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Eefrit
Eve Financial Services
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Posted - 2008.10.01 13:53:00 -
[1]
Originally by: Zorrill Has anybody heard what the latest is from Eefrit? It's been a couple of months since he got access to the BPOs and I haven't heard anything. Eefrit, do we have any idea when/how much we are going to see? All responses much appreciated.
Hi Zorrill,
The problem with the buyback for FIN is that all the BPOs need to be sold, or the full amount needs to be raised before I can start a buyback. Based on the current trends I would estimate that 75-80% of IPO price will be obtained, but that will still take some time.
I have been thinking about offering a preliminary buyback for 70% of value (I can be sure of that amount at least) right now with the money I have on hand (which is quite a lot). If enough investors would like me to do this, I will do it in the same way that I have with FIN-U on ResX. Note, I am only interested in investors opinions here, so if you aren't an investor I will ignore you.
/Eefrit |
Eefrit
Eve Financial Services
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Posted - 2008.10.01 15:44:00 -
[2]
Doing what you suggest would be illegal in the real world for a very good reason. It penalises anyone that is not paying attention to the game at this very moment and is something that I will not consider. You are effectively asking me to make the people with real life commitments and limited game time to pay for those with more game time. Not going to happen!
Offering a voluntary 70% buyback now for those that want to cash out now rather than wait a few more months for a 75-80% buyback is nothing close to a cop out. It is giving investors an option they never had before, and one that they are more than welcome to choose not to avail themselves of.
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Eefrit
Eve Financial Services
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Posted - 2008.10.01 17:29:00 -
[3]
Zorrill, The first few BPOs sold for a lot more than expected, which is why I stated that "so far" they look to be going for 100% of IPO.
a 70% buyback is what I am completely confident can be raised from the sell off of assets. It may be more, but I don't see it being any less at all. If when some are bought back at 70% and all the BPOs are sold, and lets say for arguments sake, there is 80% per bond left for those that did not sell back, the full 80% will be set as a buyback figure.
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Eefrit
Eve Financial Services
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Posted - 2008.10.02 13:04:00 -
[4]
Edited by: Eefrit on 02/10/2008 13:07:27 SencneS, FIN doesn't hold any of its own bonds. I personally have about 5 or 6 Billion Isk in them, but those will be bought back at the same rate that everyone else's are.
As far as BPO values go, they have tanked a huge amount. Consider some BPOs that were making 7 Bill Isk a month (that were bought for a LOT) that have now shifted to making less than 500 mill Isk a month. The 70% is a 99% confidence number, not the number I *think* will be achieved and is available to people that want to get their Isk now rather than wait. What is achieved is dependent on too many things in this unstable market to know what the final figure will be
As for what cosmoray asked, all assets are being sold on the forums with alts. If you see something there that you like then buy it.
/Eefrit
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Eefrit
Eve Financial Services
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Posted - 2008.10.03 00:38:00 -
[5]
Originally by: Usaria Eefrit,
I have a nice chunk of shares in FIN, I don't have a lot of time to watch the reports etc. and keep up to date as I'm in the military. Would my best bet be to drop them on RESX @ 10,000 isk per share?
-Ria
I would think that your best bet would be to hand them over to a friend that you trust to look after. If you are away for a while, it won't effect the buyback as it will stay open for at least a year - probably more. I am not going to do anything that will penalise people that are away from the game with real life commitments.
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Eefrit
Eve Financial Services
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Posted - 2008.12.03 21:34:00 -
[6]
FIN has sold off enough assets for me to be sure that I am able to offer a 100% buyback (i.e. IPO price), even if it means selling off some of my own assets. Some assets are still being sold off but I would rather pay back investors than hold insane amounts of Isk in my wallet.
I will be buying back from the ResX exchange, but bigger investors (1 Bill Isk+ can contact me directly if they would prefer doing a direct transaction).
Thank you all for your trust and I am sorry things could not progress due to a change in game direction by CCP.
Sincerely,
Eefrit
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