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Blog: Burma clarification on BNT Financial lawsuit 

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Written by Xavier Mohr   
Wednesday, 27 February 2008

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.

Comments
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IntLibber   | 2008-02-27 20:28:30
I find it ironic that an publication that is the mouthpiece of an institution that forcibly converted over 200,000 USD in deposits to stocks is hyping a similar act by a company that was forced into it by the threat of litigation.
Burma is lying here. We were prepared to reopen BNT Financial as a contractum trinius institution and were preparing to legally negotiate with LL over the terms of such a contract structure when Mr. Burma approached me requesting a settlement. I made a fair offer which he accepted, and then reneged upon a few days later. This threat to litigate, which under the law moots the case because you are required to file a suit before you can publicize it, is nothing more than slander and interference in contractual relations hidden in the guise of a threat to litigate.
If there is anybody for depositors to blame for the course we've been forced to take, is Mr. Burma and his puppeteer, Rorok Longstaff, who has a long history of attempting to scam BNT going back to November of 2006. Furthermore their public statement about BNT is full of lies and misrepresentations and we will greatly enjoy seeing this case fail on the complete lack of any merits.
Xavier Mohr   | 2008-02-27 21:19:08
Quote:
I find it ironic that an publication that is the mouthpiece of an institution that forcibly converted over 200,000 USD in deposits to stocks is hyping a similar act by a company that was forced into it by the threat of litigation.


IntLibber, you know damn good and well that I have not been involved with CapEx or JTF -- now SLW -- since... God... at least November. Geez, I have not been in SL for a month or more. If someone were to take away my admin rights to this site right now, I would be no worse off than I were before I even decided to start posting again.

And, if you read anything I have written here or elsewhere in the past 48 hours you would know I am far from a mouthpiece for any banker or exchange.

Furthermore, if someone takes the time to write it and email it... I will put it up here. Same goes for you, too.

You should read the original post that he responded to if you think I am being unfair.

As it stands, I feel like I just wasted about 60 seconds of my life with this comment.
Kristie   | 2008-02-27 22:21:26
Re: Burma clarification on BNT Financial lawsuit
Re: Class Action Suit Against BNTF?
Arthur is stating 10 people have admitted in 1 day yet saying it equals up to 12300usd which is a total of 3 million lindens. But there
Rorok Longstaff   | 2008-02-28 14:14:07
Brautigan has a long history of lies, misrepresentations and scams. I sort of figured he would try to drag my name through the mud, stemming from a deal we worked on long ago wherein we were to buy nine sims, only to have him change the terms of the deal after deposits had been made. He even relented to give us 90% of our deposit back and put the matter to rest at the encouragement of my partners, who witnessed and negotiated the whole settlement. So if he has any other proof of my attempting to scam him, I am not aware of it. I'd say the overwhelming proof of who is a scammer here can easily be proven with a few simple Google searches. Judging by the veracity of the plaintiffs and damages we have already assessed in the first few days of this action, I should think he might have something to worry about. For the record, I have no dog in this fight nor any financial wounds to lick. I'm only here cause it looked like it would fun.
Kristie   | 2008-02-28 14:37:03
Re: Burma clarification on BNT Financial lawsuit
Re: Class Action Suit Against BNTF?
Arthur is stating 10 people have admitted in 1 day yet saying it equals up to 12300usd which is a total of 3 million lindens. But theres no actual proof of the deposits made. in this situation and from an accountant point of view the mathematical formula isnt adding up. Unless you got the actual mathematical faqs straight before hand there isnt something too build a case on.

People arent idiots they rather settle then go to court for one reason the costs outweigh the benefits. Some things you got to think about for court actions.
1. Are you willing too disclose real life information too someone you dont know
2. Your willing too risk your good reputation and risk being in debt from it
3. Do you trust people you don
Arthur Burma - Int's defense   | 2008-02-29 05:21:27
I pity the fool you'll be sharing a cell with. Unreal...
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Copyright (C) 2007 Alain Georgette / Copyright (C) 2006 Frantisek Hliva. All rights reserved.

 
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