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Nyphur
Pillowsoft
   |
Posted - 2008.01.20 22:44:00 -
[1]
Hey guys.
I'm afraid I'm going to have to let a lot of people down today but before any of you panic, your investment isk is safe. I'm going to let down some of my corpmates that want good 0.0 access and have big plans for the future. I'm going to have to let down some of the friends I've made in Eve and the corps that have stuck by Pillowsoft while we gallavanted around 0.0 as "Total Comfort" alliance.
Worst of all and the thing I regret the most is that I'm going to have to let down some of my investors. I do hope that most of my investors so far have had a great experience, have watched their isk grow and won't mind what I'm about to do. The people who had hoped investing in me would last longer than it has will be disappointed.
The Problem:
I have been having issues with stress and anxiety over the past six months and this January it reached its peak as I had university exams on top of my mounting responsibilities in Eve. Running an alliance, being responsible for corpmates and other corps, having to play eve regularly and worry about how my markets etc are doing constantly all added to it. The alliance responsibilities have been eliminated and it has helped but I have to do more.
For the sake of my mental health, I am going to be taking a bit of a break from Eve but more importantly I'm going to completely get rid of all of my in-game time-based responsibilities. Eve has turned into a job for me and I've finally started to burn out on it. I am officially closing down both of my investment schemes. All of the corporate assets of both PIF and PSRS will be liquidated and the isk returned to investors at the original IPO price, as stated in the exit strategies.
The Future:
A large number of previous investment opportunity owners have reached the point that I am now at, where they are mentally burned out on their scheme and would like to stop. For some that means pulling a massive scam and running off with all the public isk but for those of us with integrity, it means liquidating fairly and paying out all of the isk originally invested back to the shareholders.
I pride myself on my integrity and trustworthiness and I am gratified that the eve community has trusted me with 60,000,000,000 isk on nothing but my good name and a promise. I will be paying all invested isk vack to investors as stated in the exit strategies of PSRS and PIF. Thank you all for investing, it has been excellent.
Dividends will cease immediately while liquidation plans are put into action. There now follows details on how liquidation will occur.
Pillowsoft Investment fund (PIF):
IPO Thread: http://oldforums.eveonline.com/?a=topic&threadID=510513&page=1#2
As stated in the Exit Strategy:
 Quote:
In the event of the following list of things occuring, liquidation will occur ahead of schedule:
- I cannot play eve any more for any reason.
- The markets I am trading in crash horribly and suitable replacement markets to trade in cannot be found.
- The total capital employed by myself and my corp falls to below 25b for some ungodly reason.
I am involking the first condition in that list. I can no longer play eve to a schedule due to health concerns.
Assets to liquidate:
To ensure that shutdown and liquidation of PIF goes smoothly, the inventory listing of assets will not be disclosed until after the liquidation payment goes out. I do have a full itemised list and will post it after liquidation. The total assets retrieved from liquidation will be 20b, providing a 100% return of invested capital.
Liquidation schedule:
The entire point of liquidating for me is to get rid of such imposing schedules that force me to play Eve for a certain amount of the week. To that end, I will not promise a deadline for liquidation but as liquidation values used are close to market buy order prices, I'm confident that it will take no more than one or two months in total (by Feb 29th to March 31st).
Eve-Tanking.com - We're sorry, something happened. |
Nyphur
Pillowsoft
|
Posted - 2008.01.20 22:45:00 -
[2]
Pillowsoft Secure Return Shares (PSRS):
IPO Thread: http://oldforums.eveonline.com/?a=topic&threadID=510513&page=1#2
As stated in the Exit Strategy:
Quote:
In the event of the following list of things occuring, liquidation will occur:
- I cannot play eve any more for any reason.
- The markets I am trading in crash horribly.
The exit strategy itself will be a standard liquidation and return of invested capital at the issue price. The BPOs will be sold off for at least 20 billion isk each (at ME 1) and that isk will be paid out to investors as each sale is concluded. Once all four are sold, the shares will be declared inert and the business declared bankrupt. The corporation will be shut down to prevent confusion.
Both of these conditions have now come true and liquidation will proceed as scheduled, with the slight modification that the BPOs will not be able to sell for 20b each since the market for motherships has collapsed. Copying will cease after the current cycle and the bpos will be prepared for sale.
Assets to liquidate:
Nyx BPO ME 1 18.5b (estimated sale price)
Aeon BPO ME 2 17b (estimated sale price)
The POS used to copy the BPOs are considered personal property and were not funded with IPO isk. Also, stating what types and sizes were used may cause risk and so they are not listed here.
Stock: 1 nyx bpc 1.4b (availible 5th feb)
Total: 36.9
As the project started out with 40b, even selling at these prices leaves a projected loss of 3.1b, which is 7.75% down on the invested capital. It is unfortunate that this loss has to be passed onto investors but the Exit Plan never covered depreciation of assets and simply states that the bpos will be sold and that isk paid out to investors. It is assumed that every investor knows the risks of investing. To date, PSRS has made payments totalling 13.2 billion isk, which is about a 33% dividend on invested isk. Those of you who bought in at the start and held onto your shares will be cashing out having made 25% on your isk even though the business itself failed.
Liquidation schedule:
Given the very solid nature of the assets being liquidated, I cannot promise a schedule. In order to expediate matters so that your isk isn't sitting idle for too long, I have valued the bpos at only a touch above npc prices and will accept offers at the price above instantly. Anyone willing to help with liquidation by buying them and reselling for a profit is welcome to do so.
Because of the fact that I have dropped 3.1b of investor money on PSRS scheme, I would like to encourage investors to hold onto their shares. Despite what people think, my personal isk is very limited but some day, just maybe, if I come into a large packet of isk somehow.. I might make a final make-up dividend. No promises, though.
