All posts by Delicious Demar
| Mar 10th, 03:33 Delicious Demar |
Sky Power Fund » Proposal/Vote 4 POW and the Sky Hedge Fund Re: Proposal/Vote 4 POW and the Sky Hedge Fund |
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| Wow, what a mess. I have tried to get up to speed on the developments over the last two months with the Sky Hedge Fund and POW, and I must say it has become a tabgled web indeed. Sully, I can only assume that you are doing what you are doing out of a conviction that you are right and have some moral authority to take charge of Sky Hedge Fund assets. As for POW, I neither know, nor care, except insofar as POW forms part of the SHF portfolio. I am not a direct investor in POW. I am an investor in the Sky Hedge Fund (SHF) The problem is, I don't recognize your authority to make decisions for the hedge fund. I understand that you have been appointed CEO of POW through whatever passes for official channels in this mess - and that is fine - and you and your investors can decide what to do with POW as you wish. My take on this is that you have created an unneceesary sense of urgency in the situation - forcing the issue with SkyRanger Hammerer, and creating arbitrary deadlines for issues that require careful thought. Reading your posts, it appears that only a few days ago, things were still positive and colleagial between the two of you, but have devolved in the last 3 or 4 days because you want to (have to?) get things resolved so quickly. In fact, all of the suggestions that SkyRanger Hammerer has absconded with funds, or has "taken off" with our money, are totally unsubstantiated - he has continued to be seen inworld and post on these forums throughout the period of time he was supposed to have been unreachable. My opinion on the matter is this - the Sky Hedge Fund is not yours - you have no authority to demand anything about it. As CEO of POW, you are entitled to whatever assets were held in SkyRanger's account that are owned by POW. I understand that valuating that is difficult, but a close estimate should be possible if an executive decision needs to be made in short order. The rest should be returned to SkyRanger, since he is the original, and as far as I can tell, current owner and operator of the SHF. In any case, it will be my direction to you as one of the SHF investors, that the portion of my investment in SHF that you currently control (whatever amount it turns out to be) should be returned to SkyRanger Hammerer. SkyRanger has made some mistakes - no doubt. But he has never shied away from them, and the fund value has dropped much less than might have been anticipated in light of the banking ban and the current woes of the financial sector in general in SL. SkyRanger and I are acquaintances only, and have met only under the auspices of the SHF, but I have always found him to be honest and straight in his dealings - and I submit that your sense of urgency to resolve this in a few weeks is just that - yours. I do not share it. I would rather see it resolved more slowly, through mature and professional dialogue, rather than through grandstanding and creating a sense of panic. I do understand that POW is under pressure to resolve issues in order to remain active on the exchange. But I think you need to do a better job of disentangling POW nad SHF in your own mind and deal with them each as separate issues - as much as possible, and resolve the POW issues in isolation of the SHF issues, if at all possible. But hey - that's just me... dd |
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| Mar 22nd, 00:03 Delicious Demar |
General Investment Discussion » DDE Delists from WSE Re: DDE Delists from WSE Edited by moderator Mar 22nd, 00:26 |
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| Hi all :-) I am a very small cahuna, honestly... I am trying to spread a wide net of communication to catch as many ppl as possible. As Jimmy has quoted - if you own shares in DDE I would really encourage you to join the Delicious Demar Enterprises group inworld - it will be the main inworld vehicle for information. also, I have a blog where I will post everything: http://deliciousdemar.blogspot.com The decision to delist from WSE was taken very carefully, after a long and very productive conversation with Luke Connell. It reflects nothing more than my desire to wind down public operations of the company in a thoughtful and controlled manner (stress on the word "controlled") over the next year or so. It is my intention to seek shareholder feedback through a variety of means over the coming couple of weeks, and to make a final decision about how this is to occur. I hope all DDE investors will be assured that whatever happens, their ownership of DDE will be respected, and they will receive fair value for any holdings in the company they may have. Essentially, in response to another poster, this is a buyback strategy, the specific of which have not been decided yet. However, as always, I will talk to shareholders first - no firm decisions have been made yet, and I am willing to listen to all options before making a decision - it is possible that DDE will continue as a publicly held company, with a smaller group of investors. I tend to take my time and weigh all options before making a decision, and then once it is made, move quickly to implement it. At this point, I am in the "weighing of options" mode. If anyone has any questions or suggestions, please contact me, or leave a comment on the blog. A to anyone wondering why a post here? I have been an investor on this exchange for quite a while now - albeit in a small way. I lurk on the forums quite often - lol. best of luck to all, and you can trust me to maintain the ethical standards that I have followed throughout the almost two years that DDE has been in operation. dd |
