https://www.wselive.com/research/announcement_detail/2998
But the best thing about the post is.....
SL Marketing's Official StatementSL Marketing will honor the payment of noted amount of L$32,000. The amount of L$8,000 will be posted to her account in 4 installments totaling up to the noted amount.
The payments will fall on the following Thursdays at 11:59 Eastern.
November 22, 2007 @ 23:59 (GMT-5)
November 29, 2007 @ 23:59 (GMT-5)
December 06, 2007 @ 23:59 (GMT-5)
December 13, 2007 @ 23:59 (GMT-5)
This will terminate any outstanding debts that SL Marketing has currently.As always, if anyone has any questions, please forward them to jon.desmoulins@slmarketing.us.
Best Regards,
Jon Desmoulins
It takes a month to pay $32,000L?
Monday, November 19, 2007
LLBT Does NOT affect LLRS
Today, LLBT suffered a hack and theft depleting the bank's linden balance to 24k with over 3 million in missing funds. The question was asked how this affects LLRS. It does NOT as LLRS funds are held in a different account and very little was on deposit at the bank. The LLRS account balance was a little over 30k. All funds from the secondary are still held in LNL Bing. Feel free to contact me at lindsay.druart@gmail.com if you have any questions.
All Bank Activity Halted Until Further Notice
At about 3:50am SLT, I got an IM from Tyrian Camillo of SLIB stating that someone was depositing fraudulent lindens and to be careful. I looked at the bank records and saw a 10 million deposit from Betatester Allen who then withdrew $20,500. The account was disabled from Tyrian's alert and LL refunded back the $20,500.
I was checking the account to make sure they didn't ding us for 150% as per the TOS and as I was refreshing the screen, I watch the balance drop before my eyes. In a matter of 3 minutes, the ATM located at the Banking and Investment Center owned by Mateo Infinity on Vacit was hacked and payments made to an avatar by the name of Hamid Jewell totalling a little over 3 million linden running the bank avatar down to $24k. The exact total is not known currently since it was several transactions over the period of time and the legitimate transactions of the day are not showing up for me currently.
I have contacted Concierge and the Governance team are working on the issue. The alt account has been halted and the ATM returned. All ATMs are offline until further notice. All current CD accounts will be halted and returned to their account holders at their current balances. We are waiting for LL to finish their investigation and return the lindens. At that time we will evaluate the loss, if any and proceed from there.
This notice will be posted as many places possible and given to other banks to release as they see fit. I will update the market as I get information and I will be plugging at Concierge all day. I am taking off my RL job to get done what I can so I will be in world or at least in Gtalk if anyone wants to speak with me at lindsay.druart@gmail.com and I will gladly respond as soon as possible.
I ask that everyone keep calm until I get a resolution to this from Linden Labs. Thank you.
Sincerely,
Lindsay Druart
I was checking the account to make sure they didn't ding us for 150% as per the TOS and as I was refreshing the screen, I watch the balance drop before my eyes. In a matter of 3 minutes, the ATM located at the Banking and Investment Center owned by Mateo Infinity on Vacit was hacked and payments made to an avatar by the name of Hamid Jewell totalling a little over 3 million linden running the bank avatar down to $24k. The exact total is not known currently since it was several transactions over the period of time and the legitimate transactions of the day are not showing up for me currently.
I have contacted Concierge and the Governance team are working on the issue. The alt account has been halted and the ATM returned. All ATMs are offline until further notice. All current CD accounts will be halted and returned to their account holders at their current balances. We are waiting for LL to finish their investigation and return the lindens. At that time we will evaluate the loss, if any and proceed from there.
This notice will be posted as many places possible and given to other banks to release as they see fit. I will update the market as I get information and I will be plugging at Concierge all day. I am taking off my RL job to get done what I can so I will be in world or at least in Gtalk if anyone wants to speak with me at lindsay.druart@gmail.com and I will gladly respond as soon as possible.
I ask that everyone keep calm until I get a resolution to this from Linden Labs. Thank you.
Sincerely,
Lindsay Druart
Friday, November 16, 2007
CCE has be cleaned up!