Eve-Tanking.com - We're sorry, something happened. |
Nyphur
Pillowsoft
|
Posted - 2008.01.20 22:46:00 -
[3]
Final thoughts
Although I'm sad to be closing up shop, this is a game at the end of the day and real life ALWAYS takes priority. Over the past few years, I've gotten deeper and deeper into Eve and taken on more and more responsibility. I've gone from worrying about corpmates having fun to worrying about alliancemates having fun, I've gone from one account to three and I've gone from being responsible for my own isk to being responsible for 60b of investor isk.
Somewhere along the line, I gave up my independence from the game - I couldn't just stop playing for a week or a lot of other players would suffer. This is not something I am prepared to let happen any more. For the next year at least, I need to be free from responsibility in Eve. Might I come back a year from now and run another IPO? Maybe, but I am not going to plan for it. If I do, I will use the experiences I've accumulated running PIF and PSRS to plan properly and ensure I am not running things solo so it doesn't become a burden.
I would like to say that the PIF business performed excellently despite having to run the entire thing singlehandedly when my corpmates stopped helping and that if someone would like to purchase the business plan and spreadsheets I used for it and even the assets and locations, I'm sure we could work something out. Otherwise I will gladly make it public. I will be availible for third-party trustee duty if someone needs me to do it (Chribba could do with some competition) and I'll definitely offer my expertise in running IPOs etc as a consultant if someone needs help. Just don't expect me to want any responsibilities for about the next year.
Just 1-2 more months and all my Eve responsibilities will be settled. Then I can relax  .
Eve-Tanking.com - We're sorry, something happened. |
Ramblin Man
Empyreum
|
Posted - 2008.01.20 22:53:00 -
[4]
O7
I know how hard finals and EVE can be, and you've done it with far more commitments than I have. Here's hoping life in general becomes more enjoyable for you. Ša= a= hei=ra!
Welcome to the dark side old friend. .Shar
Where we hate people through words. |
Nyphur
Pillowsoft
|
Posted - 2008.01.20 22:54:00 -
[5]
Originally by: Ramblin Man
O7
I know how hard finals and EVE can be, and you've done it with far more commitments than I have. Here's hoping life in general becomes more enjoyable for you. Ša= a= hei=ra!
Thanks man. I'm entering the second semester of my third year in university, which is my second last year. The next year is my final year and I don't want it messed up at all by dependence on a game.
Eve-Tanking.com - We're sorry, something happened. |
Vie Victus
Gadrel Heavy Industries
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Posted - 2008.01.20 22:57:00 -
[6]
I am in the market for some POSs and modules. If you wish, please send me an evemail with what you have available and I'll make you an offer.
Thanks!
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Auri Hella
Anqara Industries
Blue Sky Consortium
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Posted - 2008.01.20 23:28:00 -
[7]
I'm a bit sad to see you go, PIF was one of those investments that everybody wants to have, stable as a rock. I'll miss the wallet blink every month.
Having said that, life takes precedence over any game. I hope you find the peace and quiet you're looking for. Good luck.
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Brisco Smiley
Peppermint Bay Trading Company
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Posted - 2008.01.20 23:43:00 -
[8]
I'm sure the experience will serve you well in all your endeavors. Good luck finding the fun again.
o7
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Whiskey Smokes
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Posted - 2008.01.20 23:47:00 -
[9]
I'm not an investor but in the power of being human I'd just like to say that I appreciate you being open about the ingame stress and how it affects real life. I hope you'll get some good times ahead of you now, and wish you the best.
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Kaede Frost
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Posted - 2008.01.21 00:03:00 -
[10]
You have been a trusted and well respected member of the community for a long time.
Best of luck with the future.
Join the In-game lottery mailing list: "Kaede Lottery" to keep uptodate on the latest lottery. |
Xharky
X-238
|
Posted - 2008.01.21 00:09:00 -
[11]
Good luck with your exams.
o/
--------------------
<&Hammerhead> Observator results make pretty good safe spots |
Klavayne
Free Mercenaries Union
FreeFall Securities
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Posted - 2008.01.21 00:40:00 -
[12]
Originally by: Nyphur
Because of the fact that I have dropped 3.1b of investor money on PSRS scheme, I would like to encourage investors to hold onto their shares. Despite what people think, my personal isk is very limited but some day, just maybe, if I come into a large packet of isk somehow.. I might make a final make-up dividend. No promises, though.
Not an investor in PSRS anymore, but that paragraph alone speaks volumes about your character and integrity (good thing of course). Shame to see these close down but it cant be helped. Good luck.
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Hexxx
Minmatar
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Posted - 2008.01.21 01:41:00 -
[13]
I faced a similiar situation just before I joined EBANK. I was burnt out on running a 0.0 corp, we had just left an alliance which screwed us badly, etc. I dropped everything, I quit the Corp and resigned as CEO and basically cleared my plate. I knew that if I didn't, I would quit EVE.
I applaud you on knowing when it was time to take steps to reduce your stress/burnout. Many people today play too hard to sustain their projects and end up getting burned out and even quitting. I urge all of you to take this an opportunity to learn how to better take care of what's most important; yourself.
Further kudos on the execution of your exit strategy and all of your hard work. May your IPO (from beginning to end) serve as an example of the "right way" to manage a business.
Many people have closed their IPO's for very similiar reasons. O'Mara for example did the same thing for almost the same reason, and I still view his reports as a Gold Standard for the markets.
Consulting, IPO Template, and Stock/Bond definitions.
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Akita T
Caldari Navy Volunteer Task Force
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Posted - 2008.01.21 01:57:00 -
[14]
To be honest, I am quite surprised you lasted so long, knowing how nasty the markets have been lately.
Good call on calling it quits while you still have your sanity, and kudos on not leaving people hanging, wondering what happened.
1|2|3|4|5. |
Nyphur
Pillowsoft
|
Posted - 2008.01.21 02:51:00 -
[15]
Thank you all for your kind words. Between this thread and the evemails of support I've gotten, it is clear that people overwhelmingly support the decision and the reasons behind it even though they were hoping for a longer term investment.
