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All posts by Lindsay Druart

Sep 27th 2007, 13:53
Lindsay Druart 		SL Capital Exchange Archive » Monthly Financials
Re: Monthly Financials
Sure. The divisions of L&L Corporation is as follows:

L&L Rentals and Sales (LLRS)
L&L Bank and Trust (LLBT)
L&L Advertising Network (LLADN)
L&L Credit Reporting Agency (LLCA)

Currently, the only divisions running simultaneous is are LLRS and LLADN as the ad network will first be deployed on sim billboards. LLRS is our land holdings company with the ad network being and ATM and Billboard based system. There are no plans currently to severe those two divisions. The ad network will also run on the LLRS website and are SL ads only.

LLBT and LLCA were supposed to run aligned as well but for the scope and objectivity needed to make it work properly, we can't have the bank running it so we have separated the two and I have hired Mateo Infinity to be the president to eventually make him CEO to run LLCA. LLBT's website will also run ads but these ads are for RL companies only relating to different services world wide.

I had submitted LLCA for IPO and the IPO funds being to pay for the database build but I am rethinking that. I would like to post the prospectus here in the forums and get feedback from there.

Does this explain everything? Let me know if you have more questions.
Sep 27th 2007, 13:59
Lindsay Druart 		SL Capital Exchange Archive » L&L Credit Reporting Agency Prospectus
L&L Credit Reporting Agency Prospectus
LLCA L&L Credit Reporting Agency

Accountability for the Virtual World

Stock Symbol
LLCA

Company Name
L&L Credit Reporting Agency

Company Tagline
Accountability for the Virtual World

CEO's Real Life Name
Sheffie Cochran

CEO's Real Life Location
Fairburn, GA

Board of Directors
CEO, Lindsay Druart
CCO, Luke Birdbrain
President, Mateo Infinity
Chairman, Lindsay Druart

Total Shares to Create
2800000

Shares to IPO
700000

IPO Price
1.00

IPO Days
30

Cash on hand
100000

Land owned
800

Tangible Assets
110000.00

Name for Chairman's Letter
Bringing financial stability to the stable

Chairman's Letter
It is with great pleasure that I present the L&L Credit Reporting Agency. The L&L Credit Reporting Agency has been on the books for a long while as a part of the L&L Bank and Trust but in going back to the drawing board on unsecured services, we have decided that this product should be a totally separate ideal in order to be effective.

This credit reporting agency seeks to replace the SL rating system by giving business an opportunity to share information about their dealings with avatars. Land companies will be able to report tier payment. Banks will be able to upload information about loans and credit cards. Stock exchanges will be able to report defaults.

While this will not stop fraud in SL, it will give all residents a common database of information that will help them in how they do business in SL. We seek to be part of the solution in bringing information full circle with a set up similar to RL credit reporting agencies. This program has been in the works for a few months now and we are ready to take the market by storm now that the summer crunch is over. Look for great things from L&L Credit Reporting Agency.

Business Overview
L&L Credit Reporting Agency will gather information from area business and land owners to establish a credit file for residents. This credit file can be used by other businesses to determine the level of trust and reliability the avatar holds in Second Life. The information here will be but is not limited to:

Tier Payments to Private Land owners
Rental History
Bank Loans/Credit Lines/Credit Cards
Employment
Related Alts (only disclosed by the avatar)
Companies Owed/Worked for
Defaulted payment information
Stock Exchange Affiliations
Marketing potential (likes and dislikes)

This centralized database may include RL information but that will only be supplied at the avatar's discretion and request. The avatar will have to give LLCA permission to store and release this information.

Holding people accountable for their actions in world is the ultimate goal.

As a value added feature, we plan to offer fee-based investigative services for companies such as stock exchanges and banks to insure validity of information provided. This would be above and beyond the basic scope of the credit file and information found will be uploaded to the credit file itself.

Down the line, we will be adding a bankruptcy feature to the agency that will allow people to come to us to facilitate bankruptcy claims and assist businesses in liquidation and repayment of debts.

Business Strategy
Our strategy is transparency and usability. By giving avatars the option to disclose alts and RL information, they can enhance their own credit files and scores by presenting themselves to be trust worthy. RL information will be verified before it can be stored in the database. The customer will sign a release form that will be stored electronically in their credit file that will allow us to maintain and release RL information should it be requested. This is a complete OPT-IN service.

Area businesses can work together to diminish default in SL as one bad experience can affect resident confidence, thus affecting us all. We will market the product to area businesses on a fee-based system that will allow them to upload and request avatar information. It is in the best interest of the company to do so to insure that they are not providing services that are easily defaulted on.

The scoring system will be set up like the Equifax index ranging in scores from 300-900. Multiple inquires in a short period of time will affect the score along with outstanding debts and late payment history. Positive payment history of course will create a higher credit score. Businesses will be able to post statement in the file that will be reviewed by staff before being public on the file to insure professionalism. Avatars will also be able to place a statement on file.

