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http://www.slcapex.com/home/story/TNW/1574 By SL Hak Trading on SL Capex has been halted for TNW Designs & R.E. (TNW,) CEO Lex Titzarraldo has requested the halt as he has decided that he is unable to devote sufficient time within Second Life due to the ill health of his son. This decision is not unexpected as Lex has recently been absent from SL due to this illness. Lex has requested the liquidation of all TNW assets, including the sale of two TNW owned sims. The proposal is that the proceeds are then dispersed to shareholders. It is unclear at present if funds will also be distributed to Lex who owns 52.7% of the company. It is also unclear if other solutions are being considered, the most obvious being to retire Lex's 2.38 million shares and allow the shareholders to decide on the viability of TNW, is there an appetite for creativity or will Lex demand a payout?
It is also unclear what will happen to the 40,000 Euros, which had been invested by French entrepreneurs during a recent all expenses paid trip to Paris. If this is included in the distribution then I am sure that both Chan Tanabe and Enky Nakamura will be very disappointed having sold in excess of 230,000 shares between them in the last fortnight. Enky has been a long time investor of TNW and would be ideally placed to take over as CEO should alternative solutions be found. Enky has an impressive cv being a previous Director of both Allenvest Investment Capital (AIC) and Dragon Global Diversified (DGD). Lex however has maintained that the 40,000 euros had not been invested in TNW but in an offshoot called TNWBank which had contemplated IPO at the end of 2007. It will also be interesting to see if TNW acquisition of a their own Grid will form part of the liquidation, does this belong to TNW as appears from previous TNW announcements, Will shareholders benefit? I will be an interested observer. TNW had always been in the spotlight due to it being the last IPO authorized by Investor Allen, shortly before Investor Allen's attempted sale of the Allenvest International Stock Exchange (AVIX) to Nicholas Portocerrero of Ginko Financial and the subsequent purchase by Arbitrage Wise. Do you know more or other SL financial news? if so please contact SL-Hak @hotmail.com
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