I'll be glad when all this is liquidated and I don't have to worry about it any more. Even now that I have announced it and there are no dividends to pay any more, I feel a lot better already.
Eve-Tanking.com - We're sorry, something happened. |
Sobach
Gallente
Fourth Circle
|
Posted - 2008.01.21 03:09:00 -
[16]
Originally by: Nyphur
Thank you all for your kind words. Between this thread and the evemails of support I've gotten, it is clear that people overwhelmingly support the decision and the reasons behind it even though they were hoping for a longer term investment.
I'll be glad when all this is liquidated and I don't have to worry about it any more. Even now that I have announced it and there are no dividends to pay any more, I feel a lot better already.
It's ok, I'll pod you later ;)
|
LaVista Vista
Conservative Shenanigans Party
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Posted - 2008.01.21 05:03:00 -
[17]
Good thing you can be so honest about it.
Mental illness is nothing to joke about. So please take care.
I hope to see you back after yours exams :)
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Akita T
Caldari Navy Volunteer Task Force
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Posted - 2008.01.21 08:13:00 -
[18]
Well, I doubt it's the "get a gun and shoot everybody" or "collapse in a corner sucking on a thumb" type of nervous breakdown, but more of a "angry and tired constantly", burned-out state.
1|2|3|4|5. |
LaVista Vista
Conservative Shenanigans Party
|
Posted - 2008.01.21 08:32:00 -
[19]
Originally by: Akita T
Well, I doubt it's the "get a gun and shoot everybody" or "collapse in a corner sucking on a thumb" type of nervous breakdown, but more of a "angry and tired constantly", burned-out state.
A nervous breakdown is more of an acute attack depression and/or anxiety state. And unless reacted on, it will eventually become a clinical depression.
So if its a nervous breakdown as per the books, the "get a gun and shoot everybody" scenario isnt impossible.
And you will be suprised how fast one person can go from a nervous breakdown to a such state.
Im sorry for the offtopic.
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Feta Solamnia
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Posted - 2008.01.21 08:32:00 -
[20]
dp what I did when I had exactly the same problem.
Join a silly pvp corporation and start shooting the crap out of people.
Definitely relieves the stress.
No more responsibilities and people screaming at you when you get late.
Originally by: Oveur
I have access to all market data. Believe me, we have not reached anything close to deflation yet.
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Zeromancer
Corp Zero
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Posted - 2008.01.21 08:51:00 -
[21]
Thx for the report.
I have great respect for you to come out in public about your problems.
Now take some time off and get well.
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PotNoodle Miner
Viziam
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Posted - 2008.01.21 08:54:00 -
[22]
Edited by: PotNoodle Miner on 21/01/2008 08:54:12
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THEGREAT LOBO
Infinitus Odium
The Church.
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Posted - 2008.01.21 08:54:00 -
[23]
I am an investor in PSRS and was hoping for a longer term investment, but i also understand the rl comes first.
Take a break from eve, and if you come back next year with another idea for an IPO i will be gladly willing to invest again
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Taurequis
Waylander 01
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Posted - 2008.01.21 11:26:00 -
[24]
Well done on all your efforts.
Prehaps people should include RL issues and life breaks in their buisness plans more often.
Like three months divs then a month "life break".
Might stop corperate burnout.
Best Regards,
Taur
|
Roemy Schneider
BINFORD
Solidus Alliance
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Posted - 2008.01.21 11:43:00 -
[25]
humm, sry i'm unprepared right now and i'm only pulling stuff from the top of my head;
(i don't mean to be picky, and i'm not top-fit on this monday - and i fully understand how ccp raped moms)
but! :D
IPO was 40b
aeon bpo was obtained for 15b
can't remember the nyx purchase so i'll assume npc'ish 18b
pos-fuel for... 2 months?
what did i miss that's 6.something bil? 
-
putting the gist back into logistics |
ZahnSchmelz
Montoya Heavy Industries
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Posted - 2008.01.21 12:24:00 -
[26]
Heh, GL with RL issues and thanks for all effort.
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Kara Rhane
Gallente
Rhane's Research and Development Labs.
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Posted - 2008.01.21 12:28:00 -
[27]
Nyphur,
Your one of a handful of people on here that I've just constantly seen post good reports, have happy investors and lead by a great example. The way your choosing to 'wrap things up' makes me have a deeper respect for how you've handled this entire situation.
In my own 'Private IPO' we have 3 real life friends that know each other. One has problems the other two step up and help, sorry to say that I wish you had the same support system that I have been lucky enough to be blessed with.
As for leaving for a while, i think we all need it. I barely register under the radar on these forums (if anything I lurk like crazy) but I took a good 2 months of time off, just signing on to throw BPO's into the labs and cut and make a reply on the forums if needed. But after those two months my god what a difference, real life was caught up on. All the projects and junk that had been neglected for literally a year+ I was able to tackle and I actually yearned to come back, take on new challenges and try new stuff (I still missed the post patch roaring market tho, boo!) If anything I think a few months of having time for anything else will be a good breath of fresh air and you'll even find yourself doing something else and thinking of what could be accomplished in EVE. You'll be back 
Finally, this is just a (maybe considered knee jerk reaction) but it appears as if some of your business is selling the BPC's of the motherships you have BPO's for. I'm not sure I'm the right person (reputation wise) but I have been running our little BPO/BPC service for a year+, I've built a solid reputation in running our service and even tho we are up to 9 pages on our thread, 200+ posts and I think around 15,000+ views. I'd say *maybe* that if your investors liked what they saw with our reputation maybe a shift, reissue, or even transfer of sorts of running might be able to be arranged?
I might not know everything of your IPO, and I'm going to say upfront it's been many months if not longer that I was reading over your IPO. But maybe with the reputation we've built in our little (but long running ) service we might be the people to continue the IPO (in some fashion).
