I have been getting a few im's asking if this means I am leaving Second Life.  No, not at all.  I would love to help the new management continue to develop the ISE and help out with other projects I have promised people I would help with.   

The ISE is growing fast and the growth is outpacing my time commitments. I would like to stay involved with the SLEC and work to make the financial scene in Second Life a better place, but at a little less hectic pace. 

Atlas Venture Capital is preparing an offer at this time. Anyone that would like to be involved with this exchange, and feel being part of a team effort is better please IM jasper Tizzy or Patrickj Ah

We would like to build a team, then make a serious offer to take the exchange to the next level.

And I, Andrew, would be interested in being a part of the Management team Mr. Tizzy. If you see me as a worthy canidate please get back to me!

Thanks

Cocky, How will you ensure that ISE shareholders see an increase in stock price as a result of this sale?

Also- Its a shame to see you sell up- but I understand that theres more to life than SL- and congratulate you on setting up a successfull exchange and leading trading platform.

Cocky,  I was curious as to if you will be doing any kind of background type search to ensure that the new upcoming owner isn't a fraud..  This may sound like a silly question but we all know Second Life has definitely seen our fair share of fraudulent activity!!!

P.S - You will be missed!!! 

Thanks,

-Design 

I will definitely look out for the best interests of the shareholders and again, they have to vote for the next owner.  I don't plan on presenting someone that's motives may be suspect.  I won't vote even though I have the majority of shares.  As far as trying to get the best value for the shareholder, I gave up 18% of the company to help increase each shareholder's payout.  I hope this demonstrates how seriously I take getting the best value for the shareholders.  It is crucial for me.

I'm not disappearing from Second Life, I will just take a less visible role.  I have a young one at home, a full time job, trying to get ready for a marathon in October, other websites to maintain, and a strong desire to see the ISE succeed.  New management should come in with the energy to continue the growth that this stock exchange has experienced.    How the new exchange is structured depends on how the new management sets it up.

And thank you for the kind words Design Student.

Well I'm sure everyone wishes you the best of luck including myself!!  Sometimes life can be quite overwhelming and when it becomes difficult to have a 1st life then having a 2nd one is out of the question lol... Again, thanks for clearing that up for me, I think allowing the shareholders to vote is more than fair... Well in conclusion , RL is always more important and so if that makes you a little less visible that is what has to be done!! :)

Take Care,

-Design 

I totally understand.  RL > SL.  Take care, and i wish you the best of luck in all your future ventures.  

Cocky, as a major share holder of ISE, I regret to see you stepping down as CEO. With the great start and strong growth of ISE, I thought you would be able to make this a full time job for you with an attractive income.

However, I fully understand your decision and hope there will be serious potential buyers who continues your way of building up this exchange.

An interesting question for me is how you will set up the process of recommending a new buyer to us shareholders and make sure that we understand the respectability of that person or group.

Good luck to you and your family. 

Georg

What exactly is included with the sale?

The cash on hand, fraud fund, and other cash in banks is all investor money and to be forwarded to the new owner. Any proffit from this business is to be paid out as a dividend also. So is this just to buy the shares of Cocky Dagger? And the software / website ??

So the people bidding understand, the land at the TALYN sim, the building, all furniture  belongs to CGI and is not part of the sale.

The assets and liabilities are listed above at the time of the posting, of course cash on hand and the amount owed to depositors fluctuates.

The land in Talyn is owned by CGI and is not part of the sale and is not listed. 

Thanks Cocky,

So what amount of your shares is for sale?

The whole company is for sale.

How the bidder wants to structure ownership and handle financing is up to the bidder.  Those details should be included in the bid.  But it will have be approved by the shareholders.  It appears as if there is going to be several bids and the most attractive will be voted on by the shareholders.  Anyone submitting a bid needs to keep that in mind.

Ok, My point is to know what amount of shares is Cocky Dagger going to sell with the exchange? Is Cocky Dagger going to retain any personal shares?

The value of the exchange is the amount of shares that will be sold, and the software /website.

