http://slcapex.com/forums/topic/POW/1611 In forum Sky Power Fund en-us Tue, 09 Mar 2010 23:33:46 -0700 Tue, 09 Mar 2010 23:33:46 -0700 http://slcapex.com/forums/ Kudang SQL2RSS admin@slcapex.com webmaster@slcapex.com 60 http://slcapex.com/forums/topic/POW/1611
This is all about choices and nothing really more than that, so I thank you for choosing.

Tonight I will release the status of the vote by POW shareholders. After that I will present what is next in line to execute and, of course, will honor your choice(s), as well as everyone else's. The rest is up to Sky.

Many of us simply think that we would prefer control of our own destiny rather than to wait for Sky, under all of these circumstances. There is no incentive to wait for what Sky has told me, is a complete liquidation.

Sky has told me that he withdrew all of the 1.1 million linden for the protection of his investors. I believe him on this. I asked him why we needed protection on December 21st and he said he wasn't giving me that information.

Sky has told me that he was planning to liquidate the hedge fund accounts and to honor the early buyouts. I believe that is his intention. I asked if he would simply distribute the withdrawn funds to each investor equally now (percentage of holding accordingly). He replied no. I asked if he refused to do a partial payment from liquidity, he replied he was not refusing. I am not sure how that will turn out. He seems to think that he should wait until everything is liquid first, that to me is baffling, but that is his perogative, to a point. Those are OUR funds, not HIS. Yes, he was hired to grow & protect them by each of us, but they no longer grow and we don't have access to them as we we're promised up front. I temper that, by restating that it wasn't his fault that the ban occured. The ban, that started the domino effect.

The proposal I've made to POW was 2 fold, in essense. One to decide the future of POW and secondly, to decide if the surviving POW company should help it's largest investor, Sky Hedge Fund. I am simply the facilitator and I'm trying my damnedest to offer good choices and then get results.

Many hedge fund investors have said that they would like my choice, I believe, due to the fact that they are afraid of ending up with nothing, but that is why I've stepped in as I have.

I AM MORE THAN WILLING TO HELP SKY GET THIS LIQUIDATION DONE. A LOT OF PEOPLE WANT ME TO GET THIS DONE, SO LET'S JUST DO IT.


POW SHAREHOLDERS NOTE:

PLEASE TELL ME YOUR WISHES IF YOU HAVEN'T YET, TODAY IS THE LAST DAY TO VOTE. 6PM SLT IS THE CUT OFF.

Respectfully,

Sully Okelly
CEO - POW



in topic Proposal/Vote 4 POW and the Sky Hedge Fund by Sully Okelly ]]> Fri, 14 Mar 2008 02:25:03 -0600 http://slcapex.com/forums/topic/POW/1611/10269 http://slcapex.com/forums/topic/POW/1611
I am afraid that I have to go along with the hedge fund investors in saying that I cannot recognize you as the person in charge of our investments. I understand that sky took part of the fund and invested it in POW and then took over POW much to the obvious chagrin of POW investors, however, while you may control POW there is nothing that gives you or slcapex the right to take over the hedge fund except that it serves to please the POW investors, so give my investment which were at one point about 11,000 L and give that control back to sky. I do understand what has occured on sky's part and I think everyone in Sl gets to thinking they actually "own" a something, but with time and history in Sl I beleive that you will see that someone like you will come along (likely the lindens) for example and will delete this world you think you are actually living for real without any concern for the conversion of L into real money. None of this would be able to happen in the real world and i have no reason to trust you any more than I choose to trust sky. So my choice is sky and while I feel badly for those invested in POW (have lost on investments in companies myself) I would never expect other investors to cover my losses.
thank you for respecting my choice.

istra paine
( I am sending a copy of this note card to sky as well and will post it in the forum so that there is no confusion that I have indicated my choice.)

in topic Proposal/Vote 4 POW and the Sky Hedge Fund by Istra Paine ]]> Tue, 11 Mar 2008 13:00:03 -0600 http://slcapex.com/forums/topic/POW/1611/10154 http://slcapex.com/forums/topic/POW/1611
We are speaking again on wen., when I get back, so no lynchings while I'm gone.