I'm not to sure who here would know much about us, Ricdic and I have had good contact over the last year. He even saw me prepare my service and set it up since day one (even offered to merge into his company before we even started, but hey that's Ricdic  ) A few others have seen me post from time to time, and I've got 9 pages of people that have had positive dealings with me over the past year.
This is truly a shot in the dark and is meant more as a way to extend the service to your investors as well as giving me a shot at running an IPO of sorts (not too hard when it's already proven after all). I don't know what others will say about me or the corp but the offer to maybe start talks is there. I've been batting around the idea for an IPO for 5+ months, it's copy based and I told ricdic about it but didn't go ahead when I saw a few others do various parts of it on their own.
If you think it might be a good match (and yes, feel free to ask ricdic about me fully if you even debate this idea for a second) then I am easily reached through EVE mail or maybe here. It's a thought, and apologies if this comes kinda sudden but your copy and sale of the BPC's fits hand in glove of what I've been drawing up plans for for the past months (that break from EVE nixed the plan in my mind).
Yes this got wordy, but EVE mail offers too small a character limit to get this idea out there, and if a few investors or nyphur think it's not a good idea I'll see pretty quickly and respectfully withdraw the offer.
Hope things go well for you.
P.S. with current operations my corp wouldn't need any of your personal assets we have POS's and labs up with extra capacity.
-Kara
*****
Rhane's Research and Development LabsÖ
Click to search our Ammo's, Missiles, and Drone BPO sets. |
Pillowsoft Banker
|
Posted - 2008.01.21 19:31:00 -
[28]
Originally by: Kara Rhane
Finally, this is just a (maybe considered knee jerk reaction) but it appears as if some of your business is selling the BPC's of the motherships you have BPO's for. I'm not sure I'm the right person (reputation wise) but I have been running our little BPO/BPC service for a year+, I've built a solid reputation in running our service and even tho we are up to 9 pages on our thread, 200+ posts and I think around 15,000+ views. I'd say *maybe* that if your investors liked what they saw with our reputation maybe a shift, reissue, or even transfer of sorts of running might be able to be arranged?
Unfortunately, that wouldn't meet with the shareholder's approval as it wasn't part of the established exit strategy. What you CAN do is either offer to trade your shares for PSRS shares before liquidation or just offer your own proposal to PSRS's old investors once it closes down. I can't endorse either idea but also can't stop you from offering the service to them. I have to do right by my investors until everything's liquidated. We can talk more if you want to buy the mothership bpos.
BTW this is Nyphur, my main account is inactive for a few hours while I get a game time code.
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triman247
Glimmermere
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Posted - 2008.01.21 20:20:00 -
[29]
I would like to start by saying that I know exactly how you feel. A few RL friends and I started a corp that got too big too fast and the stress really built up especially when 2 of our Co-CEO's went inactive.
Also, I have been a shareholder since week 1 as a recommendation from an old friend. You have provided constant payments, and in getting out, it is my opinion that your reputation is not tainted at all because you were forward with your intentions and reasons.
REAL LIFE ALWAYS COME FIRST! there are too many people in this game who have too much stress, and that is not healthy. It is the right thing to back away while you can and while you still have the mind to do so.
Also, the guy who said that getting into a PvP corp and just killing a ton of people might be a good idea. Thats what I did when my corp got too stressful, and I have to say that it definitely changes the perspective on the game and adds a different twist away from the industry and research side, to which I have done both.
But by all means, if you need a break from eve, quit! your characters will still be there if you need them in the future. Who knows. you might feel the withdrawal start to catch up on you a few months or years down the road 
Anyway, thank you for being the head for the only IPO I have ever invested in, and thank you for being honest to everyone.
triman247 |
Karanth
Gallente
Eve's Brothers of Destiny
Free Trade Zone.
|
Posted - 2008.01.21 23:36:00 -
[30]
I love you, and despite my lack of posting, I still pay attention. You are one of the hardest workers around, and I'd shower you with money anytime.
All that's left...
There is only one sig hijack that matters, the orginal and only member of the hijack squad. me. -Eris. ps Black russians are better then beer.
Well, there's not many of *us* left! -Rauth
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Nyphur
Pillowsoft
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Posted - 2008.01.22 00:34:00 -
[31]
It's my birthday today :D. I'm 22 as of half an hour ago.
Eve-Tanking.com - We're sorry, something happened. |
Marcus Baltar
|
Posted - 2008.01.22 00:48:00 -
[32]
Originally by: Nyphur
It's my birthday today :D. I'm 22 as of half an hour ago.
Happy Birthday!
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Akita T
Caldari Navy Volunteer Task Force
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Posted - 2008.01.22 00:49:00 -
[33]
My condoleances 
I seem to vaguely remember that age, I think I was a little too drunk at that time... you know... the whole year.
1|2|3|4|5. |
Mithrantir Ob'lontra
Gallente
Ixion Defence Systems
The Cyrene Initiative
|
Posted - 2008.01.22 17:03:00 -
[34]
o7 Nyphur.
I was a little surprised by the eve mail i got, but i suspected immediately that the announcement would be something like that.
You are a person who worked hard during this year for these IPOs. Honestly when i decided to try out this side of EVE, and saw the chance to buy some bonds on your IPO i did it without any second thought.
Great respect for you and your work for EVE. Should you choose in the future to start something similar, I will invest with no second thought again.
Now just relax and do what you have to do in real life. After all real life does come first. I wish you well and hopefully you will be back with more energy than before.
Until then fly safe 
-------
Nobody can be exactly like me. Even I have trouble doing it. |
Ghost Emperor
Amarr
EvE Mutual Fund Inc.
|
Posted - 2008.01.23 00:40:00 -
[35]
Well where to start...happy birthday and many more to come
...have a great break, do well at finals and enjoy a break from eve commitments, maybe we will have the good fortune to invest in you again in the future :)
...thanks for the dividends and your efforts in this side of the game...what Hexxx said so well above...