The system is primarily web based but will include a registration system in world to start the file. Once the file is started, a company can import information. If the information is imported and there is no UUID on file, the file will be created and linked once the UUID becomes available.

Facilitation of Bankruptcy will allow SL resident that are having issues with debt to repay with dignity and still hold credibility in the community. This will diminish people from resulting to alt accounts and restore confidence in the market as people take accountability.

Business Strengths
LLCA has many strengths that are evident. First and foremost, management has a long standing background in SL and financial services in SL along with the stock exchanges. Since this is a system based business, there are little tangible assets needs that would impede on profits. This is a service to SL but the profit margin is also high as overhead is tremendously low considering the database will run itself for the most part.

Avatars will be able to dispute information and that information will be investigated to insure accuracy. We don't just accept information and not let it be scrutinized. We will conduct investigations of file and report the findings just as submitting a dispute with a RL credit reporting agency.

The system will be user friendly providing options for businesses to upload via TSV and pull reports fairly quickly. The fee-based service will be tiered via expected credit pulls per month and the per file will be just that.

By including stock exchange affiliations and employment, this opens the database to marketing potentials. This will be an OPT-IN feature for customers to decide if they want to be contacted about certain products. The database can potentially be open to marketing throughout SL but considerable research and development will be conducted to insure the validity of the company requesting information as well as their marketing strategy.


Use of Capital
The use of capital is for the development and maintenance of the system until profits are feasible enough to sustain. We are working with Tango 11, the creator of the SL CapEx and L&L Bank and Trust systems, to build the system that will be primarily web based.

Land is being provided by L&L Rentals and Sales but we will be responsible for monthly tier.

Risk Factors
The only risk factor we foresee is database stability. As the database grows it may become slower and we have to upgrade to hold the information.

A competing agency is not a concern as indexes may be different and more than one agency is needed anyway to house SL residents.

Validity of information provided is a risk but the investigations process should diminish that.

Management
Lindsay Druart, CEO and Chairman
CEO, L&L Bank and Trust
CEO, L&L Rentals and Sales
CCO, Aquatica, Inc
CEO, L&L Virtual Holdings, Inc (RL: Sheffie Cochran)

Luke Birdbrain, CCO
CCO, L&L Bank and Trust
CEO, L&L Rentals and Sales
CEO, Aquatica, Inc
CEO, L&L Virtual Holdings, Inc (RL: Joseph A. Jiblets)

President, Mateo Infinity
CEO, Infinity Enterprises
CEO, Infinity Management
Pres./CEO, Beyond Web Creations, LLC (RL: Matthew Moyer)
Sep 27th 2007, 14:54
Lindsay Druart 		SL Capital Exchange Archive » Monthly Financials
Re: Monthly Financials
On the first question, no. LLADN has its own ATM that gives out notecards on each ad that cycles through it. No money at all in those ATMs. They are for managing click throughs. We may do an LLBT based ATM system but I doubt it right now. That is not in the current plan of things.

LLBT will NOT own part of LLCA. LLBT will be a customer just like any other bank or business entity interest in the services.

I have posted the prospectus in a thread here. Feel free to ask any questions you see fit.
Sep 27th 2007, 20:24
Lindsay Druart 		SL Capital Exchange Archive » L&L Credit Reporting Agency Prospectus
Re: L&L Credit Reporting Agency Prospectus
In addition to the business overview, we are going to add bank licensing. This will give customers an opportunity to see what banks have been examined and licensed to include their information in the database. We will work with Rock Insurance to establish those licenses.

We are also looking at collection proceeds on a consumer level. This item is still in research and development but I let you know when we come to a conclusion on that.
Sep 28th 2007, 11:58
Lindsay Druart 		SL Capital Exchange Archive » L&L Credit Reporting Agency Prospectus
Re: L&L Credit Reporting Agency Prospectus
1. This is not a service provided by the bank. LLCA is its own entity. L&LBT will become a customer of LLCA just like other banks. The additional expense will be minimal compared to the amount of money this will save us in clearing defaults.

2. That was addressed in this month's financial report. We will try to provide dividends if 100k is less than 25% of that month's profit, we would complete the buyback and pay dividends in the same month. If not that 100k would be put towards the buyback and shares retired to lowered the total float.

Hope this answers your questions, Pakkia.

To King,

Our IPO has not been finalized by CapEx and probably will not be for some time. Right now, my plan is to use a portion of my pay from my RL job to pay for the software build and go from there. Since this is a separate entity, no funding from LLBT or LLRS will be used.

