There has been so much transferring and bullshit going on with Ginko Financials, I don’t even know where to begin anymore to try to explain what happened. The most recent activity has seen the CEO say he can’t make the interest payments anymore, and he has transferred everything to the aptly named WTF, or WSE Traders Fund, and is washing his hands of it.

I also thought I could do partial liquidations and use the money to lower our debt proportionally. However, first with the ban on buying bonds for less than the face value and later with the gradual erosion of our investments, both of these things ceased to be possible and my position became even weaker than it was when I created the bonds. The
fact is, there is no way for me to meet this quarter’s interest payment. Neither of our main in-world investments got off the ground (BNT and HCL), though they may still do so sometime in the future. The stocks are too weak to be sold to help meet this quarter’s interest payment. The L$2,400,000 we have inside Allenvest, despite Allen’s lie about me having withdrawn everything, are locked and probably lost forever.

The situation is such that I am left with no choice here. The bonds need
to be converted to a fund, which will hold these assets. Namely, the WSE Traders Fund (WTF) already listed on the WSE. Interest payments are no longer part of the equation and as I am transferring the assets to Luke, I will no longer be involved with anything regarding Ginko Financial as it will no longer exist. Assets previously held by Ginko Financial are being
transferred to the WTF. Source: Ginko Perpetual Bonds Important Announcement

The SLNN in an aptly titled article, Ginko CEO Escapes, I say aptly named because it is in a folder called bank robber, check the url when you get there.

Today, Ginko Bank CEO Nicholas Portocarrero posted a statement on the World Stock Exchange Web site saying he will not be paying any interest on bonds, allowing himself a back door to escape with $750,000 USD.

But Saturday, Portocarrero said he could not pay interest on the bonds and pinned partial blame on actions taken by banker Investor Allen, and the weak face value of his bonds. Source: Ginko CEO Escapes!

There is still a little bit of hope however, as Shaun Altman, majority bondholder of Ginko Perpetual Bonds (GPB) is taking it upon himself to see to the equitable liquidation of GPB’s current asset’s and to the timely compensation of all bondholders.

I will be charging nothing for my liquidation trust service. I believe that GPB bondholders have been through enough at this point, and have a right to recover as much as they can from this fiasco. Being the person with the most GPB bonds, as well as a neutral third party to asset holders, makes me the right person to handle this liquidation. The ball is already rolling, so I ask that all bondholders recognize this, and recognize that I am working in all of our best interest. I hope that it makes you happy to know that someone is finally working in YOUR best interest for the first time in a long time. I hope that I will be able to recover a sizable portion of GPB’s assets for distribution to all of us, but I can’t make any promises. Source: Ginko Perpetual Bond Liquidation Plan

Check that post for the exact way he plans to carry out the liquidation and distribution of the GPB assets. Let his be a lesson for everyone, if the bank is not backed by money to start with, then you are gambling with your lindens and we know how the Lindens feel about gambling.

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