...I would like to help out if I can, by making the buy back easier. I could buy shares from people in EGSEX and RESX ingame channels if your not online, I could broker buy backs on EGSEX (might need another broker to support the corps listing)
...but another good way, and probably the most stress free (how ISSO did theirs) is to drop isk into RESX and let it take the strain by arranging a buyback listing with Balogh ;) ISSO did about 20 billion buyback each week or so.
Eve mail me if you want anything, GL with RL plans and I hope things go as smoothly for you, Ghost
EvE Galactic Stock Exchange and Real-time Eve Stock Exchange EMFI blog at: http://emfi.blogspot.com/ |
Nyphur
Pillowsoft
|
Posted - 2008.01.27 08:06:00 -
[36]
UPDATE
It's been one week since the liquidation announcement and things are going to plan. It's odd how much the stress has been lifted after only a week. Not having to pay dividends has had an almost instant relieving effect. About this time of the month I would normally be hauling, babysitting market orders and running numbers through a spreadsheet to gauge the state of the market.
Over the last few days of a month I would be putting all the profit together to pay dividends and checking how much I got to keep for myself. Some months (mostly earlier on in PIF) I would be out spending my cut of the profit about now, profit that some months amounted to over a billion isk. Other months I would be sitting here ****ed off that I'd made barely enough for dividends and so nothing for myself. One month I even made a loss and paid the difference out of my personal isk so that dividends were unaffected. I always told myself that you have to take the rough with the smooth, that the good months where profit exceeds expectations are worth working through the slumps and it all evens out to good money.
Instead, today I barely logged in and since there was no last-minute isk-making for dividends I didn't need to log in at all :D. In the past few days I've bought a heavy interdictor, blown up a few haulers in lowsec for giggles and even run a mission for the first time in ages. Even though the business is still running, I've let sell orders go untended for days at a time because I don't have a deadline to work to any more and it's very liberating. I've even had spare time to do a lot of things outside eve that I have been neglecting, such as programming projects and playing other games with friends. I'm thoroughly enjoying being just another unimportant player again :).
PIF Liquidation details
I've decided to draw up a vague timeline for liquidation of PIF to let my investors know what to expect. While a complete lack of a timeline is preferable for me as it means I have no deadlines to work to, I know some people want a kind of vague notification of what has to be done and when they can expect it to be done for. Since PIF works on a monthly cycle production line, I'm shutting it down in two stages and then beginning liquidation once both stages are down.
Essentially, this week I have stopped buying materials to build with and by this time next month I should have used up the materials we already have, at which point I can do a complete inventory of goods, value them at rapid liquidation prices and begin liquidating. The target date for PIF liquidation is looking like 10th March with a more firm deadline of 31st march, so expect the payout somewhere in between those two dates. This is based on complete business shutdown by Feb 29 and subsequent liquidation that could take anywhere from 10 days to 30 days as there is a lot of stuff to both haul and sell.
PSRS Liquidation details
This one's simple. The isk will be paid out as the blueprints sell. Simple as that, I'll do my best to sell the blueprints and when one sells the isk gets paid out as a dividend. If you know someone who wants to buy an Aeon BPO ME 2 or a Nyx BPO ME 1, please refer them to me. If I somehow have to lower prices to sell them, I won't go below the quote I offered earlier and will put my own isk in to cover the difference. I'd like to be able to offer a timeline on PSRS liquidation but that's not really possible.
Eve-Tanking.com - We're sorry, something happened. |
Ambo
2nd Outcasters
|
Posted - 2008.01.27 08:32:00 -
[37]
Good for you!
I found much the same liberation myself when I simply decided to stop playing the market. I didn't even have dividends, corp business, etc to worry about. It's very easy for Eve to become more of a job than a game, when you get to the point where you are dreading logging in and only do it because you have to, it really is time to do somthing else.
--------------------------------------
Trader? Investor? Just want to track your finances? Check out EMMA |
Nyphur
Pillowsoft
Total Comfort
|
Posted - 2008.02.14 22:56:00 -
[38]
PIF UPDATE:
The deadline for PIF packing up was 29th Feb, but we're ahead of schedule and have just finished shutting down the business and releasing all the assets. Between now and 31st march I will be selling off the business assets via the market and although the deadline set is 31st march, I will aim to get it done by 18th if I can.
A quick valuation with this neat eve asset manager program shows that the PIF assets are worth roughly 10-20% in excess of the bond amount (20b) so speeding up liquidation through discount sales when we get near the liquidation deadline is a possibility. I feel fairly confident that barring major disaster I can promise the march 31st deadline will be met and will try to get it done sooner.
PSRS UPDATE:
In a well-timed move, I have secured a buyer for the mothership blueprints for a total of 1b over the liquidation values I promised. An agent working for me (named Bellinda Gates) found this buyer in exchange for keeping the 1b difference as a finders fee. The fact that this allows us to liquidate in two weeks rather than not knowing when I will be able to sell the blueprints for the values I wanted is definitely worth the finders fee.
The buyer bought the Nyx bpo last night and will buy the Aeon bpo in two weeks time. Instead of paying out the nyx bpo payment immediately as I said I would, I am going to hold onto it for two weeks so I have the total amount. This is because initially I thought that a buyer would only be interested in either of the blueprints and not both so I wouldn't know when the other print would sell (and thus how long I'd be holding isk that belonged to shareholders). I intended to avoid holding onto the isk from one sale for months waiting on a second sale, basically. In this case, there's a firm timetable for sale in two weeks and it's simpler for me to wait two weeks and pay out everything at once.
So barring any problems with the next sale, the PSRS liquidation payment goes out in two weeks :). That's much earlier than I expected.
Nyphur UPDATE:
I knew I made the right decision shutting down these businesses when the new university term started recently. There is a ton of work and I seriously would not have the time to run PIF, PSRS and do all my university work. Although I still have to liquidate, I'm not being forced to log in every day and fiddle around with things.
