In the wake of the banking ban, the recent change in the SL economy, and the disappearance of one of our CEOs, it is not feasible to run L&L Financial Services and L&L Credit Reporting Agency and Business Services independently. The L&L Brand has been around in SL for close to two years with the real life side of the business coming to 1 year come June. The biggest issue that has risen from the operation of the brand is the need to employees within to return to real life as well as the owners from time to time. When this happens, this brings the business into a lull and sometimes to a halt.
To alleviate this trend as much as possible as we progress into the slower time of SL which is the summer months, we are combining forces of all L&L companies under one name in SL. L&L Corporation will be the company name as we have been running under the moniker for a while anyway. L&L Rentals and Sales, L&L Financial Services, and L&L Credit Reporting Agency and Business Services will operate under this name as divisions and not separate companies.
There are a few concerns here that will be addressed to make sure that investors and customers realize that we know what we are doing. As three separate entities, this divided our focus tremendously as each had separate goals. Combining forces will allow us to work to one goal with several revenue streams to enhance the bottom line. LLRS still sees a steady income on the land business as we are filling our personal holdings and finding more contracts to manage. LLFS sees a good bit of traffic on the brokerage and the currency exchange to be viable if focused on. LLCA has the potential to provide tremendous business services in line with the LLRS divisions but has sat dormant due to unforeseen issues. We are confident that the combination of things under one house will prove to bring the brand full circle.
We do realize that this is probably not going to be the best immediate decision for the stock holders of the three companies as there will be an immediate devalue in stock. However, the stock will have a long term value as we start to pay dividends from the collection of divisions income. Currently, LLL trades at about $1.50 a share with LCA and LNL at just below $.50. All stock will be converted to the new company ticker, LLC, to be listed on SL CapEx, based on the LLL share price. In addition, L&L Liquidation Fund will be rolled into this with the same conversion. All outstanding linden debt from LLFS will be converted as well. A portion of LCA debt will be included. In order to rise from this and be able to offer a sound trading platform for the brand, there will be no promise of buybacks or dividends. There will be a dividend schedule posted so that shareholders are aware of the stipulations for a dividend to be paid.
All assets of both LCA, LNL, and LLL will be combined with all holding alts still in operation for their division to insure that each division is profitable by its own actions. The LNL Brokerage will resume operations on June 1st, LCA will resume operation by June 15th, and LNL will continue business as usual. Inception of Utherverse is still pending contractual obligation by the company. SLCC participation is still pending at this time.
In the coming days a solid conversion schedule will be available. LNL and LCA will delist no later than May 30th. We expect to have LLC listed and trading no later than June 15th. Thank you for your patience while we make this transition.
Sincerely,
Lindsay Druart, Chairman/COO/CFO
L&L Corporation
Luke Birdbrain, CEO/Executive Director
Gabrielle Miles, CCO
Wednesday, May 21, 2008
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