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| Apr 2nd, 15:19 Delicious Demar |
Sky Power Fund » Crickets Chirping Crickets Chirping Edited by moderator Apr 2nd, 15:20 |
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| SkyRanger??? Hello??? *listens to the sound of crickets chirping* SkyRanger??? sigh... the definition of insanity is continuing to do the same thing over and over again, expecting to get a different result. I think I am insane. http://deliciousdemar.blogspot.com/2008/04/financial-sector-in-sl-sigh.html |
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| Apr 14th, 17:43 Delicious Demar |
Sky Power Fund » Crickets Chirping Re: Crickets Chirping |
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| hahahaha. I hope that your time off to focus was a break for you. I am happy to see you back again. I remember hearing that Sully was planning to transfer to you whatever portion of the Hedge Fund assets that belonged to people that did not want to buy into his plan with POW. I left a message on these forums to that effect, and I think also messaged him inworld about it. Not sure where that is at. And which romantic tune, pray tell?? You sure it wasn't porno music?? hehehe dd |
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| Apr 14th, 18:18 Delicious Demar |
Sky Power Fund » All Hedge Fund Investors Re: All Hedge Fund Investors Edited by moderator Apr 14th, 18:42 |
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| Please correct me if I am wrong about this -but in March, Sully told anyone that is interested in keeping their Hedge Fund investment with SkyRanger to state their intentions to do so. First, some background... -------------------------------------------------------------------------- Quote from Sully Kelly, march 9, 2008 in http://www.slcapex.com/forums/topic/POW/1611 : "Where to from here? Very tough question! First, since I am the CEO of POW, my responsibility is to protect and indemnify the POW shareholders and all of their assets, so I have an immediate obvious set of conflicts (as well as the one that I am a POW shareholder (25050 shares) myself and throw in that I’m a hedge fund investor (10000 linden) too). All those things being true, I am trying to be completely impartial and fair. CapEX has offered to me to be the TRUSTEE for all of the CapEX assets that Sky has in his account (that means everything except what he withdrew before the freeze and conversion). I need only demonstrate that I have backing from a reasonable number Hedge Fund investors (frankly, I already the backing adequate), but since some will wince at the thought of me having that power/responsibility, I will put that question out to the Hedge Fund Account holders and I will do it with this attachment. If you want to stay with Sky running your private account, he has possession of some 1.1 million linden to work with. If you’d like to have me Trustee your funds at CapEX, then I’ll accept that position. The difference to be paid to the other party (Sky or myself) according to the percentage of the fund each voter has and where they’d like it. I will respect any wishes here, but I have zero control of the funds outside of CapEX. Only Sky can honor that. For the Sky investors I will do the following, if you choose to have me administer your funds, then I’ll convert your funds to POW shares and make you shareholders. I will develop a rate (near .90L) from both the percentage of Hedge Fund linden you have left and after all costs are paid (some of the hedge fund investments include POW shares), so this is not something I have an exact figure on, nor will I calculate it exactly, until I have your decisions. This is also going to be contingent upon the vote of the shareholders of POW, that is being offered to them below, but I feel I know what they will choose already and thus this potential offer. Any unclaimed funds (that end up in my possession) shall be segregated for future claims and be invested in a safe vehicle until such time as they are claimed. The earnings from the investment of these funds will go to the profits of POW for dividends/retained earnings, as I &/or the Board of Directors of POW deem proper." ----------------------------------------------------------------------------- And then a quote from my post in