P.S. I like hugs.
Eve-Tanking.com - We're sorry, something happened. |
Banni Vinda
The Ninja Coalition
|
Posted - 2008.02.14 23:27:00 -
[39]
Good work Nyphur. Glad to see the wind-up plans are progressing nicely. And good luck with your studies.
Originally by: Nyphur
P.S. I like hugs.
Well it is valentine's day I suppose, so... <HUGS>
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Nyphur
Pillowsoft
Total Comfort
|
Posted - 2008.02.15 13:40:00 -
[40]
Originally by: Banni Vinda
Good work Nyphur. Glad to see the wind-up plans are progressing nicely. And good luck with your studies.
Originally by: Nyphur
P.S. I like hugs.
Well it is valentine's day I suppose, so... <HUGS>
\o/
Eve-Tanking.com - We're sorry, something happened. |
Ray McCormack
hirr
|
Posted - 2008.02.15 15:26:00 -
[41]
Originally by: Nyphur
I knew I made the right decision shutting down these businesses when the new university term started recently. There is a ton of work and I seriously would not have the time to run PIF, PSRS and do all my university work. Although I still have to liquidate, I'm not being forced to log in every day and fiddle around with things.
Thank you for making that decision. A few people, including myself, can't see straight enough to make it.
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Nyphur
Pillowsoft
Total Comfort
|
Posted - 2008.02.15 20:52:00 -
[42]
Originally by: Ray McCormack
Originally by: Nyphur
I knew I made the right decision shutting down these businesses when the new university term started recently. There is a ton of work and I seriously would not have the time to run PIF, PSRS and do all my university work. Although I still have to liquidate, I'm not being forced to log in every day and fiddle around with things.
Thank you for making that decision. A few people, including myself, can't see straight enough to make it.
Oh don't worry, I'm sure I'll be back in 1-2 years (after I graduate) to be a complete market masochist again :)
Eve-Tanking.com - We're sorry, something happened. |
Zeromancer
Blue.
Blue Federation
|
Posted - 2008.03.03 19:59:00 -
[43]
How are things going with this.
Are you still on schedule with the liquidation?
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Nyphur
Pillowsoft
|
Posted - 2008.03.04 14:27:00 -
[44]
UPDATE:
PSRS just liquidated! Investors should check their wallets for a big block of isk and their mailboxes for dividend mail spam. A total of 42 dividend mails had to be used to pay everything out because 50% of the isk paid out would go straight back into the corp wallet. Total paid to investors was, as planned, 36.9b. Reports from the egse channel indicate that everything went smoothly and there are no problems.
I'm very glad to have that weight off my shoulders at the moment. I'm pleased that I was able to do right by my investors despite the problems that befell the motehrship market and myself that forced closure of the business. Hopefully if I come back to the investment market in years to come with a new proposal, this successful liquidation will go a long way to inspiring investor confidence.
Originally by: Zeromancer
How are things going with this.
Are you still on schedule with the liquidation?
Roughly. PIF may take a tad longer than expected due to me not having much play time, but I'm getting some help on that and hope to meet the final liquidation date of 31st March I set out in the schedule.
Eve-Tanking.com - We're sorry, something happened. |
Ghost Emperor
Amarr
EvE Mutual Fund Inc.
|
Posted - 2008.03.04 14:41:00 -
[45]
Cheers very much...lots of isk hit the account.
Many thanks for your persistence and I hope the RL stuff goes as smoothly. Many thanks, Ghost
EvE Galactic Stock Exchange and Real-time Eve Stock Exchange EMFI blog at: http://emfi.blogspot.com/ |
Zeromancer
Corp Zero
|
Posted - 2008.03.04 15:27:00 -
[46]
Edited by: Zeromancer on 04/03/2008 15:27:02
Just logged on and saw my wallet had gotten a bit fatter.
Exellent job on the liquidation and i'll be in line to invest in future projects when you get back in buiseness again.
Now take care of your health and RL commitments and once again thx for ending this the proper way.
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Akita T
Caldari Navy Volunteer Task Force
|
Posted - 2008.03.04 16:00:00 -
[47]
Originally by: Nyphur
Total paid to investors was, as planned, 36.9b. Reports from the egse channel indicate that everything went smoothly and there are no problems.
Well, out of a starting capital of 40b, there have been several dividend payments before (can't remember how many, but there were at least 4, if not more, so that's over 8b paid out in shares the very least), so, after taking into account that too, this has still been a somewhat profitable endeavour for the shareholders.
Sure, not as profitable as expected, but profitable nevertheless.
Just thought I'd point that out, "just in case".
1|2|3|4|5. |
Nyphur
Pillowsoft
|
Posted - 2008.03.04 16:04:00 -
[48]
Edited by: Nyphur on 04/03/2008 16:05:18
Originally by: Akita T
Originally by: Nyphur
Total paid to investors was, as planned, 36.9b. Reports from the egse channel indicate that everything went smoothly and there are no problems.
Well, out of a starting capital of 40b, there have been several dividend payments before (can't remember how many, but there were at least 4, if not more, so that's over 8b paid out in shares the very least), so, after taking into account that too, this has still been a somewhat profitable endeavour for the shareholders.
Sure, not as profitable as expected, but profitable nevertheless.
Just thought I'd point that out, "just in case".
Yep, I stated in the first post that people who bought in at the start of the scheme would be cashing out having made a total of 125% of their initial investment back even though the business completely failed (partly due to CCP's intervention on the mothership market). This really was a best case liquidation after the market crash, we got prices matching what I was aiming to sell for despite having cheaper competition. Our buyer simply does not use the forums as I'm told english was not his first language so he didn't see any other bpos for sale. The person I hired to find a buyer did a good job on that front. I really think this is all the best that could have been expected and I'm pleased with this liquidation.
Eve-Tanking.com - We're sorry, something happened. |
Havok Pierce
Gallente
D00M.
