Nicholas Portocarrero given 11 days to hand over the remains of $750,000.00 USD in deposits, 18,000 people still holding claims against failed bank.
by Pixeleen Mistral, National Affairs desk
Shaun Altman announced today that as majority bondholder of Ginko Perpetual Bonds, he will take possession of all Ginko assets so that they may be liquidated and a L$ cash distribution made to the approximately 18,000 current Ginko bondholders. Ginko Perpetual Bonds were the financial vehicle used to hold claims against Ginko Financial after the L$ spacebuck bank failed amid allegations that it was a ponzi scheme.
With chances of a Ginko recovery dim and the once popular virtual financial bank's web site shuttered, players may be happy to see something other than long term promises. Mr. Altman already has recovered some in-world assets of Ginko including 1 sim worth of land and some large blocks of virtual stocks and bonds, but liquidating these thinly traded stocks without depressing their value may be difficult.
Former Ginko honcho Nicholas Portocarrero presumably still holds some assets outside Second Life. According to Mr. Altman, Mr. Portocarrero has been given until the end of October to return whatever cash and assets he still retains from the $750,000.00 USD deposited in Ginko Financial. It remains to be seen if this request will be honored, and if the game gods at Linden Lab will take an interest in this situation.
Mr. Altman, a grey fox avatar with blue hair and eyes, took time from his busy schedule to answer a few questions, and shed some light on the Ginko liquidation situation in an exclusive interview.
Pixeleen Mistral: why are you doing this? what is in it for you?
Shaun Altman: I'm the majority bondholder. Like all bondholders, I have an interest in seeing Ginko's assets liquidated so we can recover what funds we can. As the largest bondholder, I guess it should fall on me to step up to the plate and do what I can to ensure that this happens.
Pixeleen Mistral: how many individuals hold bonds?
Shaun Altman: I'm not sure. LukeConnell Vandeverre would have those records. I THINK it's around 18,000 individuals.
Pixeleen Mistral: any feeling for how much in the way of assets you can liquidate?
Shaun Altman: Brautigan is turning over bondholder property in the form of 8,783,436 shares of BNT stock and one sim of land. Assuming that Connell also turns over the bondholders' property as requested, that would be another 8,800,000 HCL shares. These are all of the in-world assets that I presently know about, but I am searching to see if I can discover any more. I've also requested in my press release that Portocarrao turn over any cash or other assets that remain. It is unclear at the moment whether or not he will comply.
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