 3000 shares, reimbursing all investors will not be a problem. However we will do our best to ensure all investors get the minimum 75% reimbursement should he fail to return them if liquidation occurs. Do you have a timescale for this? I've been in this situation before where the 'liquidation' never happened completely (GPSx).
Kal D'vogh	Posted - 2006.08.17 15:44:00 - [52] As I said we may not liquidate the UEMA. The EIB stands to make a loss of a few billion should we lquidate UEMA, and I would prefer not to have to go down that road. If I feel I can revive it and ensure investors get better dividend rates then previously, then I will purchase the share in the EIB possession to inject a cashflow to UEMA and restructure it. I will have a decision in one weeks time.
Jaeger Orlofsson VentureCorp CORE.	Posted - 2006.08.17 16:09:00 - [53] Thanks for the clarification Kal.
Omber Zombie Gallente Frontier Technologies	Posted - 2006.08.17 16:19:00 - [54] Can I ask a couple of questions regarding your valuation of the corp: 1. Can we have a breakdown in values for those bpo's (what was paid for them)? 2. Can we have a breakdown in values for the items in the delivery hanger (the dpl 2's are worth roughly 250k each) After that, if I were to offer to buy out the shares remaining owned by the EIB, in the interest of restructuring andrunning the corp, how much would I have to pay for those shares? thanks, oz ----------------------
SonOfAGhost Minmatar Republic Military School	Posted - 2006.08.17 16:40:00 - [55] There's a number of wallet entries for manufacturing jobs recently. Are there additional blueprints and resources/finished product to be accounted for under the Science & Industry window? Never having been in a player corp I don't know, can a player other than the one running the jobs see that?
JP Moregain Gallente Moregain Guaranty Trust	Posted - 2006.08.17 16:48:00 - [56] Edited by: JP Moregain on 17/08/2006 16:48:43 Originally by: EMFi Manager Kal, could you please also include the balance of UEMA bank account with EIB in the audit result? Regards, Just wondering if this has been addressed somewhere and I am missing it in my old age JP fumbles around for some Ben Franklin looking glasses, since he refuses to use the 'newfangled' ocular enhancements... "In JP We Trust, All Others Require Collateral..."
Barbicane The Gun Club	Posted - 2006.08.17 17:10:00 - [57] Originally by: SonOfAGhost There's a number of wallet entries for manufacturing jobs recently. Are there additional blueprints and resources/finished product to be accounted for under the Science & Industry window? Never having been in a player corp I don't know, can a player other than the one running the jobs see that? Yes, it can be seen from the industry window. Well spotted. It would also be interesting to see the "Corp Orders" tab of the market window since we can see that Mung is selling something on the market (presumably t2 DLP lasers?). Those entries wouldn't be in the corp wallet unless the sales were done on behalf of the corp. Unfortunately the exact details of what was sold will only appear in Mung Lore's personal wallet. That's a known bug. But if the sell orders are still active they will be visible in EIB OfficialUEMO's market window.
Kenz Rider	Posted - 2006.08.17 17:12:00 - [58] I for one have no ***** clue what the is going on. Please state: 1) Capital disbursed to UEMA 2) Capital disbursed by UEMA to shareholders 3) Retained earnings (you may not know, which is your ***** fault) 4) Capital at end of period These are the only quantities that matter for your audit, anything else is storytelling.
JP Moregain Gallente Moregain Guaranty Trust	Posted - 2006.08.17 17:24:00 - [59] Some additional questions. 1) If one reads back a few months ago to the early post you can find that Mung uses the words "give" and "donate" versus borrow or lend in reference to said 3 big expensive BPO's http://oldforums.eveonline.com/?a=topic&threadID=359851&page=1#1 So help me understand why they should not be considered assets of the shareholders donated to help increase the value of the IPO? 2) If one looks back to the original EIB insurance contract as posted here: http://oldforums.eveonline.com/?a=topic&threadID=353390&page=1#3 There is no "option 1" as is being described by Kal in the OP of this thread. My question is: is option 1 just something that the insured shareholders can take if they want it, or do you plan on possibly forcing it if that appears to be better from EIB's standpoint. If the latter is true, please help me understand how you are not refuting your insurance contract. Thanks for your time and best regards, JP "In JP We Trust, All Others Require Collateral..."
Barbicane The Gun Club	Posted - 2006.08.17 17:49:00 - [60] Originally by: Heikki Originally by: Barbicane Wouldn't it be better to allow someone who has not been involved in this scandal do the audit? I reckon it might be difficult to find someone who is not 'involved'. Personally I am already rather prejudiced against both Mung Lore and Cally/Kal, which might affect my ability to see all the aspects. Then again, although both EMFI and DS are somewhat involved, I do believe they hold their reputation in far higher value than potential assets involved. Hence they do have interest to come out of this clean, and thus make rather good and trusted auditors. -Lasse slighly flattered The fact that you are both anti-EIB and anti-UEMA is one reason why I think you'd make a good auditor. In my opinion, that's about as neutral as it gets. I don't mind Dark Shikari doing an audit. I also believe he would try his best to be objective but so far he has seemed to be slightly in favor of EIB and I think that could reflect on what he subconciously chooses to focus on.

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