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Proton Power
Amarr
Retirement Retreat
Posted - 2010.06.20 19:37:00 - [1]
 

Edited by: Proton Power on 20/06/2010 19:41:00
It is with great sadness I must close out LYII.

I have a few personal reasons and some Eve Online related reasons for this, and have put a lot of thought about it in the past few weeks. A quick recap of those reasons is listed below, with a follow up on how I will liquidate. There are two choices I will let the comments / concerns determine which of those ways I choose. If your a share holder and have comments on either way please express your a share holder so that I take that into account.

*Baby Proton was born 2 weeks ago
*Moving in August of this year
*Boredom with Eve in General
*Dividends not what I want them to be
*Losing interest in finding new ways to make isk
*Original Business plan not working without putting more time into it
*Close out now while I can still come close to 100%

Now for the decision I have to make, and any feedback will be appreciated. For those that are upset, there is nothing I can do other than keep running a failing company or just walk away with all the isk. Neither is an option for me.

With both these options I will not be see'ing any actual isk from my shares for some time. My goal is liquidate 49bil isk+ in materials in order to pay all other share holders first 100% or close to it as I can. Anything that I can't liquidate I will use to cover my 21bil isk or so in shares, I will most likely take a 5bil+ isk loss myself, but that is my concern and not the share holders.

Option 1 -
Quick Liquidate - Basically liquidate everything at current prices, this would probably get me about 47bil isk off of current prices right now. This would mean you would get about 96% of original share value back within a few days.

Option 2 -
Slower Liquidate - Take my time, set prices I wont sell under and liquidate over a month or two until all items are sold. I can see about 49 to 53bil isk from doing it this way, meaning a 100% to a 106% payout in the end. This would take more time though, and you would not see dividends while I am liquidating.

Edit: To clearify, I have broken down the items I will be using to liquidate for Share Holders and then which ones I will use for myself, the ones for myself are a bond that can't be closed since the isk is not there yet to be closed, a few left over items from trading that are under valued right now, and 1 large quantity of an item I was maniuplating worth about 5bil isk.

flakeys
The Great cornholio's
Paper Tiger Coalition
Posted - 2010.06.20 19:40:00 - [2]
 

First off , congratulations with your mini-me .



Ji Sama
Caldari
Tash-Murkon Prime Industries
Posted - 2010.06.20 19:45:00 - [3]
 

Edited by: Ji Sama on 20/06/2010 20:11:36
:( this is sad news!

i vote 1 since waiting 2 mths for 100% return vs. 96% instant cash out seems futile!

congrats on the kid :)

edit: though you have enough goodwill with me, that I wouldn't object to option 2

Vaerah Vahrokha
Minmatar
Vahrokh Consulting
Posted - 2010.06.20 22:18:00 - [4]
 

Quote:

*Boredom with Eve in General
*Dividends not what I want them to be



Never(?) commented about LYII but I knew since before day 1 of LYII that you were going to bump in 1) and would end up in 2).

Before you ask how, take 2-3+ months of pause off EvE (the baby WILL make your life busy even beyond that) and try again at October. It should work better.

Julius Rigel
Sub-warp Racing Venture
Posted - 2010.06.21 04:09:00 - [5]
 

Hi Proton!

First of all, congratulations on that 9 month manufacturing job! I'm sure you're going to be very pleased with your new T2 gadget! Very Happy

Secondly, I want to thank you for all the hard work you've put into the company.

As for the options at hand, I think it's more important that we get the deal tied off successfully, so I'd like to vote for the fast liquidation option.

Cista2
Hydra Investment Fund
Posted - 2010.06.21 05:51:00 - [6]
 

Hey, congratulations is in place - best wishes Wink

Jackie Fisher
Syrkos Technologies
Joint Venture Conglomerate
Posted - 2010.06.21 08:49:00 - [7]
 

Congrats on the new addition to your family.

Personally I'd prefer option 2 but understand if you want/need to take the quick route.

Whatever you chose thanks for your work on this.

Kithran
Posted - 2010.06.21 11:24:00 - [8]
 

+1 on the general congrats.

Personally I have no burning need for my capital to be returned immediately so would prefer option 2.

Kithran

Proton Power
Amarr
Retirement Retreat
Posted - 2010.06.21 11:45:00 - [9]
 

Between a few conversations, eve mails, and remarks here it seems people are going both ways just as I was when I couldn't make the decision.

In order to try and make everyone happy in the middle, I will start slowly liquidating, in a week or so report on if it is going well, long as it is we will continue, or make a new decision.

Right now based on the numbers I want to hit, I need to payout 47.5bil isk in order to get everyone back to 100% from original IPO Value, the rest of the shares are owned by myself, which I am not to concerned about right now.

Right now I see about 51bil isk in sales if I hit the numbers I want, so should be about a 110% last payout. I have already sold some stuff and up to about 13bil in liquid isk.

SencneS
Rebellion Against Big Irreversible Dinks
Posted - 2010.06.21 13:43:00 - [10]
 

Oh PP, Congrats!

I know you though, you'll be back. Anything you do is always sought after, a true Industrialist, which why it'll call your name again. Babies are easy anyway, when they turn 18 months and can move around is when they start to become a handful.

Good luck, and see you again soon ugh

Magnu Stormhawk
Stormhawk Enterprises
Posted - 2010.06.21 14:44:00 - [11]
 

With my shareholder hat on, I choose option 2.

However, I am not averse to option 1, so if you decide to just get it over with PP, i am happy with whichever.

