Current Banking Situation
Posted by Simon Lameth on August 8, 2007
A sign at the ATM in the Ginko sim explains the current situation with your money.
“For those of you who wish to withdraw your funds, you may wait in the queue, or cash out to Ginko Perpetual Bonds, which is currently the only option if you don’t wish to wait the seemingly indefinate period of time it could take to refill the reserves” - Ginko Notice
First off, let me start by taking care of the rumor that Ginko has closed and is converting your money into bonds. As of press time, this is a RUMOR and HAS NOT been confirmed nor denied by any source in Ginko. When asked about this rumor, Ginko President Nicholas Portocarrero said “No comment”. Unfortunately, some media outlets have rushed to report this as fact.
Ginko bank investors currently have the choice to either:
- Wait in a queue to obtain your money. This could take an “indefinite” amount of time.
- Convert your current cash into Ginko Perpetual Bonds at the current market price. This is “the only option if you don’t wish to wait the seemingly indefinite period of time it could take to refill the reserves”.
The Second Life Times will continue to cover this story.
August 9, 2007 at 11:17 am
It’s fact now. At least as far as the fact that everybody’s funds are being converted to bonds, whether they like it or not. Check it out on their website.
I, for one, do not believe a word of their assertion that this is “the only way forward.” Just last week I made a pretty sizeable deposit, because nobody bothered to acknowledge the run on the bank that was already in progress. If they had, I never would have given them my money in the first place.
So, now the people running illegal gambling operations have my money, and all I have are empty promises that they might actually buy a bond, which I most definately will not be able to sell for what it’s worth, because I’m not allowed to have my money. Now that’s really helpful. NOT
Class action, anybody?
January 16, 2008 at 7:45 pm
[...] case you don’t know, Ginko Financial folded after a bank run in August [...]