Subscribe to this topicForums > JT Investment Certificates > Topic: JTIC Shareholder's Meeting Transacript
| May 6th 2008, 13:28 Arbitrage Wise |
JTIC Shareholder's Meeting Transacript
Edited by author May 6th 2008, 13:29 |
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| [12:05] You: OK - Well, let's get started [12:05] ferre Howlett: hi soizie [12:05] You: Three things I want to discuss today, and we'll probably have another meeting later to get other's opinions [12:05] You: 1) Share buy backs 2) Asset liquidation time frame 3) Possible continuation of JTIC [12:06] You: We have already processed a cashout of about 2M of the JTIC investments to start doing share buybacks for those that do not want to continue with JTIC [12:07] You: In doing the buybacks, shareholders will need to place their shares on the market, which we will buy back at 1L per share [12:07] You: Someone brought up the idea that they'll have to pay a commission on the sales... unfortunately, JTIC and Capex are not related, so the seller will have to absorb the costs [12:08] You: Once we get the funds, we'll start buying back the shares [12:08] You: Using this method, it'll allow for the fairest market transaction so that we do not have to pick who gets their money back first [12:09] You: As for the timeframe, it takes about a total of 2 weeks for the funds to hit SL [12:10] You: It has to go out of our investment accounts and wired to our banks, then from our banks converted to L$ at a decent exchange rate [12:10] You: each process taking 3-5 business days [12:10] 67: Silverblade Dagger, say '/1 Hide' to hide me, or '/1 Show' to make me show. Or just right-click and sit on me to use me. [12:10] You: So we do expect to be buying back some shares in about 1-2 weeks [12:11] You: The final thing we need to discuss is whether some investors want to continue with the JTIC investments [12:11] You: We have now entered the slow month summer month, but there are still profits that can be made [12:12] You: We have projected a profit of about 3-5% a month until September [12:12] Dave Beaumont: Personally Arb, I'd rather the whole thing was shut-down like the original prospectus said, and then if you are willing to go through it all again, launch a new one in October/November which will allow people to buy back IN at 1L again. [12:13] You: Actually, if we do shut it down, we'll probably not offer it again. [12:13] You: We actually have RL investors willing to commit in September [12:13] Silverblade Dagger: How does this jive with the LL ban on interest? [12:14] You: We're not paying interest b/c there's no fixed return [12:14] You: 3-5% is what we project between May - September [12:15] You: So if we do start processing the cashout of all investments, we're probably going to shut down JTIC [12:15] Dave Beaumont: Would carrying on with JTIC have ANY benefit at all to SLW investors who are still panic buy & selling. I mean, could some of the profit be used to help the buyback and ressurect the share prices there? [12:15] You: But I wanted to know if a return of 3-5% a month is sufficient to keep investors interested in keeping this going [12:17] You: Yes, some of the profits from JTIC after dividends will be used to for SLW [12:17] Silverblade Dagger: Well, even though this is about JTIC, the big elephant in the room is SLW. If confidence can be gained and retained through that, JTIC would appeal to people. But with people running around like chickens with their heads cut off, JTIC won't draw many people. [12:18] You: We'll have an SLW meeting later this week to discuss how it, and how JTIC will impact it [12:18] Silverblade Dagger: Sounds good, but to me, it seems that one leads to the other, you know? [12:19] You: but regarding how JTIC will help SLW, we will be charging a management fee on the profits JTIC makes, which will go to SLW [12:19] Dave Beaumont: That's the sort of thing I was thinking too. Although I've got a few shares day-trading in SLW, the majority of mine are set to sell at 1.03 and I'd certainly love to re-invest THAT money back in JTIC. I think seeing the actual liquidity of my investments is the only thing that worries me - otherwise, I've never been badly treated or ripped off by either side - so I'm in! [12:19] Silverblade Dagger: If I had the liquid funds, I'd be in for JTIC, but at present, I can't do much on it. [12:21] You: Dave - We'll tell SLW investors this in the SLW meeting as well, but we're now entering the slow month for business overall, so SLW will be experiencing a liquidity crunch for the next few months [12:21] You: But we'll save that for another day... regarding continuing JTIC... how do you guys feel we should go about it? [12:22] You: Would you like to have an SLW meeting first [12:22] You: To get forward guidance for it, and then we can vote to decide to continue JTIC or not [12:22] Dave Beaumont: Yes, I think so. I Think that's a very good idea. [12:22] Soizie Franciosa: this suits me more Arbitrage :) [12:23] Silverblade Dagger: I think dealing with SLW first would help with dealing with JTIC. I'm all for JTIC continuing, but helpless to do much about it on my end. [12:23] Dave Beaumont: I agree, so many people are clamoring about SLW that it's in the best interest to placate them first [12:23] Soizie Franciosa: It would be nice to make an announcement for this meeting, lot of customers/sharesholder are not checking the website :) [12:24] You: We'll probably give a week's notice for the SLW meeting [12:24] You: to give people time to find out about the meeting [12:24] Soizie Franciosa: perfect [12:24] Silverblade Dagger: What percent of customers/investors are tied up in SLW at present? [12:25] You: 92% of SLW is still ownd by the public [12:25] Silverblade Dagger: That's a lot of potential money that once freed, could be used on JTIC. [12:26] You: Well, JTIC will stay limited [12:27] Dave Beaumont: Arb, when you lauched JTIC, I remember you said it could only be done up to a certain amount of investment before it wasn't really profitable. How close to that point did you get during this last few months? [12:27] Silverblade Dagger: Can you say what RL investors are going in on this? Are they businesses, or individuals? [12:28] You: Dave - We had ALOT of room, but we wanted to keep JTIC small [12:28] You: Silver - We have individuals lined up in RL to invest [12:29] You: I'm actually talking to a broker/fund manager about setting up a Hedge Fund in RL [12:29] Dave Beaumont: Wow. And this is still all built on the "juicetrading" model? [12:30] You: If we do that, we'll probably try to move JTIC out of SL into RL if there are no complications [12:30] You: We're building other models as well [12:30] Dave Beaumont: I must admit, it's a wonderful money-maker... I'd be interested in RL too if I wasn;t in the UK [12:31] Silverblade Dagger: How could things be transitioned into RL? Through SLWallet? [12:31] You: We're actually thinking about moving our business to the UK [12:31] You: SLW will remain separate... it's an SL business with its own models and businesses [12:32] Dave Beaumont: Well this might just change a lot for me.... Please, PLEASE keep us informed on that move! [12:32] You: even though JTIC and SLW are owned by me, we're treating the two business as separate entities [12:32] Silverblade Dagger: Understood. [12:34] You: But if we do move JTIC out, we'll most likely liquidate and shut it down, then get a 'priorities list' of investors that will be able to invest in RL [12:34] Dave Beaumont: I think the question there is, if I understand Silver correctly... If you take the business fully to RL and you still have investors left in SL, will the money transfer from Linden to real be processed by SLW, therefore attracting a commission which will go toward paying back SLW? [12:35] Silverblade Dagger: That's kinda what I was thinking of. Have SLWallet be the "PayPal" intermediary between SL and RL investing. [12:35] You: That can be one method, but SLW's main businesses are not currency conversion [12:35] Dave Beaumont: Sure - but at least keep it in-house rather than pay SLX or LL the comission! [12:36] Dave Beaumont: to name but two! [12:36] You: Yes - it'll be something we'll consider more once the time comes in September [12:36] You: It's not something that'll require an additional softwares since we already have the systme in place [12:37] You: I guess we'll call this an end to the JTIC meeting - I'll stop the transcript here, and we can discuss SLW prior to the actual meeting. |
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| May 18th 2008, 05:00 Dave Beaumont |
Re: JTIC Shareholder's Meeting Transacript | |
| Well - with a fortnight rapidly approaching and no further announcements on JTIC, I think my mind is set to withdraw the funds I have invested there and use them for something else. Arb - you said you'd already started the process for a L$2M cashout, which would take around 2 weeks to show up in the account here to make the buyback. Given that was mentioned in the meeting on May 6th, when can we expect to see the buyback start? |
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| May 21st 2008, 17:56 Dave Beaumont |
Re: JTIC Shareholder's Meeting Transacript | |
| Arb? You there? I'd quite like to get an answer on when, as you were very positive at the meeting that the cash would be in the account ready to start a buyback by now... Please don't leave us in the dark here? |
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| May 25th 2008, 20:12 Nestor Kembla |
Re: JTIC Shareholder's Meeting Transacript | |
| Sorry Mr. Arb. Are You also planning to steal my money from here. Looks like the ones that more trusted You are also the ones that more lost. I want my money back, just that. |
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| May 27th 2008, 09:02 Arbitrage Wise |
Re: JTIC Shareholder's Meeting Transacript | |
| We had requested a withdrawal request at the beginning of May from the company that holds our funds. As of today, the funds still has not reached our bank account, and we have been constantly contacting the company every other day to see what the problem is. The only answer we are receiving from them is that they are overwhelmed with withdrawal requests at the time and are in the process of reviewing the requests in the order that they are received. I have contacted them today and still got the same message, and will try again in a few days until we get a definitive answer. |
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| May 27th 2008, 10:13 Arbitrage Wise |
Re: JTIC Shareholder's Meeting Transacript | |
| I have also contacted a lawyer to discuss and start drawing up a contract that will honor JTIC investors in RL since JTIC is tied to a RL venture. Once we have more information regarding this, we will have a shareholder's meeting to discuss this in more details. | ||
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| Jun 1st 2008, 17:07 Dave Beaumont |
Re: JTIC Shareholder's Meeting Transacript | |
| Any more news yet Arb... Sorry to keep pushing, but it's June now and I'd love to know what this company who has your money is doing! | ||
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| Jun 1st 2008, 21:53 Sportsbets Writer |
Re: JTIC Shareholder's Meeting Transacript
Edited by author Jun 1st 2008, 22:43 |
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| "We had requested a withdrawal request at the beginning of May from the company that holds our funds" Whats the name of the company that holds the funds? Arb, once you get any money back contact me, i have some AWESOME baseball picks, let`s double it up! A "Sportsbetting Funds" would be fun here :D |
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