Massively http://massively.joystiq.com Massively http://www.blogsmithmedia.com/http://massively.joystiq.com/media/feedlogo.gif Massively http://massively.joystiq.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[WSE announces Midas Group are bankrupt]]>http://massively.joystiq.com/2007/11/03/wse-announces-midas-group-are-bankrupt/http://massively.joystiq.com/2007/11/03/wse-announces-midas-group-are-bankrupt/http://massively.joystiq.com/2007/11/03/wse-announces-midas-group-are-bankrupt/#commentsFiled under: , , ,

MoneyFollowing the calls in Second Life by the Midas Group to boycott Hope Capital and WSE for failure to pay on bonds, WSE today declared the Midas Group bankrupt.

The full statement (below the fold) makes interesting reading in one paragraph saying "the reasons are not our concern" and in the next explaining why they think the bank went under. Nothing to do with late payments from their own bonds of course. The value of the various Midas Group bonds have been transfered to the WTF rescue scheme, straining it yet further.

[UPDATE: Midas Group have responded. Their response is also below the fold]

Continue reading WSE announces Midas Group are bankrupt

MassivelyWSE announces Midas Group are bankrupt originally appeared on Massively on Sat, 03 Nov 2007 20:45:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>breakinghope-capitallinden-labmidas-groupsecond-lifewseSat, 03 Nov 2007 20:45:00 EST<![CDATA[WSE issues again]]>http://massively.joystiq.com/2007/11/03/wse-issues-agai/http://massively.joystiq.com/2007/11/03/wse-issues-agai/http://massively.joystiq.com/2007/11/03/wse-issues-agai/#commentsFiled under: , , ,

MoneyThose of you who are following over from Second Life Insider will know that the Worlds Stock Exchange (WSE) has a long and spotty history. Including being hacked, announcements that criticise the system vanish, there are some odd seeming deals done, and the whole set up is, apparently, questionable at best under Australian Law.

The latest part of the saga: Midas Bank has invested a chunk of its money in Hope Capital Bonds and Hope Capital, the owner of WSE has defaulted on payments worth over L$650,000, which is making Midas Bank struggle with a cash flow crisis. Last time we had one of those, Ginko Financial collapsed. Midas Commons, CEO of Midas Bank, proposed a boycott of WSE until such time as their due payments are made - a situation met with some support from other customers in this state. Given the previous history it is little surprise to find there are no announcements about Hope Capital Bonds not paying, but all the Midas Group stocks are suspended with a one line "pending an important announcement" statement. Where will this particular cash flow crisis end up, anyone care to guess?

[Via SLReports]

MassivelyWSE issues again originally appeared on Massively on Sat, 03 Nov 2007 17:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>economyGinkoGinko-FinancialHope-Capital-BondsMidas-GroupSecond-Lifestock-exchangeWSESat, 03 Nov 2007 17:01:00 EST