We cant value any of the current listed companies, as none of them have a contracted agreement to stay at ISE forever. If I was to move out AVC - CGI - KFM then the daily volume will be next to nothing, and the exchange will not have the same value based on the income it is making for all that volume.

That's a tough questions AshFitzpatrick because I don't think there were any financials posted for AVIX at the time of the sale for July.  So the only real comparisons you can make is trade volume and for the month of August, we are a good bit above what they did in July.  Avix sold 70% of the company for 8 million or 0.19L a share.  That means that Arbitrage Wise valued AVIX at over 3 times what the ISE market cap currently is.  Obviously there are very tangible assets with ISE, someone can calculate the very real assets above liabilities.  Other assets is the membership list, it's very hard to compare to AVIX because we don't know how many members they had.  And then there is the software, which is obviously the most valuable asset.

To Jasper, I guess what I am saying is it depends on what the bidder wants to do.  If they want to pay 5 dollars for the exchange, then I would get approximately 70% of the 5 dollars and the other shareholders would get 30% of the 5 dollars.  I am leaving it totally up to the bidder, so that they can have flexibility.  There are so many ways to finance a buy-out that I can't answer the question.  I may have no shares left or I may have some.  It depends on the proposal.

Ashfitzpatrick
How would a cash offer help you at all? The purchase willbe of Cocky Dagger's shares not everyone's shares.

I guess someone can offer to take ISE back to a private company and buy all the shares.

July 30 CGI - AVC - KFM and some others moved from WSE and came to ISE. If you recall CGI was always a large volume stock at WSE also.

What would ISE be worth without the my companies, as if the new owner is not to my shareholders level of comfort?

We do plan to make an offer, but if the offer is not accepted we most likely will be moving out of the ISE excahnge.

Many can read the past news, I stated that I went to ISE because I trusted Cocky Dagger, since april he has been a renter of CGI and I have built a business relatinship with him. The new owner may not be of the same business quality as Cocky Dagger, and we will need to move to another exchange.

Look at this exchange 30 days ago, prior to the moves from WSE.

It's also important for all bidders to remember, you are bidding against each other and then need approval from the existing shareholders.
 

Many people have asked me to give them a price, I can't do this.  There are many ways to calculate a perceived value, but ultimately the person submitting the best deal will win.

Last, the bidder is buying the company or part of the company.  It depends on how they structure it.

Well, regarding the potential offer, I would prefer an offer which leaves the ISE exchange as a listed company. I bought ISE shares because I want to take part of the development of an exchange in SL and not in any other business model!

So, from my point of view the interested buyer could offer a cash payment to the shareholders like a dividend and buy a large position of Cocky's shares to make sure that he owns more than 50%. My vote will depend on the amount of cash I get paid and the trust I have in the buyer. 

GeorgPennell

Tell me why any shareholders will get any cash? They are not selling anything. Only a vote. And to pay for your vote..... well you get my point.

To pay 75 shares of AVC when AVC is worth today 5x ISE shares?

I think everyone is far away from the facts, it is only Cocky Dagger shares and the software that he also is the owner of that is being sold.

Ashfitzpatrick

If the whole company was up for sale as you said, yes.Then you have no more shares and ISE is back to a private company. That is not the best for all.

ISE needs to be public and you are not selling your shares, right...

LOL this is real simple and nobody can see the real facts.

People, can we please get away from all this nitty gritty analysis, which is fast becoming mud slinging.

 Jasper - Put your bid together and submit it. Make enquiries as to what is up for sale, if you dont like the proposition, amend or withdraw the offer.

These matters are highly flexible, not rigid, and this forum is not the place to argue such matters. If you have questions, IM Cocky.

I don't know how the math is done, but looking at all the companies on the ISE for the last 30 days of trade.

AVC, BHE, CGI, KFM, MDS, VHI = 5,598,287 total shares last 21 days

All other companies on ISE = 2,801,497 total shares last 30 days

so can any explain the 31% is that since the exchange opened.