We have started our bankruptcy/corporate restructuring program with Investor Allen as one of our clients but our legal advisor suggested we sever ties pending possible litigation. We are currently contacting several banks and land holding entities to provide information and join the network as well.
Sep 28th 2007, 16:23
Lindsay Druart 		SL Capital Exchange Archive » L&L Credit Reporting Agency Prospectus
Re: L&L Credit Reporting Agency Prospectus
I don't mean to be rude or mean but please don't tell me that you want to me to sue myself over the credit reporting agency.

I am sorry Cayman but I really don't know how to answer your question and it literally just made me sick to even try to. Not being rude here at all but the way people are threatening others with lawyers and legal action right now is nothing more than low level black mail. Not saying that is what you are doing but I guess maybe I read your post at a bad time for me.

Please let me know what you suggest should happen here. You are a majority shareholder so I would like your input.

Thank you.....
Sep 28th 2007, 18:15
Lindsay Druart 		SL Capital Exchange Archive » L&L Credit Reporting Agency Prospectus
Re: L&L Credit Reporting Agency Prospectus
Pakkia, I take this very seriously and I don't hide behind this being a game at all. I am just a bit discouraged that the CEOs that run an honest business are being subject to the harshness of the market when we are the ones trying to fix it. My name is here...Not just my SL name but my RL name and I have worked hard to maintain my integrity here and in RL. Don't forget that all L&L affiliations are apart of a RL holdings so I pay taxes on USD income derived from what is made in SL. So I am by no means taking this lightly.

Honestly, I am discouraged by the current stance of the market and it's nothing more than that. So much fraud has occured that I feel like I am under a microscope which is fine because I have always volunteered information but now it just seems like its 11,000 times harder because people are jaded.

I am having to work 4 times as hard to do what I normally do because of the frauders. I am not complaining but damnit it's stressful and I wish these bastards the worst in all they do because it't not fair for the good guys to have to play clean up.

I am sorry if I offended as it was not my intention and please forgive me if I am on the defensive....I just hate seeing awesome potential crumble because of idiots.
Sep 28th 2007, 20:15
Lindsay Druart 		SL Capital Exchange Archive » L&L Credit Reporting Agency Prospectus
Re: L&L Credit Reporting Agency Prospectus
The reason behind the spin off is that other interested banks did not feel the system objective being run solely by a bank as this opens their portfolio to a competitor and that I understand. The information in the database is tremendously inclusive of data from many of the bank's competitors as well as LLRS so it is understandable for them to have a bit of worry.

I did not want LLBT stakeholders to take the hit for the development of the system, the purpose of the IPO, and not directly profit from it as LLBT would be a client of LLCA just like say BNTF, BCX, or First Meta. Also, I did not want the burden of collection proceedings and corporate restructuring to be burden on LLBT assets.

However, I will provide the funding for this personally as it seems it is becoming a big issue. All I sought to do here was try to remain objective and not play favorites and offer a service that me and my competitors can agree on. The IPO amount was calculated just at 25% above the expected cost of the system so it was not like I was looking to buy a sim and start a huge portfolio or anything.

Given the recent events, I would have thought that this was something needed and applauded to maintain the stability in SL right now but doesn't seem the consensus view.

In order for me to maintina the client base waiting for the database, I cannot have it run as a bank product. I am sorry I don't have more to say on that but we need regulation or SOMETHING right now. If I have to bring it from my own household to make it happen, I will.

I started LLRS on my rent money and made a successful business and I will do it again to at least give people a chance to be able to invest safely and with assurance. Everything is not fool proof but I will damn sure try to get as close as I can to make it that way.

I am still looking for suggestions from you guys sense my reasoning seems to be flawed in your eyes. Please let me know how you think this should go.
Sep 29th 2007, 23:25
Lindsay Druart 		SL Capital Exchange Archive » L&L Credit Reporting Agency Prospectus
Re: L&L Credit Reporting Agency Prospectus
To address few things, credit granting is still coming as we have the loans in place now but I wanted to have credit reporting in place before I go off and dish out cards to people and end up with a ton of debt.

I am only assuming CEO to get the project started and then I would hand that off to the President, Mateo Infinity. This was already the plan. If need be, Mateo can take full CEO rights and I step back as chairman but that still does not solve the issue of running LLCA as an entity of LLBT.

It wasnt until we started plugging potential customers that we found the flaw in NOT making it 3rd party. But I am brain storming here. I did think about share compensation at 1/7th LLCA share per LLBT share seeing as that was the 7th part of the development but that would make the float much higher than intended and I am not sure if that is legal anyway.

I am really sorry everyone, I have been rather ill all weak and thinking with a migraine is not one of my stronger powers.
Sep 29th 2007, 23:25
Lindsay Druart 		SL Capital Exchange Archive » L&L Credit Reporting Agency Prospectus
Re: L&L Credit Reporting Agency Prospectus
Scratch that 1/7th thing....



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