I think we may be getting somewhere.

Sully

ps. I'd say more but I leave in 16 minutes and need to pack, sorry :(


in topic Proposal/Vote 4 POW and the Sky Hedge Fund by Sully Okelly ]]> Tue, 11 Mar 2008 03:15:04 -0600 http://slcapex.com/forums/topic/POW/1611/10126 http://slcapex.com/forums/topic/POW/1611
If these 3 options are the official ones to vote on: Hedge Fund investors likely do not want to merge with the new CEO. That would deminish option 3. To go back to tradingfloor for POW, without assets and funds being restored will not happen. IF these are restored and transfered to a trustee or POW management and POW will go back trading, the RISK Hedgefund and other Hedgefunds investors (who have also invested in the POW stock) will PULL OUT of POW is very high, downpressuring the stockprices if there arent enough new investors which in this situation is also not likely.

As a POW-only shareholder (4.6%) I vote for option one, to delist its company and liquidate its assets. The Hedgefund with its shares (35% i believe) will be paid equally as other POW shareholders. I don't see why SkyRanger cannot be held responsible for the value of these shares. After all in the period before this trouble started he said POW shares could easily rise till 1.20 and on longer term 1.78 so where did all this value get lost so suddenly.
I do not mind to be paid a certain 0.90 per share and I do not understand in what way this would be that much negative to Hedge Fund shareholders as Sky should have all these assets and funds readily available. That this is not a fact is his problem and should not be problem of the new CEO and BOD and shareholders left behind.

Sully please accept my vote as is described here as I cannot connect to sl at this moment. And thanks for all the good work on this, all clearifications and reporting is much appreciated.


in topic Proposal/Vote 4 POW and the Sky Hedge Fund by Stryker Yoshikawa ]]> Tue, 11 Mar 2008 02:56:34 -0600 http://slcapex.com/forums/topic/POW/1611/10125 http://slcapex.com/forums/topic/POW/1611
35% of POW is an asset of SHF. Skyranger is still chairman of SHF and he will remain in charge of that 35% on behalf of the SHF accountholders. The fact that Skyranger became CEO of POW at that time was his own personal choise and has no further relevance to SHF.

in topic Proposal/Vote 4 POW and the Sky Hedge Fund by Isegrim Nikolaidis ]]> Tue, 11 Mar 2008 02:55:58 -0600 http://slcapex.com/forums/topic/POW/1611/10124 http://slcapex.com/forums/topic/POW/1611
in topic Proposal/Vote 4 POW and the Sky Hedge Fund by SkyRanger Hammerer ]]> Tue, 11 Mar 2008 01:00:29 -0600 http://slcapex.com/forums/topic/POW/1611/10119 http://slcapex.com/forums/topic/POW/1611 ( I am sending a copy of this note card to sky as well and will post it in the forum so that there is no confusion that i have indicated my choice.)

Dear Sully Okelly,

I am afraid that I have to go along with the hedge fund investors in saying that I cannot recognize you as the person in charge of our investments. I understand that sky took part of the fund and invested it in POW and then took over POW much to the obvious chagrin of POW investors, however, while you may control POW there is nothing that gives you or slcapex the right to take over the hedge fund except that it serves to please the POW investors, so give my investment which were at one point about 11,000 L and give that control back to sky. I do understand what has occured on sky's part and I think everyone in Sl gets to thinking they actually "own" a something, but with time and history in Sl I beleive that you will see that someone like you will come along (likely the lindens) for example and will delete this world you think you are actually living for real without any concern for the conversion of L into real money. None of this would be able to happen in the real world and i have no reason to trust you any more than I choose to trust sky. So my choice is sky and while I feel badly for those invested in POW (have lost on investments in companies myself) I would never expect other investors to cover my losses.
thank you for respecting my choice.