I am proud, and very happy, to announce that Commerce City East is now better than ever! We completely re-organized the sim, which allowed us to offer a variety of different parcel sizes as well as a variety of different locations!
Sizes range from 512s all the way up tp 5K+!! We now offer a few beach house rentals, as well as beach land to buy and do what you wish with. Of course, we still have our 'city' set up. Think...Miami - near the ocean, etc etc.
Prices are still the same as seen on our other sims, as is the convenant. Come by and check us out. Just map "Commerce City East"!
Thanks,
Luke Birdbrain
Sizes range from 512s all the way up tp 5K+!! We now offer a few beach house rentals, as well as beach land to buy and do what you wish with. Of course, we still have our 'city' set up. Think...Miami - near the ocean, etc etc.
Prices are still the same as seen on our other sims, as is the convenant. Come by and check us out. Just map "Commerce City East"!
Thanks,
Luke Birdbrain
Thursday, November 15, 2007
A new line of thinking....Reinventing the SL Bank
With respect to long term growth and stability, we are making some changes at L&L Bank and Trust now to solidify our future. The following changes will become effective December 1 and will create the back bone for the ongoing short and long term goals for the bank. We are going to a more real world setting in our deposit products that is still conducive to the market. This change is an effort to help stabilize the banking community to more attainable lengths and secure investments long term. The following changes are:
*Prime rate will be eliminated for the time being until we see fit to establish one at a later date.
*Regular savings accounts will have a weekly yield of 0.1% weekly (0.0143% daily) with no penalty for early termination. Interest calculation will still be based on the average daily balance over a 7 day period.
*We will add a 1 week CD that has a weekly yield of 0.2% weekly (0.0286% daily) with a 50% early termination penalty with a L$1000 minimum. We are also adding a 2 week CD that has a weekly yield of 0.5% weekly (0.0714% daily) with a 75% early termination period with a L$5000 minimum. Early termination penalty is the percentage of interest earned at termination and does not affect the principal. Interest on CDs is still paid out daily.
*The 30 day CD will have a weekly yield of 0.75% weekly (0.1071% daily) with a 88% early termination penalty with a L$10,000 minimum and the 90 day CD will have a weekly yield 1.00% weekly (0.1423% daily) with a 100% early termination penalty with a L$50,000 minimum.
*120 and 365 day CDs will be eliminated until we see a future need to reestablish them.
****NOTE: Keep in mind that existing CDs are NOT affected and will run their current terms as is at the time they were created.****
*Secured loans interest will drop from 0.21% daily to 0.14% daily. Criteria will remain the same for the most part with each loan handled on a case by case basis.
*Unsecured personal loans will become available with 0.175% daily interest. Loans fulfilled within 24 hours to account. Loans will be handled on case by case basis.
*Affiliates will receive weekly bonuses for their affiliations at 0.01% of the average balance per user on their ATM if the average per user is over L$5000.
*We are currently combing the database for dormant and inactive accounts and will IM those account holders. A dormant account currently classifies as an account of a person who has not been in game for more than 60 days. An inactive account classifies as an account of a person who has not accessed their account via ATM or website in more than 60 days.
An adjustment will be made on the account to zero the balance and four IMs sent to the customer over a 14 day period if the person is in game and six IMs over a 14 day period if they are not. Unclaimed funds will be used to purchase shares of LLBT to be held in a special alt and a subaccount created for each person that will gain dividends. If the customer comes back within 6 months to reclaim funds, the shares purchased with those funds will be given to the customer or those shares sold at market value to equal 90% of the balance at the time the account was adjusted. The reason for this is to account for decrease in value of the linden.
Dividends paid to those shares will go to the fund being held under the alt and can be used in the case that 90% of the balance is more than the value of the shares sold. After 6 months, those shares will be retired and dividend funds will go to the fund held under LNLBT Miles. This assists greatly in buyback efforts. If an account is held by an avatar of a cancelled SL account, the account will be adjusted indefinitely. Dormant and inactive accounts efforts are effective immediately.
*LLCA dividends will be included as profit for LLBT. If LLBT pays a dividend for a particular month, the LLCA dividend will be included, if not, LLBT will issue a special dividend of 10% of the LLCA dividend to LLBT shareholders. The rest of the dividend will be reinvested into the bank.
