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Has Ginko called it quits? (SL Reports) 

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Written by Xavier Mohr   
Wednesday, 08 August 2007

By Xavier Mohr, Publisher
SLReports.net

SECOND LIFE, 8 AUGUST 2007 - According to Nobody Fugazi of Your2ndPlace.com, Ginko Financial will be going offline effective shortly. Fugazi cites sources within the organization, stating that  "Nicholas has made the final call," referring to Ginko Financial CEO Nicholas Portocarrero.

Ginko has been frought with a long line of financial problems since the recent ban on casino gambling by Linden Labs. After a failed IPO and merger on AVIX, and failure to raise withdrawal limits for customers, this seems a fitting end to the giant that was once the largest bank in Second Life.

Stay tuned to SLReports.net for more information.

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Strange Ranger   |2007-08-09 07:34:08
I will say that I do give them "some" kind of credit for not completely
bailing out and leaving their customers with absolutely "nothing".
Listening to the conversation around the ATM is very interesting,
however.

While many of their customers are wildly upset, threatening lawsuits
because they never agreed for their money to go into perpetual bonds, and
hopelessly demanding their money right away, others seem to be taking advantage
of the situation.

Many of them are actually buying Lindens so they can take
advantage of the low priced bonds that will, no doubt, sell at WSE for very low
prices. The bonds, with a face value of L$1 are already selling at L$.16. Most
of the Ginko accounts (there's about 18,000 of them) haven't been moved over to
WSE, yet, however. Once they do (some time today, I was told), there is
speculation that the bonds will start selling much lower; as little as L$.10 to
L$.05 each.

The people that are putting in buy orders for those low amounts,
obviously, will be holding those bonds for quite a while, if they want them to
reach L$1.00, but even if they sold them, down the road, at L$.50, they could
multiply their investment by 10 or more.
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