Sunday, January 13, 2008
Why L&L Corporation Has Severed Ties with WSE
On December 20, 2007, I was alerted by Luke Connell Vandeverre over a conversation in Skype that 3 Midas depositors had hired Stevan Lieberman of Greenberg and Lieberman, LLC claiming damages from the World Stock Exchange in response to its default on bond payments causing the supposed bankrupt. While I thought the lawsuit a bit frivolous in a business sense as it would cost more to facilitate than the actual benefit, I advised Luke to do what he felt best but to do a bit of research on the claims that the lawyer was making. Luke replied to the lawyer with a statement that he was not liable, as expected, and copied several Linden Lab officials. This was an expected reaction and perfectly fine by my view at the time.
In the notice as well as conversations with Luke, it was clear that the banking industry of SL was not his favorite sector nor was JT Financial and SL Capital Exchange as this was the topic of discussion on many occasions. In addition, there were several attempts to purchase L&L Bank and Trust, one initiated by myself during the time in which that was an option and several subsequent inquiries made to me as well as Luke Birdbrain. I found it odd but continued to conduct a bit of logical explanation for possible reasoning. Considering WSE closed VERY shortly before the banking ban without any prior notice, I was puzzled as Luke had shared information about WSE happenings before but this time was different. Once the banking ban initiated, Luke Connell was quite elated to the fall of the SL banking industry which I found very odd. At that point, it all made sense. Luke Connell was tipped off. I speculate that Linden Labs received a subpoena for account information in relation to the Midas depositor’s case. Per Luke Connell, the lawyer planned to pursue the case whether there was a loosing chance or not to get the public eye on virtual business and create his name in the press for it.
Even though I felt he was lying to me about his knowledge of the ban, I decided to lay low and prepare to be in the right place at the right time. In a conversation with Luke Connell about WSE 4.0, he stated that directors and the new CEO would be voted on by the members of the exchange. I made a bit of a hint to me being nominated for a board position and he stated that he wanted to make sure the lawsuit did not affect WSE before reopening. In my mind, this meant that WSE may not reopen if the lawsuit gets ugly. Also, I received information that Luke was offering to buy banks in SL since the ban. Not to mention, WSE was giving away money for the holidays but had defaulted on bond payments. To my knowledge, no person can defer a payment on a loan without approval from the lien holder so WSE did not defer payments. WSE defaulted.
On January 11, 2008, Sarah Nerd asked a question in WSE Listing Chat and my window popped up. Normally, I would close the window because I usually don’t get involved in group chat but to no avail, I kept the window open and read as I was working on other things. A few things made my mouth drop.
[2008/01/11 18:51] LukeConnell Vandeverre: Latest news? he is getting ready to audit all user balances
[2008/01/11 18:51] LukeConnell Vandeverre: we know there are users with lindens or shares they shouldn't have and users with less than they should have so this is the first thing to be fixed
My question was….Who determines what users should and should not have? What accounts are being audited? Who is policing the police, so to speak? Since all directors were asked to resign, who else is privy to this information besides Luke Connell? I was appalled nonetheless because the only person with access to this information is him and it seems he is the sole decision maker on what accounts should have and what they shouldn’t. This is potentially fraudulent if I have ever seen fraud. I said nothing and continued to watch the conversation between Luke Connell and Rockwell Ginsberg.
[2008/01/11 19:17] Rockwell Ginsberg: OK, I apologize for the low blow regarding HCL. I know you are doing your best here. Do you worry about competition from other exchanges?
[2008/01/11 19:18] LukeConnell Vandeverre: not at all, does Mercedes ever worry about Hyundai
[2008/01/11 19:20] LukeConnell Vandeverre: what are the wse compeition? they are like playing with an Atari compared with an Xbox 360
[2008/01/11 19:22] Rockwell Ginsberg: They are open, you are not. Traders may leave and never come back. I am not familiar with these exchanges, but they may be able to attract some WSE business during the closure.
Rockwell made perfect sense while Luke was busy tooting his own horn without reason. The last and final straw of this conversation for me was this:
[2008/01/11 19:56] Rockwell Ginsberg: Listen Luke, I can say whatever the fuck I want to say, wherever the fuck I want to say it. And I am not trying to "serve my negative view." I have merely provided my opinion on these matters. You can do with this what you wish. But I've tried to provide constructive criticism here. If my honesty is difficult to take, I apologize.
[2008/01/11 19:57] LukeConnell Vandeverre: If you are making public statements that are negative towards the WSE and counter-productive towards the WSE's objectives then your business will be delisted
[2008/01/11 19:58] LukeConnell Vandeverre: You can share your concerns privately
[2008/01/11 19:58] LukeConnell Vandeverre: therefore having not negative impact on the WSE
[2008/01/11 19:58] Rockwell Ginsberg: Do you consider this forum to be a public one?
[2008/01/11 19:59] Rockwell Ginsberg: I do not.
[2008/01/11 19:59] LukeConnell Vandeverre: I consider the extent of your opposition towards WSE in this group to be of concern and a display of your anti WSE opinions which i'm sure you've been sharing in public forums according to others from what i'm told
For one, people have opinions and will not always agree. But for a man running a company to state that he will delist any company that does not agree is tyrannical and almost neo-nazi and this is not the place for L&L Rentals and Sales. Last time I checked, free enterprise and free speech reigned in SL and RL for the most part. Neither myself, nor my companies will have anything to do with such behavior. I have had my times with people but, I have never removed or left a business relationship over personal differences.
L&L Corporation and its subsidiaries have tremendous stake in the truth and in customer service. These are two things that are not available at the World Stock Exchange at the current moment. At one time, I saw the vision but now I see the lies. It is my speculation that Luke seeks to buy the closing banks below value to gain depositor lists in order to issue WTF shares to depositors rather than their money. In doing so, he would control a monopoly of the financial sector for pennies as he would issue a worthless stock for the hard earned money of SL residents and make a commission on their sales to try to get out. Double payday. This is why Midas refused to give up the depositor list. While Midas may have been overspent, WSE defaulted on its promise to the market and in turn bankrupted a company on it own issuance and not the company itself.
I must commend the stock exchanges that have a bit more respect for its investors than this. I have had my differences with Arbitrage and he and I know there are some things we don’t agree on but I have known him to be fair. We have decided to facilitate trading for L&L Rentals and Sales in house to not put any undo strain on the exchanges that are working through liquidity issues with regards to the banking ban. We will assist our own depositors and shareholders the best we can with our facilities at L&L Financial Services. Thank you all for your support of L&L Corporation and its companies and we wish all the honest businesses of SL the best of luck in the days ahead.
Sincerely,
Lindsay Druart, CEO
L&L Corporation
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