response on the same thread, on March 10th: "As CEO of POW, you are entitled to whatever assets were held in SkyRanger's account that are owned by POW. I understand that valuating that is difficult, but a close estimate should be possible if an executive decision needs to be made in short order. The rest should be returned to SkyRanger, since he is the original, and as far as I can tell, current owner and operator of the SHF. In any case, it will be my direction to you as one of the SHF investors, that the portion of my investment in SHF that you currently control (whatever amount it turns out to be) should be returned to SkyRanger Hammerer." --------------------------------------------------------------------------- Next, the vote of POW shareholders took place, and here is part of Sully's post on March 16th, in http://www.slcapex.com/forums/author/2459?page=3 : "5) Those that have made THIER will clear, of the hedge fund account holders, will recieve an offer to convert their ownership percentage in that fund, into shares of POW, from the assets frozen by CapEX. 6) Once those proposals are accepted/declined by the account holders, the figures will be published in a clear cut fashion here in these forums." ------------------------------------------------------------------------- 4 DAYS LATER, this was posted by Sully: "I Pulled the trigger,once the order has been executed by CapEX, which I placed on Monday night, Sky will have Zilch! I took the trustee position I didn't want, but was left no choice. I removed POW's assets from the mix, made offers to existing hedge fund clients and they were accepted. Those people represented 58% of Sky Hedge Fund. These folks assets equalled 70k more then the CapEX account had in it. I moved to transfer all of the portfolio and indemnify the offer accetors. This is a done deal. By the weekend, this order should be done. POW will list with 2.6 mil shares and 1.6 mil assets. The halt will lift and I am preparing financials to start us up with again. Sky's account will be drained dry. The remaining 1.1 mill in his avatar will satisfy the other investors of record and leave Sky with 12k if he uses the same formula I did. I offered to have him bless this transaction, but have recieved no response. I haven't created a group, because I am of the impression that enough people would like a name change that I'll at least entertain it at the shareholders meeting, that I am going to have. Don't ask me when it will be yet, cause I don't know. There, Done!" --------------------------------------------------------------------------- As far as I can tell from checking my IM logs and group announcements, I never received any offer from Sully. He did respond to me on March 11, thanking me for posting on the Forum and saying that he respected my decision. I had 100,000L invested in the SHF. Sully - I know that you have been doing the best you can in a difficult circumstance. But I have never received any correspondence from you about this. I was never given an offer to convert my portion of SHF to POW shares- so not really sure what it all means... does it mean that whatever portion of the SHF holdings that you had that should have gone to me (or to SkyRanger actually - since this is what i requested) are simply gone? Are they being held elsewhere? I'd appreciate you letting me know where things stand on this... dd |
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| Apr 15th, 19:30 Delicious Demar |
Sky Power Fund » All Hedge Fund Investors Re: All Hedge Fund Investors Edited by moderator Apr 15th, 19:32 |
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| Sully, you're right - this is old news. Yeah it clears things up for me. You waited 4 days for people to contact you, and if they didn't you kept their portion of the SHF funds that you controlled. I get it. In fact, what I directed you to do was not to stay out of my business, but to return whatever portion of my funds were given to you by SLCapex from SkyRanger, back to him. However, since you controlled the cash, you decided the options open to me. I get that too. As for seeking restitution from SkyRanger - that is difficult - because you controlled 1.25M Lindens of SHF, and from what I can tell - only a portion of SHF investors contacted you and asked to have their portion converted to POW shares. I presume that you simply kept the rest for POW, since we didn't respond within the arbitrary timeline that you imposed. What do you call that? Because it took me a couple of weeks to get back to you, I guess you think that means you are justified in keeping it... sigh... I just wanted to see how business was done on this exchange. From where I sit, it's no different than any of the others - self-appointed experts making decisions with other peoples' money, after ignoring their express and explicit wishes... dd |
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| Apr 16th, 04:51 Delicious Demar |
Sky Power Fund » All Hedge Fund Investors Re: All Hedge Fund Investors Edited by moderator Apr 16th, 05:01 |