in topic Proposal/Vote 4 POW and the Sky Hedge Fund by SkyRanger Hammerer ]]> Tue, 11 Mar 2008 00:57:54 -0600 http://slcapex.com/forums/topic/POW/1611/10118 http://slcapex.com/forums/topic/POW/1611
I went to CapEX as CEO of POW (duly elected and backed by Skyranger Hammerer and many others) and requested to have the halt on POW lifted. I was informed that I needed to make the assets list exact with Sky. I said that I was waiting for him to get back to me. several more days passed and no Sky. So, while waiting, I decided to have a look at the audits, since I was informed that they were to be paid for by POW. I believe that the CEO of the company paying for the audits should know what they find. There are discrepancies of 160k, evidence of 1.1 million in withdrawals (with very strange timing, Dec and early January) and some share sales for extremely low prices. None of which have I said are anything more than odd. I have not accused Sky of anything directly, except blocking me from the ownership of the in world group and not responding to me or meeting in a timely fashion.

So, I can't takeover my commissioned position without 1 of 2 things happening. I can wait for more time to click away and get with Sky at his whim. or 2, I could pick an asset valuation from the mess I looked at. I decided to ask several other POW executives to look it over, so that I WOULDN'T overstep my boundries. They came to the same conclusions as I did and the auditors did. So I went back to capex, after a unanimous POW Board of Directors vote, to execute the will of the Board as is my responsibility as CEO. When I got there (CapEX) I was told that Sky needed to accept the assets list(which was very small, less than 200k by Sky's accounting, which also contradicts itself) OR if I had the backing of a large group of Hedge Fund investors, I could be granted trusteeship(CapEX is not happy to work with Sky any more either). So, I had promised an update to the POW shareholders for that night and had already had a BOD meeting and recieved contradictory instructions from that vote.

I decided to make the choices public as you can read on my original post. So, I offered to the POW shareholders (my Bosses) 3 choices. The third one was to help Hedge Fund account holders who are waiting for their linden since the interest ban and then subsequent Sky account freeze. I even stumped for the shareholders to help the Hedge Fund acount holders in my public proposal.

That is where we are, until Sky popped in at who knows what hour last night and says I didn't have his permission to tell any of what I did. If you find something wrong with anything I've done, I am more than willing to listen to anyone about any of it. I have stated this from day one and before, for those that know me, even Sky himself would likely admit that I have tried to help this situation, perhaps not, I don't know at this point, BUT I have done zero that anyone deep into the same shoes wouldn't have done given the same choices and having fairness to all as a motive. I defy anyone to look close enough to argue against me on any of it.

As for the trustee issue, I haven't accepted it as yet, so there isn't anything to talk about until the will of the Sky Hedge Fund account holders points to that and IF I PERSONALLY decide to choose to do it.

IF the Hedge Fund account holders want me to take on that role and if the POW shareholders want me to take that role and merge the 2, then and only then, will I make my own personal decision. I am leaning towards doing it at this time, based on the discussions with some of each of those 2 sets of investors. I suppose that I would be stepping on new ground if it got to that, but now we have Sky present to start telling us all EXACTLY what has happened and what HE'S planning to do to fix this. I have checked the web site and don't see the PLAN he says has been in place. I hear spatterings of liquidation and discussions with investors, yet no contact with me personally or anyone that I've spoken to. Maybe I just couldn't find it or it isn't clear to me, so if SKY would like to square this all away, I'd welcome hearing about it. Why not post it here, in the group, on your web site and e-mail it to me(you still have mine, gmail saves then without asking).

If nothing has been fixed by Friday night and the votes are in, enough to support POW action, then I'll take each prescribed/outlined step that MY BOSSES ask of me in that vote. If not, then back to the drawing board. If SKY becomes completely available to ALL of his Hedge Fund investors then great.

On POW business SKY needs to deal with several matters immediately.