These are the current short term goals and more additions will be added once we solidify our long term model. As growth continues we will branch back out but we feel that it is necessary to tap what we can control until the market for banking in SL is more stable and dynamic. I am coming to the conclusion that attempting to compete with tremendous promises is counter-productive and does nothing but stifle the inevitable as we have seen with the recent crash of very large banks. There is the possible and there is the possible impossible. We have seen that it is extremely hard to maintain the rates being paid by banks long term. Our preparations now are for our future later. We look forward to progressive growth and a long standing future in Second Life.
*Prime rate will be eliminated for the time being until we see fit to establish one at a later date.
*Regular savings accounts will have a weekly yield of 0.1% weekly (0.0143% daily) with no penalty for early termination. Interest calculation will still be based on the average daily balance over a 7 day period.
*We will add a 1 week CD that has a weekly yield of 0.2% weekly (0.0286% daily) with a 50% early termination penalty with a L$1000 minimum. We are also adding a 2 week CD that has a weekly yield of 0.5% weekly (0.0714% daily) with a 75% early termination period with a L$5000 minimum. Early termination penalty is the percentage of interest earned at termination and does not affect the principal. Interest on CDs is still paid out daily.
*The 30 day CD will have a weekly yield of 0.75% weekly (0.1071% daily) with a 88% early termination penalty with a L$10,000 minimum and the 90 day CD will have a weekly yield 1.00% weekly (0.1423% daily) with a 100% early termination penalty with a L$50,000 minimum.
*120 and 365 day CDs will be eliminated until we see a future need to reestablish them.
****NOTE: Keep in mind that existing CDs are NOT affected and will run their current terms as is at the time they were created.****
*Secured loans interest will drop from 0.21% daily to 0.14% daily. Criteria will remain the same for the most part with each loan handled on a case by case basis.
*Unsecured personal loans will become available with 0.175% daily interest. Loans fulfilled within 24 hours to account. Loans will be handled on case by case basis.
*Affiliates will receive weekly bonuses for their affiliations at 0.01% of the average balance per user on their ATM if the average per user is over L$5000.
*We are currently combing the database for dormant and inactive accounts and will IM those account holders. A dormant account currently classifies as an account of a person who has not been in game for more than 60 days. An inactive account classifies as an account of a person who has not accessed their account via ATM or website in more than 60 days.
An adjustment will be made on the account to zero the balance and four IMs sent to the customer over a 14 day period if the person is in game and six IMs over a 14 day period if they are not. Unclaimed funds will be used to purchase shares of LLBT to be held in a special alt and a subaccount created for each person that will gain dividends. If the customer comes back within 6 months to reclaim funds, the shares purchased with those funds will be given to the customer or those shares sold at market value to equal 90% of the balance at the time the account was adjusted. The reason for this is to account for decrease in value of the linden.
Dividends paid to those shares will go to the fund being held under the alt and can be used in the case that 90% of the balance is more than the value of the shares sold. After 6 months, those shares will be retired and dividend funds will go to the fund held under LNLBT Miles. This assists greatly in buyback efforts. If an account is held by an avatar of a cancelled SL account, the account will be adjusted indefinitely. Dormant and inactive accounts efforts are effective immediately.
*LLCA dividends will be included as profit for LLBT. If LLBT pays a dividend for a particular month, the LLCA dividend will be included, if not, LLBT will issue a special dividend of 10% of the LLCA dividend to LLBT shareholders. The rest of the dividend will be reinvested into the bank.
These are the current short term goals and more additions will be added once we solidify our long term model. As growth continues we will branch back out but we feel that it is necessary to tap what we can control until the market for banking in SL is more stable and dynamic. I am coming to the conclusion that attempting to compete with tremendous promises is counter-productive and does nothing but stifle the inevitable as we have seen with the recent crash of very large banks. There is the possible and there is the possible impossible. We have seen that it is extremely hard to maintain the rates being paid by banks long term. Our preparations now are for our future later. We look forward to progressive growth and a long standing future in Second Life.
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