Triumvirate.
|
Posted - 2008.03.04 17:46:00 -
[49]
Would you like the (now effectively worthless) PSRS shares remanded somewhere? I'd just as soon toss them somewhere, if only to get them out of my wallet.
Originally by: CCP Wrangler
There's a Community petition category??
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Nyphur
Pillowsoft
|
Posted - 2008.03.04 20:00:00 -
[50]
Originally by: Havok Pierce
Would you like the (now effectively worthless) PSRS shares remanded somewhere? I'd just as soon toss them somewhere, if only to get them out of my wallet.
They're worthless since the corp will be disbanded soon, if you want to get rid of them you can send them to me (Nyphur). Personally, I'm keeping mine (the remaining 40k that I made but didn't sell) as a momento.
Eve-Tanking.com - We're sorry, something happened. |
Roemy Schneider
BINFORD
Solidus Alliance
|
Posted - 2008.03.04 23:37:00 -
[51]
Edited by: Roemy Schneider on 04/03/2008 23:37:25
help me out here, i'm confused - or my attention span is even shorter than my noodle
aaanyways
Originally by: Nyphur
[...]Assets to liquidate:
Nyx BPO ME 1 18.5b (estimated sale price)
Aeon BPO ME 2 17b (estimated sale price)
The POS used to copy the BPOs are considered personal property and were not funded with IPO isk. Also, stating what types and sizes were used may cause risk and so they are not listed here.
Stock: 1 nyx bpc 1.4b (availible 5th feb)
Total: 36.9
[...]
Originally by: Nyphur
[...]PSRS UPDATE:
In a well-timed move, I have secured a buyer for the mothership blueprints for a total of 1b over the liquidation values I promised. An agent working for me (named Bellinda Gates) found this buyer in exchange for keeping the 1b difference as a finders fee. [...]
so... POS wasn't funded off the 40bil.
the Aeon BPO only cost 15bil on the forums. now sold for 17b.
i didn't witness the nyx bpo purchase, but with NPCprice of 18bil, i can't see any depreciation there, either.
the last copy for 1.4bil is a plus.
now i'm confused... instead of 43something bil, the pot ended up at 36.9bil
what happened to the other 6+ bil?
-
putting the gist back into logistics |
Serenity Steele
Dynamic Data Distribution
Ministry of Information
|
Posted - 2008.03.04 23:53:00 -
[52]
Nyphur,
It is a shame you don't have a successor groomed to take over the responsibility.
Respect for winding up properly, and realising the need to pack-up before your commitments ruined your RL (and ability to pack-up properly).
/Serenity
≡v≡ Strategic Maps - Outposts & Sov - Alliance Rank |
Nyphur
Pillowsoft
|
Posted - 2008.03.05 13:25:00 -
[53]
Edited by: Nyphur on 05/03/2008 13:27:22
Originally by: Roemy Schneider
what happened to the other 6+ bil?
Hey Roemy, I know you had the biggest share in PSRS and although you made a net 25% profit on the scheme I know you're as upset as I was to see the mothership market fail. As I said in the original IPO thread, the 40b invested included an operational budget designed to hold steady dividends between copy cycles. This paid out dividends until the first copies came out as well as during ME research time. POS were not funded out of the operation budget, rather those assets were funded by my own isk.
The assets sold were the nyx bpo at 18.5b, the aeon bpo at 17b and a nyx bpc at 1.4b. Actual sale prices for both bpos were higher than this by a total of 1b, which was paid as a finder's fee to the person who found me this buyer. I don't think anyone can say that a better deal was possible at this time, sales of researched MS bpos for under NPC price are often found on the forums and it was a stroke of luck to find a buyer who didn't see those competitors.
The 6b discrepancy you're noticing was the operational budget for the business, which people who were following my reports closely knew was depleted by the first three dividends (during ME research and the first copy cycle) and was to be recovered through sales following that. Unfortunately, the market crashed at the worst time for us and sale prices did not even meet dividend quality, let alone excess to restock the operational budget. That was when I started subsidising PSRS with a PIF expansion, if you recall that announcement. The operational budget was a writeoff at that point and I concentrated on just meeting dividends.
Remember, the price of bpcs back when the scheme started was 4-5b and motherships sold for a good 30b (100% profit margin) or more. It was expected that the operational budget would be recovered to 100% after a few sales but we didn't get time to make those sales before the prices dropped. Not least of all, the original exit plan valued the bpos at 20b a piece which I expected to cover the invested isk without relying on that operational budget upon liquidation but the market crash devalued them significantly.
Put simply, the markets failing so quickly was just not anticipated and would not have been possible if not for CCP's interference. It caused us not to be able to recover all of the invested isk due to not being able to recover the operational budget and due to the devaluation of the bpos. The exit strategy did not have plans in place to account for these and if I were to do it again, that is something I would definitely consider.
The blueprints are the entirety of what remained of the business and is all that the original exit plan covered. Following the market crash, this was the second best possible outcome, the best one being me continuing to operate the businesses and pay dividends but that is obviously not an option any more.
When all is said and done, original investors like yourselves got out 125% of what they put in. It's not the return rate you were hoping for but it's not a loss overall and investors didn't lose out, which is what matters. I didn't know CCP was going to nerf motherships into oblivion, nobody did, and things like that are just the risks we all accept when we invest in a scheme.
I think most investors are just pleased that despite the entire market failing, they made a half-decent profit on PSRS. Other managers of IPOs that completely failed may not have been so careful to ensure their investors didn't lose out too badly. Some investment schemes risk the investor not getting as much out in total as they put in or even risk complete loss of investment.
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Ricdic
Caldari
Corporate Research And Production Pty Ltd
Zzz
|
Posted - 2008.03.05 13:34:00 -
[54]
Thanks for closing down successfully.
A quick point of interest.
