While I am sad to hear that a company has lost due to VAT and is forced to liquidate, I am glad that KJL's CEO actually ASKED investors what they wanted to do with regard to the liquidation of the company. THIS is what a real CEO does. Even the financial report showed a 2 million linden loss. WOW....huge loss but huge honesty. There are companies currently paying dividends yet they have unpaid debts to others.....far be it for me to name a name but I am sure a hit dog will holler eventually.
It is refreshing to see that a company will actually admit that they took a loss and ask shareholders what they would like to do with the remainder of company assets. Since the halt of KJL on WSE, I am confident that Kejo will handle the shareholders accordingly and he gets an A plus in my book just for the effort alone.
Good luck in the future with the RL company, Kejo and I hope things work out better for you.
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7 comments:
I couldn't agree more Lindsay. I know Kejo pretty well, and I know he agonized a lot over this - he is an incredibly principled person. And, not only did he come clean and be honest about things, but he also provided an alternative to his shareholders. Take the money now - or invest in me and i will try to make it worth even more, albeit at a higher risk.
Bravo, Kejo, and bravo Lindsay for pointing out what a real CEO acts like in tough times.
Del
This is not to Kejo, but to fellow Europeans in the "Euro Zone" often heard complaining about not being able to compete after application of VAT by LL.
1) How can you not be competetive with your USD only costing about 70 US cents?
2) Why are you still on mainland? Move out of LL-land to private estates. Ansche isn't billing VAT yet (not that I find that agreeable).
3) All that's left now is your membership ... 72 USD yearly. Okay after let's say German VAT (19 % Mehrwertsteuer) and a strong Euro (1,42 USD) you are talking about 60 USD actually!!!
Take a bite off of your American competition and take the challenge!
To Kejo:
Only have read this blog and am sorry to hear. But thanks for leaving a clean spot in SL business!
Take care.
Wie Wunderlich
(exempt of VAT as LL is not situated in Germany)
@Wie Wunderlich
Take a look at your next bill from LL and let me know if you're not being charged VAT - even though LL is not located in Germany.
European sim owners are not charging their residents VAT. In order to charge VAT you have to run a company. What individuals are doing is passing on the increased cost (the VAT charged to them by LL) to their residents. The outcome can appear to be the same, but the technicalities are not.
I do applaud Kejo as well - he offers a way out, or the option to stay in before it all was beyond salvaging. I can only imagine how much pain it causes him to see his hard work go down. Thumbs up Kejo, and believe me that actions like this give you far more credit and reputation than anything else does.
Delicious : pick up some Kejo sims, his residents are understandably afraid of what will happen.
@ ServMe
(saved my actual answer for an IM / note card as the VAT issue is off topic.)
I had suggested what some may be able to do to avoid VAT.
I personally would be very surprised if LL billed my CC including VAT as they have my tax exempt number.
I wouldn't get very exited though and yell for courts as some SL Bank owners have. All I'd do is inform my local tax authority and sit back and wait.
My main and missed point is: how can Europeans in the Euro Zone claim to not be able to compete? As a RL business owner I stand baffled. Reminder: One buck costs an European 70 US cents.
I take it as an excuse for exit. Especially considering economy is recovering and land prices are rising again.
Wie Wunderlich
@Wie
Ah, if you've got a VAT number, then indeed LL won't be charging you VAT. That I couldn't make out from you initial post though.
Well Kejo does not get any kudos from the people he took tier money from that didn't belong to him, he was still taking tier fees when in fact the land was bought out and owned by SLIB. Numerous times people tried to contact him over this and he totally ignored them.
unfortunately that seems like Kejo took money and ran away...fucking cheater!i have trusted him!i was in touch with him, until he suddenly said he is sick and started to ignore me...
SirWilliam Biedermann
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