Chris Smith
   |
Posted - 2007.05.07 01:12:00 -
[1]
 Originally by: Verite Rendition
Originally by: TornSoul
Originally by: Verite Rendition
I trusted you as the custodian of my money, I want to know how you think it's acceptable to lose 30% of the capital and still charge a management fee. I want you to be held responsible, because quite frankly you're doing everything you can to avoid it.
Oh, and how much money have you lost from this whole thing? Do you hold any shares that are still underwater like the rest of us, or are you in a position that you're shareless and just enjoying the nice payoff that is your management fee? If you don't have any risk in this operation, then you're not acting in the best interests of the rest of us who do.
Firstly - It took an enourmous amount of shareholder preassure before I even agreed to use t2 BPO's as collateral.
There has been many ups and downs in the T2 BPO market...
I really really really didnt want to do it - It's just so damn risky.
But I did it, and the risk hit us right smack in the face.
We ourself have a good sized share amount. At a guess I'd think we are in the top 5 of major shareholders. So yes this influences us as well.
I don't seem to recall being asked if the BMBE should loan out 30bil for 2 Skiff BPOs, this would be a management situation. The fact of the matter is that given that you were holding not 1 but 2 at the time indicates to me that at the time someone had to have an idea that Skiffs were being devalued (though I think anyone with an ounce of  in them should have seen that as being inevitable). How is it that you guys were so unaware of the nerf?
When we as shareholders approved T2 loans, we had an expectation that you'd use due diligence in making out loans against them. From my POV, it doesn't appear that BMBE used such diligence in making these loans, and I want to know why.
Oh, and thank you for answering the share question. I'd still like to know however how your management fees relate to what you've lost (i.e. have your management fees shielded you from taking the full brunt of this loss?).
Proton POwers Alt - I dont think its fair to say its TS's fault and they should take the 30bil loss. Many IPO's have lost isk doing stupid things including PCT and never once did it come out of my isk. If CCP loses money this year, its employee's still get paid if they did the work. Period.
|