1) Turn Ownership of the PSG Group over to the new CEO of POW (that's me). I'd like to be able to present proposals to everyone in the group.
2) Pay to the new CEO of POW (that's me) the 25000 linden that SKY has said he has in his avatar that is POW's property. It is simple, just pay my avatar. My shareholders would like their funds working for them.
3) Cooperate in the assessment of the assets list that HE has for POW, versus the results of the Audits, performed by subcontractors for CapEX on POW's behalf, due to his personal negligence as the CEO of POW.

On a personal note:

I would remind you all that I am not the focus here, but the messenger. I did not want or intend to end up in this position, but have jumped in to stop my own personal investment(s) from getting entirely out of my control (a responsible act as an investor, as far as I'm concerned). Delistment would have destroyed the company. I have not bad mouthed anyone or accusing anyone of anything I can't substantiate, nor will I. I am a very reasonable person that has stayed available to everyone and answered even the most difficult questions I've been asked, painstakingly. I am more than comfortable with my own personal motives. I am not on public trial nor will I stoop to answering these things again, once should be sufficient. I have spoken with people that clearly do not understand enough about this set of circumstances, yet wish to force their own opinions on me. I believe that I have a right to my very own opinion, just as much as I allow for yours. I have been called down by a couple of people that have never even discussed these circumstances with me one time, which, to me, seems unreasonable and IGNORANT.

Ignorance is defined as contempt prior to investigation.

I am going to be gone for the next 48 hours for an RL commitment and will have NO contact via cell phone or internet as the trip will put me in 20 square miles of wilderness, so I apologize in advance for not getting to you between my departure early tomorrow and when I get home Wen. night. I'll do my utmost best to address you all the moment I get back to town. This, unfortunately was dumped in my lap this afternoon.

Feel free to discuss these matters with Sky, the POW Board, or amongst each other. I actually recommend it. It will not break my heart if it is all fixed, when I get back, but as optimistic as I am, I won't be holding my breathe, lol

Thank you and good luck.

Respectfully,

Sully Okelly
CEO - POW

in topic Proposal/Vote 4 POW and the Sky Hedge Fund by Sully Okelly ]]> Mon, 10 Mar 2008 18:36:29 -0600 http://slcapex.com/forums/topic/POW/1611/10104 http://slcapex.com/forums/topic/POW/1611
in topic Proposal/Vote 4 POW and the Sky Hedge Fund by Lindsay Druart ]]> Mon, 10 Mar 2008 16:55:23 -0600 http://slcapex.com/forums/topic/POW/1611/10099 http://slcapex.com/forums/topic/POW/1611
Your doing a great job so far and this is here to let the shareholders decide what they want.

We as the Board of Directors and CEO tried to get contact for almote 1 week with Sky to resove this (problem's).
As he didn't reply in any way it seems the best way to Vote and decide after that.
We came to this in meetings with Shareholders and SL CapEx.

I only can say Lets vote and let Sully Okelly know what u want with POW.

We will work on the best for Our Shareholders.

Thank you,

Raymond Izumi.

POW (Board of Director)

in topic Proposal/Vote 4 POW and the Sky Hedge Fund by Raymond Izumi ]]> Mon, 10 Mar 2008 10:03:24 -0600 http://slcapex.com/forums/topic/POW/1611/10087 http://slcapex.com/forums/topic/POW/1611
Y'know, that's funny, considering I've spoken up and I'm still a part of his group.

Also from what I can tell, you're the only one that really seems to be after Sky. Now why is that? at least Sully seems reasonable, but you're hounding him at every turn. Just what is your damage, honestly?

As an investor of Sky Hedge Fund, I will state here and now that Sky has done his best to retain our invested funds despite you all coming after him. He still has my respect and trust.