PSRS ran for approximately 9 months and paid out 125% of investment. This constitutes a 2.78% return on investment. EBANK offers a higher rate of return on their savings account with immediately accessible funds.
It's a real shame to see the way PSRS went due to yet another CCP brash announcement/change. Had CCP not screwed with the MS or mentioned screwing with the MS I dare say this corp would have paid out a fortune. I am disappointed as I know Nyphur probably hates these results, and more so hates the fact that he lost control of them due to an action that was not of his doing.
Anyways, back to your daily show 
http://oldforums.eveonline.com/?a=topic&threadID=500043
Largest Empire Research Alliance in EVE! |
Nyphur
Pillowsoft
|
Posted - 2008.03.05 13:57:00 -
[55]
Edited by: Nyphur on 05/03/2008 14:00:20
NOTE for PIF investors:
I was just contacted by a PIF investor wondering why they haven't got their isk yet. I thought it'd be a good idea to post this quick note for those reading the thread. PIF has not liquidated yet and you will not have your investment isk back yet. PSRS is the one that has liquidated and investors in that scheme will have their isk now. PIF is on schedule for a complete liquidation by the end of the month, so you'll have your isk soon. Sit tight and thanks for investing :).
Originally by: Serenity Steele
Nyphur,
It is a shame you don't have a successor groomed to take over the responsibility.
Respect for winding up properly, and realising the need to pack-up before your commitments ruined your RL (and ability to pack-up properly).
/Serenity
Thanks Serenity.
To tell you the absolute truth, I don't think I could trust anyone to take over my investments. I did talk with someone about it but decided I would have to have assurances on quality of dividends and recovering assets upon liquidation that they couldn't give.
Also, it was a lot of work running PIF so I doubt a willing successor could be found. You'll see what I mean when I release the business plan once all the assets are sold.
Originally by: Ricdic
Thanks for closing down successfully.
A quick point of interest.
PSRS ran for approximately 9 months and paid out 125% of investment. This constitutes a 2.78% return on investment. EBANK offers a higher rate of return on their savings account with immediately accessible funds.
Actually, dividends (and thus returns) officially started on 10th september (we had an agreed no-dividend month that should really not be counted) so depending on whether you count March, it's 6 or 7 months. Not counting March (as the final liquidation month should really not to be counted), it's about 4.16% monthly return, all things considered. It's not what people expected but not too bad for a business in a failed market.
Eve-Tanking.com - We're sorry, something happened. |
LaVista Vista
Conservative Shenanigans Party
|
Posted - 2008.03.05 14:27:00 -
[56]
Good job on the liquidation Nyphur.
Im sad to see it close so soon. But Zulupark and the other dude screwed up, and managed to kill 2 IPOs, which is a DAMN shame(CAP4U is the second one).
Good luck in the future :)
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The Chaz
Kamikazi Kaigun
|
Posted - 2008.03.24 12:43:00 -
[57]
Just posting to confirm that Nyphur has payed me 1b for finding him the buyers. I would like to point out that i've only been playing a couple of months. Nyphur could have easily stiffed me over but he kept his word. A++++
THREE FIDDY
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Nyphur
Pillowsoft
|
Posted - 2008.03.24 13:38:00 -
[58]
Edited by: Nyphur on 24/03/2008 13:42:04
Originally by: The Chaz
Just posting to confirm that Nyphur has payed me 1b for finding him the buyers. I would like to point out that i've only been playing a couple of months. Nyphur could have easily stiffed me over but he kept his word. A++++
Thanks, mate. Just so people know, this is the main of Bellinda Gates, the character I mentioned earlier. I'd like to thank you on behalf of all my investors for going out and finding me a buyer who was willing to pay a lot more than the going value for the bpos. Finding someone who didn't speak english as their first language and didn't read the forums to see seeral competitors sales at 15b or less was practically a stroke of genius.
Without you, this liquidation at over 92% invested value could have taken months longer or even paid out under 80% of the invested isk. That billion isk was well earned, put it to good use :).
While I'm posting, I'll post an update on how PIF liquidation is going. Everything is safe and sound and a total liquidation value I calculated is putting the value of the business assets at a little over 20b. Liquidation still on schedule for the end of the month, just have to get my market char to Jita and start selling.
Eve-Tanking.com - We're sorry, something happened. |
Ghost Emperor
EvE Mutual Fund Inc.
|
Posted - 2008.03.25 00:56:00 -
[59]
Thanks for the news flash and keeping investors updated adds to the game play for us all, as we all like a story...well done to you and the gates family ;)
Cheers from EMFI
EvE Galactic Stock Exchange and Real-time Eve Stock Exchange EMFI blog at: http://emfi.blogspot.com/ |
Nyphur
Pillowsoft
|
Posted - 2008.03.28 20:10:00 -
[60]
Originally by: Ghost Emperor
Thanks for the news flash and keeping investors updated adds to the game play for us all, as we all like a story...well done to you and the gates family ;)
Cheers from EMFI
No problem.
Another quick update as we're approaching the self-set deadline for PIF's liquidation. I've sold a lot of the corp assets off and my wallet is now at 15b. There is still over 7b of stuff left to sell, give or take some for market fees and prices dropping. I should reach the magic 20b mark for liquidation this weekend.
Eve-Tanking.com - We're sorry, something happened. |
Nyphur
|
Posted - 2008.03.29 17:36:00 -
[61]
PIF just liquidated for a 100% payback of 20b. I'll post a new topic with some after-action reports and thoughts on my IPO later today when I finish the next part of my PvP guide which is long overdue on eve-tanking.com :)
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Kwint Sommer
|
Posted - 2008.03.29 18:50:00 -
[62]
Originally by: Nyphur
PIF just liquidated for a 100% payback of 20b. I'll post a new topic with some after-action reports and thoughts on my IPO later today when I finish the next part of my PvP guide which is long overdue on eve-tanking.com :)
Congratulations on the successful pull-out, that can be the toughest part. That after-action report is eagerly awaited.
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