Subscribe to this topicForums > General Investment Discussion > Topic: Can JT Financial seek an injunction?
| Jan 8th 2008, 21:59 Xavier Mohr |
Can JT Financial seek an injunction?
Edited by author Jan 8th 2008, 22:00 |
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| No legal or financial expert here, but it seems to me that Wise Metaverse, LLC could seek an injunction to temporarily continue business... citing devastating repercussions to business operations due to the arbitrary policy implemented by Linden Lab... without prior warning to the operators. Considering the amounts of money involved... I do not think this would be unreasonable, 'virtual' business or not. Would this be possible in the event that Linden Lab does not accept the documentation provided to them? Just a fleeting thought... rections? |
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| Jan 8th 2008, 22:20 Cash Yiyuan |
Wise Metaverse LLC posted | |
| http://www.slcapex.com/home/story/system/1263 |
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| Jan 8th 2008, 22:32 Lindsay Druart |
Re: Can JT Financial seek an injunction? | |
| According to Harmony Linden, what Arb submitted was not sufficient. I asked that question earlier today and she stated that it had to be a license to do banking. The blog was so vague....I am just tired right now...really.... |
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| Jan 8th 2008, 22:38 Corporate Looming |
Re: Can JT Financial seek an injunction? | |
| fortunately for mr. wise neither harmony linden or linden lab itself have control of who chooses to seek an injunction against their new policy. | ||
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| Jan 8th 2008, 22:41 Cash Yiyuan |
Re: Can JT Financial seek an injunction? | |
| Linden Labs has been contacted for further clarification, but reading their own post, I would tend to disagree with Harmony Linden: "We will not apply this policy to companies who submit a registration statement, charter, or other applicable license from a governing regulatory authority, or who are merely conducting marketing or education, but not accepting payments." That is the exact wording. An LLC is not a registration, then what is? |
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| Jan 8th 2008, 22:44 Xavier Mohr |
Re: Can JT Financial seek an injunction?
Edited by author Jan 8th 2008, 22:46 |
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| Well if this is the registration statement I hope that it isn't, there may be a slight problem. ... securities offered or sold to the public in the U.S. must be registered by filing a registration statement with the SEC. The prospectus, which is the document through which a company’s securities are marketed to a potential investor, is generally filed in conjunction with the registration statement. The SEC prescribes the relevant forms on which an issuer's securities must be registered. Still think, everything aside, ALL Second Life bankers should be considering an injunction in this matter. |
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| Jan 8th 2008, 22:48 Lindsay Druart |
Re: Can JT Financial seek an injunction? | |
| Well I am submitting mine and seeing what comes of it. http://corp.sos.state.ga.us/imaging/14312387.pdf |
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| Jan 8th 2008, 22:48 Cash Yiyuan |
Re: Can JT Financial seek an injunction? | |
| Well I really think that LL needs to get their policies right, after all this is a game is it not? Now they are telling us it is not a game? | ||
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| Jan 8th 2008, 22:49 Lindsay Druart |
Re: Can JT Financial seek an injunction? | |
| Leo Linden said its anything that pays a dividend and it had to be a banking license. Ugh...then Sully started grilling him, we were on three way, and he just started pleading the 5th. He said that the only information he has is what's on the blog. | ||
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| Jan 8th 2008, 22:53 Xavier Mohr |
Re: Can JT Financial seek an injunction? | |
| Well nobody's getting a banking license... for SL, anyway. Three out of four requirements might be do-able for Second Life... but not the fourth. 1. Minimum capital 2. Minimum capital ratio 3. 'Fit and Proper' requirements for the bank's controllers, owners, directors, and/or senior officers 4. Approval of the bank's business plan as being sufficiently prudent and plausible. Not sure you would find a licensing authority even in the most progressive region on Earth that would consider a virtual bank paying 0.01% Daily Interest as a "sufficiently prudent and plausible" business plan. :-\ |
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