Yes, Bart, 31% since the exchange opened.  

Ok look at the past 30 day share volumes

ISE = 30 Day Volume

617,047

BBIB = 30 Day Volume

402,557

BOND = 30 Day Volume

185,930

LIF = 30 Day Volume

1,569,855

MEP = 30 Day Volume

184,945

PLT = 30 Day Volume

52,536

The following have only been at ise 20 days

BHE = 30 Day Volume

62

CBE = 30 Day Volume

91,996

CGI = 30 Day Volume

3,854,710

DVO = 30 Day Volume

77,542

KFM = 30 Day Volume

1,845,334

MDS = 30 Day Volume

245,164

VHI = 30 Day Volume

18,491

LIF did 4.2 million in June.  Stocks get hot and die down.

I think you all have made it clear that if you don't win the bid you are leaving.  That is fair and all other bidders should know that.  The information is in the open.

• AVC =  L$ 4,668,111.20
• BHE =  L$ 165,782.42
• CGI =  L$ 2,968,126.70
• KFM =  L$ 941,120.34
• MDS = L$ 661,942.80
• VHI =  L$ 191,381.85
  TOTAL = L$ 9,596,464.30   21 Days

• BBIB =   L$ 330,096.74
• BOND =  L$ 174,774.20
• CBE = L$ 171,112.56
• DVI = L$ 62,809.02
• DFW = L$ 975,274.56
• ISE = L$ 1,056,126.80
• ISEO = L$ 77,878.34
• LIF = L$ 800,626.05
• MWPO = L$ 179.396.65
• PTL = L$ 68,822.16
  TOTAL = L$ 3,896922.10  30 days

Jasper/Bart.

Your slander campaign is making my decision, very, very easy.

Final warning, stop it, or I dont consider your proposal.

I do not want to see a post from either of your on this subject again. If you have queries, then submit them to Cocky. 

For the record, ISE turnover past, present or future will not affect my decision. I want the ISE handed over to an honest and ethical person, you two are displaying your colours and I dont like them. 

No Slander, just stating the facts.

future value is not since april when the exchange started.

Rodders you have 1 vote :)

Do you know the definition of SLANDER. I state facts.

slan·der –noun  = A malicious, false, and defamatory statement or report

I have 219,934 votes Jasper, over about 900,000. That'll get anyone about half way to the finish line.

And with that disrespect you've shown you wont be getting them

Have a good weekend

Easy folks, everyone step back a bit>

Ok, Jasper/Bart, while threatening to leave the ISE if your bids are not accepted is a legitimate tactic, it might not be the best way to go in this situation. Remember Cocky is abstaining from the vote so its up to the remaining shareholders to decide. 

 As such, though they would not be getting any money directly from the sale of Cocky's interest in ISE, offering a payout to the other stockholders in the form of an immediate dividend would probably help them come over to your side when it comes to a vote. 

Whoever winds up with ownership of ISE, their first priority will be to increase the number of quality companies on the exchange as well as the number of trading accounts. The major question right now is will that owner have to start this building without some of the ISE's top performers at this moment.  

The site is written in PHP.  Everything would go with it and I would be glad to include the 4 months left of rent on the dedicated server.

As far as minimum price I can't really say, especially since bids have come in.  The first post inidcates assets and liabilities.  Those obviously are easy to calculate.  What is unknown or has to be valued is, the software, member list, and for lack of a better word, goodwill.

Here are the volumes for the last 3 months.  This is past performance, future performance will have to be recalculated with the loss of at least 4 companies by their own admission if they do not win the bid.  They have also indicated 2 would leave that they are not the CEO of.  I have not talked to the other 2 companies personally, any bidder is welcome to talk to any CEO's on the exchange and I highly recommed it as part of the due diligence.

June      6,858,549
July     10,991,252
August   8,682,811

First I have never stated that BHE VHI or MDS would leave the ISE. I was just stating that those 3 companies since coming to the ISE has increased the value of the ISE. If the sale of the ISE goes to someone I do not trust, then I will think about leaving. So please don't put words into my mouth.

