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JT Financial Update for 01/10/08 

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Written by Arbitrage Wise   
Thursday, 10 January 2008

We will try to post a daily update so that we can assure our customers of what is going on.  Yesterday, we opened our ATM at around 1pm SLT with approximately 7.5M in reserve.  As of this writing, we are now down to 2.7M.  We have already liquidated an additional 3M that can be withdrawn now outside of Second Life.  You can read here for more information.   We have also liquidated an additional 3M which we will be bringing into our Paypal account.  We expect the funds to be available in Paypal by the end of next week, and will begin processing withdrawals directly via Paypal.

Unfortunately, our LLC was not accepted by LL as an appropriate document, which we expected.  We have asked them for an extension, so let's hope they'll at least offer us that. 

As we have promised, we will be posting our financial and investments in order to help assure our customers that we will continue to be profitable during this difficult time:

Total Remaining Investment Assets: ~$175,000 USD
Investment Profits for 1/10: $1714 USD

 **As always, we are willing to provide proof of investments and profits to any individual or entity willing to sign and send a notarized NDA with 3 copies of their ID.

Comments
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SLReports.net User   |2008-01-11 12:08:56
PLease correct me if I am wrong in this interpretation of the ban LL has
imposed.
In my interpretation of the rule, it said that the banks can not offer
interest or a return on Deposits. SO why not just cease the interest on the
ATM's I am not a big depositor, how ever I do like to be able to put my lindens
in a place other than my avatars account, in order to pay my tier fees at the
biginning of each month, As far as I can see, and i may be wrong, is that you
will not be able to give interest on deposits, is that so bad ?
Arnuad Villota   |2008-01-10 14:58:52
I know you guys are up to your necks so no rush on an answer.

Has it been
determined whether or not slcapex can still operate as an exchange after the
22nd?

Would it help if a separate ATM were to be set up for the exchange
only (no interest, no promises, etc. on the use of the ATM), thus separating the
exchange from the bank.

Sorry to hear about the bank aspect of the business,
you were one of the honest ones that will definitely be hurt by all of
this.

Thanks.
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Last Updated ( Thursday, 10 January 2008 )
 
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