Skip Oceanlane has decided to stop the merger of Crystal Springs Virtual Capital (CSV) and Crystal Springs Land and Loan (CSL), and take them both private.

The main reason stated is "that scammers are making doing business in the "public" financial sector of Second Life impossible".

In the same announcement , Skip states "Vstex and the International Stock Exchange are by far the most honest stock exchanges within Second Life" ... "However, they cannot control the outside factors that are disrupting my ability to be listed on their stock exchange". Double dutch statement one could argue, maybe honesty and Skip's companies can't work together?
 Crystal Springs Land and Loan (CSL) shareholders will be paid 0.55 Linden per share directly. Shares starting price:0.50 L$ - 0.05 Linden profit.
Crystal Springs Virtual Capital was officially the largest IPO ever on Vstex - Crystal Springs Virtual Capital's IPO of stock, 3,000,000 shares @ 1 Linden per share, selling over L$2,000,000 in IPO stock (2008-04-28), Crystal Springs Virtual Capital was active on the Trading Floor at Vstex. Crystal Springs Virtual Capital (CSV) shareholders will be paid 1 Linden per share directly. No profit for shareholders, seemingly just an interest free loan. Skip has created two companies and pays shareholders of one company 0.05 Linden - great deal...for Investor.

One comment heard this evening from an Experienced trader "Epilogue: Good riddance. Skip you never had "the Right Stuff" and never will... to blame your mismanagement and lack of forethought on "the scammers and Exchanges" is disingenuous at best.  Ces la vie Skippy ..

After the whole situation I am left scratching my head.

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Anonymous - Well Done SCAMMER   | 2008-06-22 03:24:41 You scammed them again Investor Merlin, oops typo, You scammed them again Skip.. Reply | Quote 2   1

Sportsbets   | 2008-06-23 19:25:37 Until i get my L$ back i invested in i`m not scammed by skip. I´m just little bit upset because i payed little bit more than 0.55 one CSL share.Hate to make losses With the 1:1 merger one CSL would be worth 1.00L$...but that´s history. I heard from some CSV Shareholders he paid back already their shares. So talk about "scam" now ,hm... SW Reply | Quote 0   0

Anonymous   | 2008-06-23 22:02:43 what return does the investor get - ZLITCH!! Yet he gets a "profitable" company. A Reply | Quote 0   0

Bart Heart   | 2008-06-24 11:24:21 Personally I have never liked Skip, since the day I found out he was taking over Merlins stocks, Merlin had over 4000 shares of VHI and when skip got them he dumped them the next day, even though we had talked and he told me he was going to hold onto them, it dropping the stock price fast. But we recovered. Most fo the stuff that came out of his mouth didn't make since to me. But if I was Skip, I would have VSTex help with the transaction on the buy back like I did with BHE, Samantha took he time to find out what each investor had paid for the share and sent me a notecard with the totals of what each one paid, then I doubled the amount, sent the notecard back and but the money in the ATM. In a day or two, VSTex had given the funds out to the proper investors, doubling there investment. It would not have been hard for VSTex to delete the owners shares and skip could have done a 1 time dividends of 1L$ for CSV and .55L$ for CSL. I just want to know how Skip is going to pay someone that had 10 shares of CSL, since they get 5.5L$ how is he going to pay the .5L$, he will probably keep it. I just can't believe that he IPO'd CSV for 1l$ 2 months ago and now is taking it private and giving nothing back. I IPO'd DVD and did a roll back after 1 onth, since it didnt seem people were interested in it. I gave back an extra 10% to the people that invested. And on the Crystal Springs Virtual Capital was officially the largest IPO ever on Vstex. That was only Skip stating that NOT Vstex this was VSTex comment on that; Crystal Springs Virtual Capital sold more than 51% of its Initial Public Offering, totalling 2,030,000 shares placed with many different investors. All shares left in CSV IPO have been converted into "treasury shares". CSV is now in the trading room. Maybe because Skip had bought over 1 MIl shares with an alt account. Only done so that it could be taken public. Now when VHI did our SPO VSTex made this statement Valentine Heart Inc. (VSTEX:VHI) sold out 25,000 SPO's shares at 25L$/shares in 7 hours. Now VHI did IPO on WSE and raised more then CSV, but that dont count. If you take away the 1 MIl shares that NYC Darwin bought or what ever the name was. He didnt really sell that much. Maybe thats why VSTex never made an announcement about him selling the IPO for that much. Anyway lets see if he Skips out without paying all the investors. Reply | Quote 1   0

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