Good time to buy Ginko Perpetual Bonds ?

The title of this post can seem silly, but it is in fact a good teaser. It is clear to anybody that it is NOT a good time to sell the Ginko Perpetual Bonds, because they will probably initially go down, and tons of people will sell at any price to get some cash out of them because they need some.

My question now is simple. As it is bad time to sell, is it then a good time to buy ? It is presumably possible to buy such bonds at low price because of the people needing cash. If later the bonds price go up for any reason, this could generate profits.

If any financial specialist wants to comment it, feel free...

Everything clear now about Ginko

As announced by Ginko, I got an account by WSE (www.wselive.com), and I received one Ginko Perpetual Bond (GPB) for each Linden Dollar I had by Ginko.

I had to go to a WSE ATM to obtain a password, and then I could access my account. The next bad surprise was that these bonds are currently worth 0.16L$ each ! So I lost 84% if my total in the Ginko crash.

As I'm back, I was able to get back online as well, and I saw that many campsites did vanish, and the lands are now for sale. This is probably becasue they got all their money from gambling, so they have nothing left to redistribute via camping.

The group "Free Money from JohnLight" is still active, and I got some feed-back and support from various member, and I want to thank them for that, it is good to feel such interest in what I'm trying to do.

The next steps are to decide what to do with the bonds, sell them yet and loose 84%, or hope they will get more value, which is not so likely, and keep them for a while. I must also find new campsites, and I hope the group will be helpful for that.

The quest for the 1'000'000 L$ is not yet stopped, so stay tuned !

Unknown balance !

This is one more post about Ginko, as my camping activities are still suspended as I'm on vacation. As you can see on the right column, my balance is unknown, as Ginko decided to convert all deposits into Ginko Perpetual Bonds, as explained on their website. I copied their last announcement at the end of this post, as I'm not sure how long it will remain online.

I did not receive any direct information from Ginko yet about the account to be created, where is my money, and what I can do with the bonds. What is clear nontheless is that my goal of becoming millionaire in SecondLife by doing nothing can not be achieved withoud a savings bank (see my previous post on this topic).

I will now wait until I'm back from vacation, and give a thought to all of this to decide if and how to continue...

The request for posts is still open, so if you want to express yourself, it's the right time.

Dear accountholders,

Ginko Financial was established in December 2004 at a time when Second Life had less than 20,000 residents. As one of the strongest brands in Second Life we have seen the economy grow to many millions of residents and thousands choose Ginko Financial as their preferred financial services provider.

As you probably already know, Ginko Financial has experienced some challenges in these last couple of weeks. Following the ban on gambling in Second Life we began experiencing a wave of withdrawals from Ginko Financial. This led the funds we keep in reserve for day to day use to be exhausted, which evolved into a full blown panic depleting even our last line of cash reserves and resulting in the current situation, with about L$50,000,000 queued up for withdrawal. This situation is unsustainable, as we would be forced to sell off our assets at a significant discount in order to honor such withdrawals, thus severely harming Ginko Financial's long term prospects and it's ability to ultimately honor all of it's obligations to accountholders.

We had some hope that calm would return to the public and we could resume normal operation, but that does not seem to be likely or even possible anymore. Drastic steps have to be taken in order to protect YOUR wealth while giving an escape valve to anyone who is in panic or simply in need. We are not going to vanish and the investments we made still exist and will not be sold off.

After considerable thought, we have concluded that the only way forward from this is to convert, compulsorily, all customer deposits into a tradeable debt security called Ginko Perpetual Bonds. These bonds, listed on the World Stock Exchange (www.wselive.com), will allow Ginko Financial to recover from recent events by removing all pressure from our cash reserves while providing accountholders with a way to cash out on an open market.

All accountholders will have an account automatically created on the World Stock Exchange (www.wselive.com). Customers will receive one bond with a face value of L$1 for every L$1 they have deposited in Ginko Financial. Each Ginko Perpetual Bond will yield L$0.03 or 3% of face value per quarter (every three months). Ginko Financial will be actively purchasing these bonds in order to help keep prices at as high a level as possible.

Ginko Financial will bounce back from this and if you stick with us, you wll not lose anything. If you must sell the bonds, then you must sell, but I advise against accepting low prices.

Regards,
Nicholas Portocarrero / Andre Sanchez