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Update from the Front Lines 

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Written by Xavier Mohr   
Wednesday, 09 January 2008

Just an update on what's happening today with JT Financial.

JT Financial Bank Firstly, we would like to thank everyone for their support. Today, we've seen such a massive outpouring of goodwill... it's absolutely hard to imagine. It's great to see the Second Life investment and financial communities pooling together to help out in what is truly one of Second Life's darkest hours.

ATMs opened shortly after 1:00 P.M. SLT this afternoon in JT World. Although we had our share of frightened customers, customers who had no idea what was going on, and customers in need of venting their anger, all in all the show of support was massive with more deposits being made than could possibly be imagined given the circumstances.

While much is still up in the air right now, operations at JT Financial continue as normal... we are honoring withdrawal requests of up to L$5,000 per user, per day, and continue to honor deposits. At present, we are continuing to pay interest through January 22, 2008.

The deposit reserve is in much better shape than could ever be expected, according to reports, and JT Financial is 100% solvent. At this late hour of the day, it's safe to say that JTF has again survived yet another financial disaster as others have faltered, or as some may have an uncertain future.

JTF has maintained an open and honest line of communication during this situation, as can be seen via the numerous updates at SLReports.net. If you have not done so already, you should check out our Official Statement and Plan of Action for this matter at your earliest convenience.

JT Financial Bank Nobody, is offering you false promises about the future. You should be more than assured, however, that your money is now, as it has been for almost a year, safe in the hands of a qualified staff of transparent and dedicated individuals who will fight to the bitter end for your right to do business with us.

In fact, JTF's worst-case scenario is probably better than some best-case scenarios. Even in the event of a total failure by Linden Lab to honor their social responsibility to our business, we have limitless options available for pursuit and implementation of alternate methods by which you can do business with us. There is no need to worry.

The SL Capital Exchange, at present, is operating as normal. Although you may see halts due to circuit breakers or CEO request, trading continues normally and your portfolio is still valid. There is no firm indication, at this time, that there will be any change in how CapEx conducts itself.

I should note that this statement is unofficial, meant only as an update from the front lines. I do, however, speak on behalf of everyone at JT Financial when I say your trust and support is not misplaced... we will fight for your rights, and we will fight for your account. Your money is in very good hands.

More updates will come soon from Arbitrage and other JT Financial staffers. For the latest information, please visit SLReports.net in addition to checking the CapEx website regularly.

Thank you for your time.

Xavier Mohr

Comments
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SLReports.net User   | 2008-01-09 21:05:25
If he's 100% solvent, then why the withdrawal limit? I call B.S.
SLReports.net User   | 2008-01-09 21:06:56
Pull out as much as you can, then. I'll continue to leave my L$ in there.
Xavier Mohr     | 2008-01-09 21:56:35
Thanks for the support. I didn't put any numbers in there, really, because I didn't verify them before posting. All I can say is everything I saw and heard today with regard to amounts was shocking because it was so much better than the best scenarios i worked up in my own mind going into this.

One can get a pretty good idea of where we're setting from the original post by Arbitrage entitled "JT Financial Initial Plan."

Things look very promising right now, IMHO.

Note: Edited
SLReports.net User   | 2008-01-09 23:29:18
Funds to cover it or not, temporary stalls in the market, and daily limit caps are a sain idea ... When I first read the LL announcement the first thought was "Well, there go the markets!" ... even if there's a way out of this where the markets can stay in business, panicked investors could easily destroy the markets by 'running' on the banks... The daily limits, and trading stalls prevent this from happening. It's a good move, and I personally applaud it.
SLReports.net User   | 2008-01-11 06:55:57
We want ATM withdrawal, PP and MBkers also 5000 L$ /day greatly appreciated , but why you stoped that ?

Xavier Mohr   | 2008-01-11 17:18:53
Notice: Multiple comments from the same IP Address (Yep, I can see it) are subject to deletion if they are off-topic, duplicates, meant to look like they are from different users, or otherwise inappropriate for the article. Thanks for your understanding.
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Copyright (C) 2007 Alain Georgette / Copyright (C) 2006 Frantisek Hliva. All rights reserved.

 
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