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| gotcha so basically you redistributed my money to other SHF shareholders because you didn't like the position I took on the issue, or because you felt I did not make my intentions clear to you quickly enough. Or both. lmfao What you did was wrong, plain and simple - regardless of the fact that I truly believe you came into this with the best of intentions. If you decide on a course of action on behalf of investors - you need to include ALL investors and treat them equally. It should never have been an "opt-in" process to begin with. I have read all of your threads on here Sully - and you throw accusations around at others constantly - is the air more pure up on your high horse I wonder? Hey - I am a realist - I know the money is gone and you won't change your mind - but my position is that you still owe me a portion of the funds that you took on behalf of SHF investors - of which I was one. I know that you will deny that - because you followed whatever arbitrary procedure you put in place to resolve this, and you consider the matter closed. Presumably, this was all done with the blessing of the exchange owners as well. Do people wonder why my faith in exchanges is gone - I mean, look around, people! dd |
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| Apr 17th, 15:17 Delicious Demar |
Sky Power Fund » All Hedge Fund Investors Re: All Hedge Fund Investors |
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| Scott: what makes you think we aren't? Ivan: Thanks very much for the kind words Ivan - I am humbled by them - but I want to be clear that I have nothing personally against Sully. I have said a few times that I am certain he came into all of this with the best of intentions - and I know as well as anyone how explosive these situations can be in SL - I have been involved in enough of them myself! I certainly don't think that I have anything particularly wise to say to Sully - he is doing the best he can in the situation he finds himself in. Although obviously I haven't agreed with all of his actions - I understand them, and it is not meant to be a personal indictment of him or his skills and abilities in running a business. He sounds knowledgeable and accomplished to me - and everything he has done has been above board and clearly laid out all the way along. I am totally certain that his intentions have been honorable. Forums are for an open exchange of ideas - and yes they get heated sometimes - especially when strong-minded people (which I think we all are) speak their minds. There is no personal offense meant or taken on my part. And certainly no hard feelings. Sully: Consider me backed off. I know you were put in an untenable position. I won't apologize for advocating for my position - but I also don't want to belabor the issue after it has been made clear. We understand and respect each other enough to leave it at that, I am sure. Onward and upward! dd |
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| Apr 18th, 00:11 Delicious Demar |
General Investment Discussion » And now for something completely different -- A discussion about Land Re: And now for something completely different -- A discussion a Edited by moderator Apr 18th, 00:15 |
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| The approach I have always taken is to treat land as an asset. But it is not completely simple. First, let me say that I have no qualifications in accounting - I had to try to learn all of this stuff of the fly in SL - I have no experience with it in RL at all... My approach was always this: 1. The aim was simplicity and transparency - in the end there are different ways that you can legitimately account for land, but you have to make sure that investors always know your assumptions so that they can analyse your financials properly. If you account for land as an asset - you have to explain how you are valuing it - either at purchase price, for example, or at current market value. And, for example, specific situations can call for different methods of evaluation. When I delisted from the WSE - in order to offer shareholders the possibility of an immediate liquidation option - I valued the land at liquidation prices - i.e. what I could reasonable expect to get at a firesale price to sell everything off within a week or two - which was significantly less than the current market value where I would be willing to wait to get a fair price. 2. Whenever possible, and for simplicity - I value mainland at purchase price - this is because I typically intended to resell the land quickly - often buying and selling land several times within one accounting period. When land was sold - I would book the difference between purchase and sale price as a capital gain in revenues. 