Ray McCormack
Nordar Innovations.
Posted - 2010.06.21 18:11:00 - [12]
 

Originally by: Proton Power
it seems people are going both ways

Razz I so need to grow up.

Azrel
Posted - 2010.06.21 21:12:00 - [13]
 

I happy with option two...

Julius Rigel
Sub-warp Racing Venture
Posted - 2010.06.21 23:13:00 - [14]
 

Originally by: Proton Power
Between a few conversations, eve mails, and remarks here it seems people are going both ways just as I was when I couldn't make the decision.

In order to try and make everyone happy in the middle, I will start slowly liquidating, in a week or so report on if it is going well, long as it is we will continue, or make a new decision.

Right now based on the numbers I want to hit, I need to payout 47.5bil isk in order to get everyone back to 100% from original IPO Value, the rest of the shares are owned by myself, which I am not to concerned about right now.

Right now I see about 51bil isk in sales if I hit the numbers I want, so should be about a 110% last payout. I have already sold some stuff and up to about 13bil in liquid isk.
Slow liquidation is fine with me, I'm just interested in seeing the business close respectfully. If it's going to take a little longer for that to happen, and if it's not going to make the supercapit... I mean mom angry at you for playing too much eve, then that ok. Very Happy

SetrakDark
DarkCorp Citizens Holdings
DarkCorp Citizens
Posted - 2010.06.21 23:24:00 - [15]
 

Originally by: Magnu Stormhawk
With my shareholder hat on, I choose option 2.


You guys got hats!? Jealous...

Julius Rigel
Sub-warp Racing Venture
Posted - 2010.06.22 08:57:00 - [16]
 

Originally by: SetrakDark
Originally by: Magnu Stormhawk
With my shareholder hat on, I choose option 2.


You guys got hats!? Jealous...
And canes with "LYII Approved" seals on top to stamp foreheads!

Mikael Genexi
Gallente
Product Number 3
Posted - 2010.06.22 16:29:00 - [17]
 

Option 2 works for me but if it is too much a hassle then I'd survive with option 1.

Proton Power
Amarr
Retirement Retreat
Posted - 2010.06.26 15:18:00 - [18]
 

Paid out about 14bil isk today. Have about 6bil more liquid atm, the items i was selling dropped in value for a bit, may be a few more weeks for a large liquidation again.

Kapila Parthalan
Posted - 2010.06.30 13:58:00 - [19]
 

Confirming receipt of payment #6 of 28.57% on 2010.06.26.

Ji Sama
Caldari
Tash-Murkon Prime Industries
Posted - 2010.07.22 14:48:00 - [20]
 

So, did I miss anything? Would we liquidate?

Magnu Stormhawk
Stormhawk Enterprises
Posted - 2010.07.22 16:35:00 - [21]
 

Originally by: Ji Sama
So, did I miss anything? Would we liquidate?


PP is currently liquidating, trying to pick the right moment to offload stocks to get the most out of the assets I believe so investors can get a >100% capital return once the liquidation is complete. This is being done in stages as liquid ISK becomes available, with the first tranche of isk paid out last month.

Ji Sama
Caldari
Tash-Murkon Prime Industries
Posted - 2010.07.22 17:08:00 - [22]
 

Edited by: Ji Sama on 22/07/2010 17:08:17
Originally by: Magnu Stormhawk
Originally by: Ji Sama
So, did I miss anything? Would we liquidate?


PP is currently liquidating, trying to pick the right moment to offload stocks to get the most out of the assets I believe so investors can get a >100% capital return once the liquidation is complete. This is being done in stages as liquid ISK becomes available, with the first tranche of isk paid out last month.


I guess it depends on how you interpret a few weeks, in my world its 1-3 weeks, we are now around 7 weeks after last payout!

I am waiting patiently, I just wanted to hear if there where any news...

Edit for fail; nvm, got the dates mixed up, we are still within a few weeks!

Ji Sama
Caldari
Tash-Murkon Prime Industries
Posted - 2010.07.30 07:32:00 - [23]
 

Dividends Recieved, thank you!

That should leave us at around 100% cashout right?

Magnu Stormhawk
Stormhawk Enterprises
Posted - 2010.07.30 07:46:00 - [24]
 

Originally by: Ji Sama
Dividends Recieved, thank you!

That should leave us at around 100% cashout right?


Final payout was 111.5% of initial share value.

Liquidation is complete. Thanks to all investors.

Julius Rigel
Sub-warp Racing Venture
Posted - 2010.07.30 10:45:00 - [25]
 

Thanks guys, and good luck! Very Happy

Kithran
Posted - 2010.07.30 11:15:00 - [26]
 

Confirm isk received last night.

Kithran

Kapila Parthalan
Posted - 2010.07.30 12:28:00 - [27]
 

Confirming receipt of 4 dividend payments totaling 82.93% on 2010.07.29.

Received total of 34.78% interest from 2010.01.01 to 2010.07.29.

Thanks!

Jadun
Posted - 2010.07.30 16:15:00 - [28]
 

do we sent the shares back ?

Ji Sama
Caldari
Tash-Murkon Prime Industries
Posted - 2010.07.30 17:59:00 - [29]
 

Originally by: Jadun
do we sent the shares back ?



Well, I reserve my right to keep 1 for novelty :)

Ty Proton for a nice ride :)


Netherfiend
Posted - 2010.08.02 11:06:00 - [30]
 

Is the liquidation now completed or just nearly ?

thnx a lot for a steady return on my investment


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