I only have a measly 13,056 L in the Fund, last I checked, but those are my funds, by right. You want 'em? Then you'll have to deal with not only Sky, but myself.

in topic Proposal/Vote 4 POW and the Sky Hedge Fund by Surek Saarinen ]]> Mon, 10 Mar 2008 06:47:31 -0600 http://slcapex.com/forums/topic/POW/1611/10081 http://slcapex.com/forums/topic/POW/1611
Why don't you release the results of the CapEx audits that were done that show how wonderful of a job you did managing the assets of POW and the Hedge Fund.

Why don't you tell everyone that you cannot account for the over 1mil lindens that you withdrew from JTF/CapEx?

Why don't you tell everyone that over a week after Sully was elected and appointed CEO of POW you have yet to turn over assets that are clearly marked POW's?

Why don't you tell Fund Holders that anyone that speaks out and ask questions is removed from your groups even though there accounts are active?

Why are you afraid of the truth?

Why are you continuing to strut around here in the forums and tell people you have this great plan when your own website, http://skyfunds.4um8.com doesn't even show this plan?

If you want to manage a fund, then manage it otherwise put someone else in the drivers seat.



in topic Proposal/Vote 4 POW and the Sky Hedge Fund by Scott Nestler ]]> Mon, 10 Mar 2008 05:40:04 -0600 http://slcapex.com/forums/topic/POW/1611/10080 http://slcapex.com/forums/topic/POW/1611
Thank you for the insightful post - My final comment on this thread will be the following:

Sky Hedge Fund has been managed by myself since day one, with no wrongdoing or malice, or cowardly act committed. As you can see, I am still here and will be until my investors are fully reimbursed the money invested in the highest market value possible.

My plan has not changed, and that is to continue liquidating assets for the Hedge Fund and offering an alternative for investors who are not willingly to wait for the the liquid cash (which according to SLCAPEX may be delayed until May), the Hedge Fund would distribute shares in companies it currently owns. Conversions would be done for investors willing to do so and receive instant payment. There has been great interest and feedback provided for this type of return.

This has been my plan and laid out on our website since January, this apparent haste by Sully, which would lead one to question his motives - does not change what has happened and been followed upon. The only question withstanding is when will we have access to the funds again? Unfortunately for the $1.6 million lindens worth, it is up to SLCAPEX as it was chosen presumably as a safe haven for our investment. One that has conspicuously turned out to be the opposite.

Please contact me directly or follow the Sky Hedge Fund notices for updates.

Thank you,

SkyRanger Hammerer
Sky Investment Funds
Chairman & CEO

in topic Proposal/Vote 4 POW and the Sky Hedge Fund by SkyRanger Hammerer ]]> Mon, 10 Mar 2008 03:54:41 -0600 http://slcapex.com/forums/topic/POW/1611/10073 http://slcapex.com/forums/topic/POW/1611
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

in topic Proposal/Vote 4 POW and the Sky Hedge Fund by Delicious Demar ]]> Mon, 10 Mar 2008 03:33:54 -0600 http://slcapex.com/forums/topic/POW/1611/10071 http://slcapex.com/forums/topic/POW/1611
As a warning, if what you are doing is what it seems (a deplorable attempt to further drag down the Hedge Fund value) I advise you to cease the attempts.

Thank you,

SkyRanger Hammerer

in topic Proposal/Vote 4 POW and the Sky Hedge Fund by SkyRanger Hammerer ]]> Mon, 10 Mar 2008 02:35:14 -0600 http://slcapex.com/forums/topic/POW/1611/10066 http://slcapex.com/forums/topic/POW/1611
in topic Proposal/Vote 4 POW and the Sky Hedge Fund by Kaffe McMahon ]]> Sun, 09 Mar 2008 21:31:55 -0600 http://slcapex.com/forums/topic/POW/1611/10047 http://slcapex.com/forums/topic/POW/1611
in topic Proposal/Vote 4 POW and the Sky Hedge Fund by Sully Okelly ]]> Sun, 09 Mar 2008 19:25:09 -0600 http://slcapex.com/forums/topic/POW/1611/10041 http://slcapex.com/forums/topic/POW/1611
Here is what I KNOW, since the December 2007, regarding Skyranger Hammerer, the POW Company and the Sky Hedge Fund. Get out your reading glasses.

