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www.slcapex.com By SL Hak Well there's no doubt that Sully Okelly is the big news on Capex this week. The CEO of L&L Credit Agency (LCA), Sky Power Fund (POW) and Verballis (VBL) seems to have taken an unannounced leave of absence, abandoning the companies in the process. The disappearance is further complicated by allegations that Sully Okelly conducted a property deal with Kristjan Flanagan and Scott Nestler, Sully conducting the transaction on behalf of LCA. This deal now appears to have turned sour. The new Acting CEO of LCA Lindsay Druart has publicly disputed LCA's involvement in the property deal and believes that it was a personal transaction between Sully and Scott. It appears that all parties have settled down and are attempting to resolve the situation amiably. Major VBL shareholder Cayman Beaumont has called a shareholders meeting in order to appoint an Acting CEO for VBL. It has also been announced that all VBL funds are safe. POW has moved rapidly by appointing Reina Ferraris as Acting CEO, it is believed that all POW funds are also safe. It is possible that Sully may have acted incompetently during his LCA tenure but at this stage there is little to suggest dishonesty as a motive, numerous opportunities for misappropriation existed but wasn't taken. This has overshadowed the SL Wallet (SLW) shareholders meeting which announced liquidity problems in purchasing back SLW stock. CEO Arbitrage Wise posted transcripts of the SLW shareholders meeting and explained his vision for generating revenue for SLW. He also announced failed negotiations with First Meta a Singapore based company offering credit card services within SL. The full transcript can be read HERE and additional details of the First Meta credit card can be obtained HERE.
Capex (SLCX) has posted its April financials and reported reduced revenue at L$255k with expenses running at L$68k. The revenue for 2008 currently stands at L$1.87 Million but now has to contend with the predicted summer lag, which is likely to affect the entire SL economy.
Kush Islands (HOT) have posted their April financials, they have reported a monthly profit at L$94k and posted a dividend of L$40k at L$0.02 per share. HOT has aggressively been selling vacant lots by offering 4096 SqM lots at a very reasonable L$7500, this includes a months free tier. Nestler Investment Corp. (NIC) IPO continues at a steady pace, with a little over 940k shares remaining. The major investors to date are Bogart Beck the CEO of SLCX, BIG and BTR and Yanik Lytton who is the COO with Dreamcities.net, whose CEO is Scott Nestler. SL Reports (SLR) has reported reduced revenues during April, which has followed a number of months of consecutive growth. This is a surprising development as the reporting has been of the highest quality lately. Guardian Market in his monthly round up was touting for new columnist and CEO Cash Yiyuan announced that he was looking to re locate the SL Reports offices and concentrate of advertising revenue in May. Karlfeldt & Delgado Capital (KDC), CEO Dezmond Martinek announced that it made a profit of L$27k in April and posted a L$12.7k dividend. Dezmond also warned that it was increasingly difficult to make profits. Strong earnings are not predicted for KDC in the near future. Royal Chartered Properties (RCP) have reported profit for April at a healthy L$182k, this from revenues of L$418K. CEO Kavai Onizuka has boldly predicted that May profit will increase to between L$200k – L$225k. This will please their major investor Scott Nestler who has now acquired 1.5 million shares or 16.6% of RCP. Yellow Paperclip Corp (YEP) continues with its impressive dividend payments, on this occasion posting L$194k. Danielz Shackle has opened up debate on the Capex forums regarding raising RL venture capital in order to expand YEP. There was mostly constructive advice and those considering investing or raising funds this way should read the thread HERE.
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