Originally by: Shar Tegral

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Originally by: Redbad

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I noticed that 13 Bonds have bidders now at this moment I write this. The bond amount was between 6 and 12 bil. Does this mean you have reached the critical amount to start with this project even if the remaining bonds don't sell?

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This is entirely true but only in part. I didn't put a minimum to start as I was going to proceed with whatever limit I reached. I'm not limited by economics of scale here nor am I trying to leverage it either.

The only limit I'm placing on myself is essentially the same kind of limit that I watched, very closely, when I was an eBank director: Debt load and Utilization.

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Originally by: EBANK Ricdic

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Whilst the RDIR returns weren't as spectacular as one might assume they could have been they still were acceptable. I wouldn't say it was a failed business, far from it. Generally a failed business would be one that resulted in a loss for investors.

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To Shar -verb:
 1 - To say what you mean.
 2 - To say what it means.
 3 - To say something mean.

To Shar -verb:
 1 - To say what you mean.
 2 - To say what it means.
 3 - To say something mean.

Originally by: Mr Horizontal

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Shar's fundamental ethical values and honesty have always been vindicated.

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Originally by: Shar Tegral

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Yes.

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Originally by: Shar Tegral

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Originally by: Kazuo Ishiguro

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stuff

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Originally by: Lo Lightshard

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Not a warning?

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Is that supposed to be some sort of warning about me specifically? Or is that an expression on his part that he did not like that I did not share my plan with him. (Mind you it has been shared, just not with him nor publicly.)

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Originally by: Shar Tegral

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Finally, are you concerned here about this IPO or are you attempting this? At this point your actual intent is unclear.

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Originally by: Shar Tegral

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For instance I trust Kazuo to look at my affairs on both my accounts. Even offered him access to my private "sexy" server so that he could look over historical data. I trust the guys at eBank as well (though I disagree with the "hows").

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Originally by: Rho'varo

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Originally by: Shar Tegral

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Originally by: Khrillian

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2-Why are you using average bid to determine the interest rate? You do realize you might get some people pulling out because of that after the fact - if the interest rate they get is significantly lower than what they bid.

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That is a common risk of Dutch auctions. Not an unusual circumstance. Anyone that backs out over such is not worth doing business with.

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I agree that anyone who backs out of a bid for a known amount (or rate or risk) is a sub-optimal business partner, and it is true that in any auction without payment up front (Dutch or otherwise), there is a possibility of nominally winning parties failing to pay.

However, as identified by Khrillian, this enterprise's use of the average interest rate introduces a problem that is atypical of auctions (Dutch or otherwise). In a regular auction, the winning bidder is expected to pay only what he or she has bid. Similarly, in a typical Dutch auction, the winners all participate on terms at or better than those they themselves bid.

Here, a "winner" in the auction may end up "winning" terms that are worse than they themselves tendered. This may make some more reluctant to bid in the first place (e.g., me) and may induce others to back out after winning terms they would not have tendered.

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To Shar -verb:
 1 - To say what you mean.
 2 - To say what it means.
 3 - To say something mean.

Originally by: Shar Tegral

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Is there something inherently flawed about this though? Other than it being different to you.

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To Shar -verb:
 1 - To say what you mean.
 2 - To say what it means.
 3 - To say something mean.

Originally by: Shar Tegral

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Originally by: Lo Lightshard

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Is there something inherently flawed about this though? Other than it being different to you.

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Originally by: Shar Tegral

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I will take two bonds at 2%.

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In your case, your bid will only be accepted upon receipt of 1 billion.

Otherwise you are trolling.

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Originally by: Lo Lightshard

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Edited by: Lo Lightshard on 17/09/2008 09:25:02

Originally by: Shar Tegral

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The Plan: Withheld

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No plan. I obviously mean published, no other context is relevant to investors.

Originally by: Shar Tegral

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issuer of several repaid bonds and one completed (but underperformed) IPO

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Did not perform as intended = fail.

Originally by: Shar Tegral

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Final interest rate will be determined from the average of all bids. No bid as good until I say accepted.

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Anyone else seen this in an IPO before?

Originally by: Kazuo Ishiguro

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I would not encourage anyone seeking public investment to maintain such complete silence. While it could be argued that statements of future intent cannot be proven true in any way that will protect investors, it's a lot easier for swindlers to dodge all questioning than it is for them to submit a detailed plan to the scrutiny of a trusted third party. Historically, this has proven to be a fruitful strategy for them. It is not in the community's interest to tolerate it.

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Not a warning?

Edit: wrong quote, sorry.

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To Shar -verb:
 1 - To say what you mean.
 2 - To say what it means.
 3 - To say something mean.

To Shar -verb:
 1 - To say what you mean.
 2 - To say what it means.
 3 - To say something mean.

Originally by: Shar Tegral

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Confirming 2 bonds at buyout purchased by Lo Lightshard. In 90 days you may choose to cash in your bond sir or allow it to rollover.

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To Shar -verb:
 1 - To say what you mean.
 2 - To say what it means.
 3 - To say something mean.

Originally by: Shar Tegral

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Originally by: Ambo

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To your last point, I'm not saying reputation does not matter at all but I'm saying that even the best reputation does not nullify risk. I'm not comparing you to these recent failures at all, I'm simply pointing out that no matter how good your reputation is, there is still risk. In my opinion, that risk is always greater than 4% so when your rates are that low, yes, your reputation does become irrelevant to me.

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This kind of circular logic bothered me until I understood what you may have been saying.

Reputation is not fool proof, not at all.

Fair to say that for 12 billion I am very likely to run off with people's isk and trash 5+ years of reputation and be forced to sell off a toon with 76M SP. Either that or I'd be using up that 12 billion to fund the years of pvp and hostility I would get for being a scammer.

Of course I think what you are saying is that 4% is not worth the risk to you. Offering a low interest rate does not necessarily make me a risk. After all, if I'm risk at 4% what am I at 5%? 7%? 10%? Where does it matter and where does it not?

So what I'm taking from your opinion is that this is not worth the trouble/liability to you and somehow you are bringing up Feronia and FastLearner at the same time in some sort of mixed signal message.

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To Shar -verb:
 1 - To say what you mean.
 2 - To say what it means.
 3 - To say something mean.

To Shar -verb:
 1 - To say what you mean.
 2 - To say what it means.
 3 - To say something mean.

Originally by: EBANK Ricdic

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Anyway I don't have an issue with the operation itself, the only thing stopping an EBANK or even my own personal investment in this operation is the interest rate. The amount being requested is quite minimal compared to what Shar has dealt with in EBANK. On a regular basis Shar had access to anywhere up to 25b and in one case he had access to an amount closer to 100b (I didn't have Eve access and Shar was distributing isk to staff for operational purposes).

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Originally by: Kazzac Elentria

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Exactly, the length of the offer, with the rate of return and lack of details (if even vague to prevent sniping) are preventing me from investing my investors isk in it.

I'd much rather short term loan/bond on someone like Ambo, than lock up something for 3 months at such a low rate at this point in time.

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To Shar -verb:
 1 - To say what you mean.
 2 - To say what it means.
 3 - To say something mean.