MDD: What is the plan? Simple, I know have 12 billion isk in an reserve isk fund. Like many traders/market people I generally leverage as much isk as I can so that I can be in a position to profit no matter which way the market moves.

That being said I recently arranged the early closure of a 9 billion eBank loan that I did not agree with. Doing so made me realize that I simply don't keep enough liquid isk for various activities. So, for a small percentage rate there is a liquid fund for me to have access to in case I decide it is necessary.

Now, the conditions on usage (of course) are that the funds have to be readily available every 90 days. Well not all of them I'm suspecting but at least 50% of the funds. Thus I have 60 - 75 days where I can actively use the funds and then start preparing for the next deposit cycle.

In essence, I'm a small 12 billion eBank competitor. Very small, not very competitive. But there it is... ...

Ji: Simply, I'm going to pray for you. Someone needs to do something to keep you from being a total waste as a human being. I figure that between the two of us someone should be concerned about that.

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

To avoid any clamoring, yesterday I issued the first loan payment. If you recall payments are supposed to be "in advance" of any month instead of the usual "arrears". However with the fund just starting I thought it reasonable to give a period of 1 - 2 weeks to have the funds generating revenue. I had wanted to get the payment out on the 1st but missed that window by a day. (Work, bah.) The November payment, due October 15th, is already secured as well. Might pay that out early might not.

Mind you being that the fund started on the 22nd of September, instead of the 15th, the first payment was prorated. This was to bring the payment schedule in line with my stated intentions. To make sure that each depositor received his/her full entitlement the monthly interest rate (3.6) was converted to a daily rate. (3.6%*12 months/365 days)

This resulted in a first payment of 13,610,958.90 isk per CD. November's payment will be 17,753,424.66 per cd and December's payment will be 17,161,643.84 per CD. (The December time span is actually 30 days long, not 31.)

Starting on November 15th any depositor may inform me of their intention to withdraw. The deadline for withdrawal is December 1st when, if necessary, any openings will be made available to the public at large.
That auction will last till the 8th of December. The lee time between the 8th and the 15th will allow for any irregularities if they should arise.



As to the added posts to this thread: The plan disclosure I gave was an obvious one. This financial project is plainly setup to be re-occurring. Thought the initials CD would make that more clear. As to what I'm doing to generate the monthly interest payments; a) I'd be a fool to say what it is; b) I'd be a fool to restrict myself to one or two specific activities.

The specific intent behind raising funds via a "loan" mechanism is to remain fluid in profit mechanism. If I had decided to do an ipo for a specific plan I would be obligated to inform shareholders of any deviation. Even if that deviation would bring in better returns there would always be someone pointing a finger and crying foul. (Middle finger usually.)

So, I have neither the patience or intent of providing my competition tips on what activities to cultivate nor placing myself in a position of having to deal with a bunch of whiny ne'er do wells who have nothing better to do than to chop at the knees of men better than they.

Two things to remember: firstly this is a game and secondly this is the internet. Added together what you commonly have is a bunch of no life losers who make up the lack of getting laid by trying to screw up someone else's day.

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

It was most likely listed as a corporate withdrawal/transfer and listed by my corp name as I transferred the funds directly from a corporate wallet.

While I have kept my full api key the same, so that Kazuo can still monitor/audit, I prefer doing such transactions via the corporate wallet so that Athre (and others) can readily review any activity I engage in. (I like having transparency and frankness as the "norm" wherever I'm most comfortable.)

CD Payment was for the period Oct 16th to November 15th. Each CD returned 17,753,424.66 isk for this period. This was a few days early but I just wanted to get it over with early. Helps to avoid any absentmindedness on my part (which actually does happen!).

Next CD payment should be issued by November 15th and will be 17,161,643.84 isk. November 15th is also when I will be accepting eve mails from people who do not intend to automatically rollover their CD's for the next period.

Thank you and have a good month or so.

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

Okay, just issued the final CD interest payment on the 90 day cycle. In case anyone forgot, interest payments where in front of the monthly cycle.

At this time I've already received close out notification from 1 person. Post here or via evemail if you wish to close out your CD or continue with another 90 days. (Essentially rolling over).

Notification deadline is December 1st. (Do try to notify early as I will be going away for Thanksgiving so timing might be a bit tight here.)

At that time open CD blocks, that I make available, will be open for new bidding/owners. The end of that re-auction will be December 14th.

Upon December 14th all close outs will be repaid their principal deposit and all new winners will be required to hand in their deposit.

Oh, I really should come up with an early withdrawal clause. Anyone have any ideas?

Originally by: Athre

---

Bond holders, please be advised an update is forth coming.

---

Sorry folks, asked Athre to post this last night as I intended to update after I got back. Last night ran long (and I'm old) and I've been swamped all day. I'm trying to draft up my thoughts and I'll be posting sometime tonight.

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

Okay, the first 90 day cycle is coming to completion.

Report:

- There is currently 7 billion of the 11 billion raised available in liquid isk form.

- When the funds are liquid and there is no current purpose for them it is deposited into an eBank savings account. (Have 12 billion capacity there.)

- Uses for funds have varied from Courier Contract Collateral, allowing me to stock up inventory for months in advance, as well as a few other speculation and/or sundry activities.

Three (3) people have chosen to cash out (for a total of 2 billion). So there are 6 CD's that are available for purchase this time around. People may bid on these under the same rules as before:

- No Alts.
- 4% per month is starting position, buyout is 2% per month, bid increments are 0.1%.
- No more than 2 CD's per person.

I do reserve the right to refuse service to anyone for any reason. Disclosure of my reasons is optional.

Bidding may commence now and will conclude on December 10th at Downtime.

PS: Ric, if you've got nothing to say... say nothing. You are not as cute as you think you are.

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

I forgot to add this;

I wound up feeling really uncomfortable about the fact that there is no early withdrawal policy in this bond. Didn't like having to tell one investor no but rules are rules and one doesn't change up in mid process. That being said I'm proposing this early withdrawal policy:

Depending on available funds early withdrawal is possible (at my discretion) however doing so forfeits all interest accrued for the 90 day period in progress.

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

I've thought about it over the past couple of days and I've decided to not sell any more options. This will also be the last 90 day cycle. This will be the last update for this bond/thread.

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