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By Xavier Mohr
SLReports.net In response to a bit of my own sharp criticism about the proposed BNT Financial lawsuit, Mr. Arthur Burma has been kind enough to provide a response clarifying a few of his intentions with regard to possible upcoming proceedings. For various technical reasons, Mr. Burma was not able to utilize the comments function of our website. I apologize for this inconvenience, and hereby provide Arthur's response to further expand on the BNT Financial lawsuit plans. Xavier, All good points… We pitch to an interested law firm in Palo Alto on 3/28. There is no case; there may be no case. We are simply organizing depositors. It has been interesting to know that so many other depositors were treated poorly - many for petty sums. So from a personal point of view, it feels good to know that at least I wasn't the only victim of BNT. BNT wants to convert depositors to shareholders in some new business. We do not accept this conversion, and have started that clearly to BNT. The fiduciary responsibility an institution of any kind (especially one claiming to be a bank) has to a depositor is fundamentally different than one might have to an investor.
So, if a crime has been committed I couldn't tell you if it's civil or criminal. The damages however are very real and have added up to at least USD $12500.00 in just a couple of days. This means we represent over 3m lindens, which is greater than 50% of the net worth of BNT. (depending on which of their un-audited financial statements you believe) However, you'll hear more after March 28th whether a case exists. If not, I'll be sure to identify the firm and obtain their permission to release their analysis on why they decided not to go forward. In the meanwhile, we welcome all BNT customers to share their story with us and if you've lost money, or simply lost control of your money (usually because they refuse to give it back) then register as a member of the class. It won't cost you anything, and ultimately it may make Second Life a safer place to do legitimate business. Cheers, -AB
I would like to thank Arthur for his thorough response, and encourage others with guest opinions on important topics to please email them to
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
. We are happy to post any and all content, as long as it contains your real or SL name, a valid email address, and at least some showing of intelligence. ~ Xavier Mohr NOTE: To the comments issue... it would appear from my understanding of this matter that em dashes and ellipses corrupt the comments, so please avoid using them for now while we work to see if there is a fix.
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