Sky was CEO of POW, Chairman of Sky Hedge Fund and Compliance Officer at CapEX.

POW had assets $ 197,430L, the Skyranger Hammerer Account had 1,162,522.10L at the end of the day 11/18/07 before Sky received the POW company (source=sky’s main account print out from CapEX).

As of January 25th, 2008, by Sky’s accounting (http://spreadsheets.google.com/pub?key=piZl2XI-FUtJLW96BBybQAw&gid=0), POW had decreased to $151,654L or $164,454L or $171,654L, depending on which of the sheets you choose to read and the Sky Hedge Fund had increased to $ 2,382,170L. $1,127,211.00L had been deposited into his account between the dates of 11/18/07 & 1/23/08. $1,135,039L had been withdrawn during that period to his avatar. $1,802,479.06L is the screen shot value of his CapEX account, as of 2/6/08. Keep in mind that only dividends and conversion to SLW shares occurred since the freeze on 1/23/08.

Sky’s google sheet shows $1,733,824.00L in assets at CapEX on 1/25/08. If you are getting confused, join my world. Today the value of his entire account, at CapEX, using 1.05L for JTICs, .97L for LCAs, .90L for POWs and 1.00L for SLWs, is $1,799,613.16L. This is split 3 ways in the account $124,392.46L for POW Portfolio, $771,161.70l for the Hedge Fund Portfolio and 904,059 SLW shares that represent cash before the conversion (co-mingled for both companies). Since I can’t get any answers from Sky, regarding how much he has in his avatar that belongs to Hedge Fund investors, I can’t possibly reconcile accurately.

A few more things I KNOW. The Hedge Fund has 66 investors ranging from $1000L to $531,000L, in the respective accounts. Sky’s personal spreadsheet states that the total of these accounts are $2,642,130.00L minus $52,842.60L in fees and that the investors own $2,589,287.40L of that value. These figures are since the freeze. Dating back to last May and possibly earlier. 13 investors (over 100k each) represent 2.17 of the initial 2.64 million in deposits to the hedge fund, that means less than 20% of the Hedge Fund is owned by the other 53 people.

So, what does all this mean? My “opinion” is that Sky has been overcome by the following problems:

First, he’s over his head (never gave Morphine enough data to actually help him).

Second, he’s been overcome by fear and thus locked up (fear of losses).

Third, he’s a lousy communicator, but a great salesman.
Fourth, he is no MBA (his own spreadsheets are contradictory). The audits have found, as much as, 160K linden unaccounted for, which I have painstakingly tried to clear him of, but can not justify my hopes.

Fifth, his prospectus shows the diversification of funds on 3 exchanges minimum, yet all the assets were on one exchange (is that a lie or an oversight?).

Six, he traded 5 different stocks shares (JTIC, LCA (IPO Purchase Only), SLCX, MECH & POW (firm he was running)) in the entire course of his command over POW (11/18/07 til’ 1/23/08) and that DOES NOT constitute a hedge fund or any “special formula” he personally developed (this one is a lie).

Seventh, he compromised the financial stability of his clients with his own fear (offering a 25% buy out for people invested in the hedge fund as an emergency, when none really existed); this is simply bad guidance IMO.

Eighth, he’s acted as a child would have, when caught with his hand in the cookie jar, by denying any wrong doing and trying to blame CapEX for his woes and the subsequent woes of ALL INVESTORS involved.

Ninth, He has completely avoided a confrontation with me to correct matters. I believe, and can demonstrate, that the proposal I sent Sky on the 3rd of March, had not only the investors’ best interests at heart, but his as well. Yet, no real contact, no possible schedule, no attempt to get in touch with me or anyone else in this matter.