Second I have been in SL for over 18 months and have great communication with the Lindens to know what is going on. I have offered to Cocky to step in as the CEO of ISE and let him stay as Chairman of the Board. With no money exchanging hand, I just want an exchange that ids fraud free, its not about the money to me , its about the quality.

Strike Three Bart. And you're out.

I want integrity and professionalism, not neccessarily the biggest sim or bank. That's my opinion, and I'm entitled to it, my hope is that other shareholders feel that way. I can also vote any way I like for any reason I like and I cite the case, and place it as a persuasive argument, Industrial Equities vs Blackburn that covers shareholders rights. So if I court says I can, I will, it is not "absurd". 

Cocky asked for tenders to be presented to shareholders, if you had queries you could have easily directed them to him, you did not have to air your dirty laundry on this site.  You showed no respect to the process, and I cant vote for someone that does that.

Rodders Sir,

Your actions are not at all professional. What happened to the fredom of speech?

What Bank do you earn all your investors money from? THE BANK maybe?

I see you as bitting the hand that is about to feed you 400k next month. 

I work for jasper since 1996, he is a strong fighter for what is right.

Has jasper done the best for you? Will jasper do the best for everyone?

He just want to get all the facts, you knew about this before anyone else 

and was shopping the ISE to the BNT Owner before the announcement. 

What is your hidden agenda? Fill your pockets I am sure. 

BTW we have land vistor at the sim next to Venture Square where you and Intlibber met. 

At the large "THE BANK" Signs on our land. - Busted......

Bart, I don't agree with your statement that last months financial were bad and that's why the stock price went from 2 to 1 L$. Just a repost of my remarks I made to the latest news of Cocky to reduce the number of shares to reduce his stake in ISE.

ISE is a very attractive stock. Obviously this is not seen by the majority of the investors. Just some numbers on the basis of the current stock price of 1.20 L$:

• with a monthly dividend 0f 0.05 L$ we get a yearly dividend yield of 50%!!
• earnings were 211k L$ in July which already give a P/E ratio of only 1. This does not even include the strong improvement in daily trading volume. By end of July it was at 275k L$/day. Looking at the daily trading during the last days, it is now more in the range of 550k L$/day, which results in daily income of 8250 L$ or monthly commission of 250k L$!!
• the number of trading accounts increased by 13% during the first half of August compared to end of July. We all can see the daily increase on the trading page.

ISE will be one of the big winners with the growth of the financial market in SL. It's like the people who sold shovels to the people who were digging for Gold: they were the real winners! At least I took advantage of the recent drop in the ISE share price and increased my holdings significantly and will continue to do so.

So, the financial are more than attractive and I hope that we get a buyer who makes this aware to the investor community resulting in a much higher stock price. And again, I thing it would be a good idea for the buyer to pay an extra dividend to the actual shareholders to demonstrate the value of the company

Cathy,

Does PLT make money from The Bank? Yep, but what gave you the right to disclose that information? I will be taking this matter further. I have $2 Million banked with The Bank, and I will be asking for it back immediately. I expect it within 24 hours.

Did I meet with Intlibber Brautigan to discuss with him that the ISE may be up for sale?? Yes, because I had reason to believe that Intlibber was in the market for an exchange. So all I did was mention it to him and told him if he were interested he might like to take the matter up with Cocky, which is pretty much what a lot of people are doing now. Millions of preliminary talks about potential business deals in SL and RL happen everyday, and that is what was happening here. I fail to see what the problem is. I do find it disturbing that I'm am being spyed on. Luckily since this in only SL, not RL, so I wont lose any sleep tonight.

Did I know about the public announcement before anyone? No I didn't actually, I was talking to Intlibber at the time, at Venture Square, I guess you could check your records. I did know that Cocky was looking to sell the exchange, but I'm a board member of the ISE, as elected by the shareholders, so these matters are discussed between board members, sometimes formally, sometimes informally, this happens in every company in the world. So again, your point??