3. Islands are valued at current market value, since I never intend to sell them, and so don't expect a capital gain/loss in the short or medium term on them. 4. All tier payments were obviously considered an expense, just as rentals and tier payments from tenants were considered In light of the recent price drop by LL - I consider the value of my assets to have dropped significantly - which while annoying actually changes very little about the profitability of the company - rents are tied to tier - not purchase price. So, the monthly revenue and profit figures are still good. But the NAVPS has definitely dropped. I understand the concept that the initial purchase price is more of a "setup fee" than it is the purchase of an asset - but I agree with the previous poster that defined an asset as something that is expected to have resale value in the future. Land certainly fits this description. and the problem with NOT accounting for land as an asset is that it messes up the balance sheet. If I raise 1m Lindens in an IPO to start a land business - I am creating shareholder equity, and in order to evaluate a stock, investors need to have some sense of the assets that are being purchased to create revenue for the business. If I buy 1m Lindens worth of land as as an expense - my operating statement is going to show a HUGE loss in net income in the first month or two as I use shareholder's capital to buy the land - and that is misleading. On top of that - the net asset value for the company would essentially be 0 - which is also misleading. The only situation I can see where treating land purchases as an expense would be if I was a land flipper - and intended to use tier levels to buy and sell land quickly - thereby creating a significant revenue stream on land sales to offset the price of purchase within each accounting period... Oh, and I also agree - let's NOT start talking about depreciation of assets! just ewwwww. Boy - that was dry. lol dd |
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| May 16th, 14:21 Delicious Demar |
General Investment Discussion » Heads up the wave has started Re: Heads up the wave has started |
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| Yeah... I was one of those first 25 as well - those were heady days - optimism and possibilities abounded. There was a core of great companies (of which Lindsay's was one) surrounded by a pack of wild dogs with dollar signs in their eyes. The latter WERE scammers, and took advantage of investors' gullibility to abscond with millions of Lindens. Out of the first 25 companies that listed back then, about 5 are still viable operations. Which actually, compared to RL, is pretty typical of new startups. But for many - the whole thing was predicated on greed and ignorance - they saw the opportunity to get a lot of cash, without any real framework for ensuring that they did anything with it. Many simply took it and ran. Others were simply incompetent and lost it all. Others got hit by the banking ban, and lost millions that way. There was a mix of bad luck, incompetence, and malfeasance that came together to produce a giant pile of shit for SL investors - who can really only stand by and throw their two Lindens into the discussion when the opportunity arises - because there are no other recourses worth mentioning. One of the most interesting things to me (and I am NOT casting aspersions on anyone here - I simply don't know them well enough) is that the financial whizzes and hotshots who knew a lot about RL financial markets, but not a lot about SL business fundamentals, are the ones that messed up. There seems to be a whole house of cards built on "investments" without any solid undercarriage. The companies that prospered, were the ones that may not have known a current asset from a rented mule at the beginning, but understood that to make money, you need to OFFER something to people - a product, a service, etc.... and they learned over time about the financial aspects. The whole SL financial sector has got things ass backward (mule backward??). They want a whole robust market without a solid business infrastructure - so we have more investment funds than we have companies with real assets and revenue streams. so just exactly what are they all investing in?? I would have a really hard time opposing a ban to exchanges in SL - there may be a couple that have tried to do things properly and have imposed SOME form of regulation on their companies in order to provide a level of security for investors. But unfortunately, we have all watched ancapex and the WSE for the last six months. Need I say more? Basically, the net result of stock exchanges so far has been to move Lindens from a lot of investors, to a few avatars - on a wing and a prayer - hoping that the avatars in question are ethical and won't bend them over an ATM and take them roughly. So, you all get painted with the same brush - for the greater good. Sure, some people are going to pay the price, even though they were pure of heart. Others are going to get what they deserve. Maybe that sounds a but harsh. But I figure that in my time investing in SL on exchanges and funds - i have probably lost 1.5m Lindens. All of it to people who have sounded great and took a powder. Now THAT is harsh. dd |
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