Tenth, when finally forced to step down from the CEO position of POW, to keep from something Sky didn’t want he has disappeared and stopped cooperating (if POW delisted then 565K(market cap (number of shares times last sale price .90L) less his personally held shares (387500)), would have been paid out of some of the linden that belonged to the Hedge Fund, but was co-mingled with POW assets.

Why would these things be missed by so many, for so long? Excellent question, perhaps we all need to ponder it, but the facts are accumulating towards deceit and not towards a lack of competence. I will not pass that judgment, but you should for yourselves.

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.

So, to that end, I’ve developed 3 options for POW shareholders to choose from. I preface this vote with these words. CHOOSE WISELY for WHAT COMES AROUND GOES AROUND and GOOD KARMA IN INVESTING IS INVALUABLE. You hold the happiness of many investors in your hands. Lat it also be said that some of you are some of them, so the deck is a little stacked in the hedge funds favor, as it should be. I, as CEO, shall vote on behalf of the Sky shares for the Hedge Fund investors, should I take/accept the roll of TRUSTEE.

Option #1

POW shareholders shall delist the company and accept the .90 L per share posed by CapEX from the assets of Sky’s account. He is held responsible for the costs of the Audit and shall indemnify the 160K in discrepancies from his assets. All shares of the company will be dissolved and all other holding will revert to Sky’s ownership that remains after liquidation. This shall be chosen knowing that the net effect on Hedge Fund account holders will be quite negative. This is roughly a 25-30% loss of value for those investors of the Hedge Fund.

Option #2

POW shareholders shall retain the assets that Sky has offered as his list and remain trading. He is held responsible for the costs of the Audit and shall indemnify the 160K in discrepancies from his assets. All of Sky’s POW shares (387500) shall be locked, by POW, until the Board of Directors allows for there release or repurchase at market price, at that time. Any dividends those shares earn shall be held in an escrow account on Sky’s behalf until the ultimate determination. The Board will act to protect the shareholders, in these decisions. The trading halt on POW shall end immediately upon acceptance of this choice. This shall be chosen knowing that the net effect on Hedge Fund account holders will be quite negative. This is roughly a 25-30% loss of value for those investors of the Hedge Fund.

Option #3

POW shareholders shall accommodate the merger of the Sky Hedge Fund account holders that choose to join POW of their own free will and shall jointly accept the assets and liabilities of both companies as scheduled by POW’s CEO (Sully Okelly) w/ full input from the POW Board of Directors. These shall be calculated fairly and evenly according to percentage of ownership as established by the BOD/CEO of POW. All Hedge Fund account holder linden shall be merged and shares for those funds shall be created as deemed appropriate by the BOD/CEO of POW. All of Sky’s POW shares (387500) shall redeemed first, by POW. The Board will act to protect the interests of both the existing and new POW shareholders equally, in all of its’ decisions. The trading halt on POW shall end immediately upon acceptance of this choice. This shall be chosen knowing that the net effect on POW shareholders will be least favorable financially of the 3 options and that the proposed union of the 2 firms linden will be the only major gain for POW, but that it is the most right and proper avenue for our fellow SL investors.


That is the sum total of what I/we can do until questions and subsequent voting is over. I’d hoped not to be at this point ever, but here we are. I pose these choices now, because simply waiting longer does no one any good. Sky, I feel, has forced us all to this point, of his own knowledge and free will. I am sure that some will balk at my position in all of this and I accept that. I am solely motivated to move this along. I will administer the results of the voting and then call for a vote of confidence at that point from whomever remains. Should it be decided that I should be replaced, I’ll accept that without hesitation. Should it be decided that I should be retained, then I’ll accept that gratefully.

Good luck to all involved and let your conscience guide your decision.

Respectfully,

Sully Okelly CEO of POW and the POW Board of Directors

in topic Proposal/Vote 4 POW and the Sky Hedge Fund by Sully Okelly ]]> Sun, 09 Mar 2008 18:16:59 -0600 http://slcapex.com/forums/topic/POW/1611/10037