Freedom of speech? Totally agree with it, and respect it. I also believe that one can vote in any way that he likes.

So lets get this straight-

PLT has $2 Million with The Bank, I would like that back within 24 hours, and have contacted Jasper to do so.

I met with Intlibber Brautigan to mention to him that the ISE may be coming onto the market, why did you spy on that meeting??

I support freedom of speech, along with freedom to vote in any manner that one chooses. 

Bart.

Of course we're shopping around trying to get the best deal for shareholders. That's what companies boards do in cases like this, its a responsibility. In RL failure to chase the best deal possible can result in fines, stripping of professional membership and even prison sentences.

What's your point

PLT is a customer of The Bank. What's your point? 

--- Ummm Rodders, I am a board member also. And you and cocky did this without talking to me. So it looks like..... Well it was not a board decision. Maybe youc can say 3 board members, only 2 need to know whats going on.

Im not going to try to make a bid. So good luck to all.

What a mess this has become!!!

-Design 

This has obviously gone too far.  There were no shady dealings with land rentals last month.  There was a disclosed loss because of a partnership with someone who skipped town.  You know about it, Bart because I disclosed it.  I disclosed it in my financials and to anyone who asks about it.  I also disclosed it at the shareholder meeting and have told anybody who has asked me about it. 

Second, I have let Rodders know for several weeks that I wasn't happy and it was overwhelming.  I think this thread is probably a good indication of why.  I told Rodders that I had made a public announcement and he talked to Int.  If this isn't the most open transparent ever done in SL, I don't know what is.  I am glad that this thread happened because a potential buyer needs to understand what it is involved and this thread is as good indication as any.

As far as saying that you are leaving Bart.  Jasper said in this thread,"We do plan to make an offer, but if the offer is not accepted we most likely will be moving out of the ISE excahnge."  Your next post says, " Add three more into the companies, BHE VHI and MDS. and 2 other companies that I was getting to move over here along with 2 IPOs. Dont get to Cocky because your exchange is doing good now, because we came over from WSE."

I and everybody that im'd me interpreted as you saying you were leaving.  If you are correcting that statement then please feel free. 

Rodders, you stated

"Did I meet with Intlibber Brautigan to discuss with him that the ISE may be up for sale?? Yes, because I had reason to believe that Intlibber was in the market for an exchange. So all I did was mention it to him and told him if he were interested he might like to take the matter up with Cocky, which is pretty much what a lot of people are doing now. Millions of preliminary talks about potential business deals in SL and RL happen everyday, and that is what was happening here. I fail to see what the problem is. I do find it disturbing that I'm am being spyed on."

You've exposed yourself Rodders. "Told him he might like to take the matter up with Cocky". I was under the impression Jasper was a board member as well. During these "Millions of preliminary talks" I wonder how many RL board members are left in the dark.

To think you are being spied on is paranoid, I monitor all my lands with radar. I'm not spying, just monitoring traffic, its good business. You know this as well so why do you say spying? Deflection, nice try.

I Never really say much on the announcements but when you try deface something I own along with Jasper (The Bank) you are crossing the line. I know whats going on Rodders, you dont know me but i know you. I think Cathy said something about biting the hand that feeds you. You should listen to her.

Teanna Nomura

Owner The Bank

Owner SL Loans and Mortgages

CEO KFM

*looks around and wonders if she's in Teen Grid* 

 Now pretty pretty please, could we change subject please? Here's one: Why would someone buy an exchange with arguing 3rd grade kids in it?

Thank you very much. 

I actualy agree with Jasper and Bart, they're perfectly honest, except they mixed the order in wich things should happen. Having both their and investors best interrest in mind they should delist from ISE as soon as possible, privatize their companies and focus on what they do best wich is to flip and develop land. Arrogant ceo's can contribute as much to a stockexchange, like a tapeworm to humanbody.

It's a shame you see the need to sell the exchange - I hope you are able to find someone with good intentions and ethics to take over this place.