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Selling shares in corporation. 10m = 10 shares. [Sold out]

Author
jam pan
Aliastra
Gallente Federation
#21 - 2015-07-17 16:23:12 UTC
I'm going to increase my investment, another 190m for 190 shares increasing my total to 200. I may not be online for a while, depending on how things go; I'll do my best to send isk asap.
Morton Summers
Caldari Provisions
Caldari State
#22 - 2015-07-17 21:32:56 UTC
Koniforous wrote:
How will you keep track of secondhand investors? You should really guarantee the price of shares regardless of who originally purchased them from you. I dont see a reason why I would want to buy shares from someone other than you as they might be worthless since I would be secondhand investing. This will put greater strain on the solvency of your business because you will most likely be the sole source for cashing our. If you guarantee share price across the board however, share holders can cash out by selling to other pilots and this will reduce cash out strains month to month. Plus, there's no share journal to keep track of shares changing hands. Just current share holders.


Being able to make a guarantee of being able to buyback any shares is definitely high on my priority list. However, I split the stock earlier--which I now view as a mistake--and this makes me unable to guarantee a buyback. I'm exploring my options for how to resolve this and make it possible for a buyback price to be guaranteed.

I'm considering two options right now: 1) As I talked about earlier, performing a complete restructure--create a new corporation with the same name and transfer investments over. Stock would be reissued in amounts proportional to investment. I would contact each investor directly and give them the option to pull out or switch to the new corporation. This is attractive because it gives me a clean slate from which I can define a much more solid business plan. 2) Reduce the buyback guarantee to 550k--at 550k a share, I have enough to guarantee a buyback for all shares. This buyback amount would be increased as I increase the principle through trading until it theoretically would return to 1 mil at some point in the future.

I will not be implementing option 1 for at least a week regardless. I will implement option 2 if I feel that it is supported by most investors. If there is not support for implementing option 2, I will stick with the status quo: I will only buyback original investors' shares for the amount they paid.

In other news, I have issued shares for all Isk I have received so far. There are now 16 investors and the fund has a net worth of around 1.05 billion.
Swaghetti
State War Academy
Caldari State
#23 - 2015-07-17 22:18:25 UTC
5) The proprietary software I'm developing will stream data from EMDR and try and find the most profitable routes within a set of constraints factoring in a variety of things including jumps, security, volume, etc. It is still very much in its infancy so I can't really say anything else about it yet. If it works well, I may consider licensing it to other corporations.


Eve central pretty much does that .. you tell it what system you wanna go from and were you wanna go .. How much cargo you have and how much profit you prefer per Jump/trip and it finds wich items you can turn profit hauling between those 2 points .
Morton Summers
Caldari Provisions
Caldari State
#24 - 2015-07-17 22:40:02 UTC
Swaghetti wrote:
5) The proprietary software I'm developing will stream data from EMDR and try and find the most profitable routes within a set of constraints factoring in a variety of things including jumps, security, volume, etc. It is still very much in its infancy so I can't really say anything else about it yet. If it works well, I may consider licensing it to other corporations.


Eve central pretty much does that .. you tell it what system you wanna go from and were you wanna go .. How much cargo you have and how much profit you prefer per Jump/trip and it finds wich items you can turn profit hauling between those 2 points .


While there is definitely major overlap conceptually, if I can get my program to work* it will provide a much larger array of search tools. For instance, it will probably be able to factor in intermediate stops on a haul in order to maximize profit and also not necessarily require both an origin and a destination e.g. you should be able to ask it "find me the best trade route 20 jumps long starting and ending in jita with a cargohold of 100,000 m3 and an initial investment of 1 bil" and get meaningful results.

*Note that this program will take a long to time to complete which is why it is not my main source of revenue. It is a side project I'm working on for fun that could potentially result in profit at some point.
Koniforous
Tauren Transit
#25 - 2015-07-17 23:32:03 UTC
I dont understand what happened when you say you split the stock.... But starting over is perfectly fine. I am thinking about doing the same since I have 100,000 shares created, it makes paying dividends difficult as the roi increases. I've had to do it by hand a few times just because I didn't have 7 or 3bil in liquid isk. Learn from my mistake: Only create double the amount of shares you need, or expand into, keep 50% and put the rest into circulation.
Rilati Kansene
Monte Inc
#26 - 2015-07-18 03:15:28 UTC
Morton Summers wrote:
By the way, Rilati Kansene, before I forget: I'm still looking into API keys. Once I'm confident I understand exactly what's going on I'll be happy to contact you with some information.



Um, API key was such that I could take a look and ensure you weren't a risk + a history of profitable trading and no indication of doing silly things with your ISK.

Seems like you have acquired some investors around these parts - so good luck with your future trading and other endeavors.


-Note - ISK doubling in Jita local definitely up there on the top of the list towards encouraging a very serious lack of enthusiasm from actual potential investors ..shrug..

http://pastebin.com/mgHBTkBC
Morton Summers
Caldari Provisions
Caldari State
#27 - 2015-07-18 03:38:04 UTC  |  Edited by: Morton Summers
Rilati Kansene wrote:
-Note - ISK doubling in Jita local definitely up there on the top of the list towards encouraging a very serious lack of enthusiasm from actual potential investors ..shrug..

http://pastebin.com/mgHBTkBC


For the record, I wasn't scamming. I was playing a game with Mr L Shiyurida based solely in personal money as a way to kill time while orders came in. I occasionally through some of my personal money around as a form of entertainment. I have not, do not, and will not waste any money entrusted with me by others in such foolishness. I will be happy to verify this if anyone doubts me.

However, I understand this looks bad and if anyone wishes to pull their investment because of it I will honor my past commitments and buyback their shares at 1m a piece.

In other news, there are now 18 investors and a total of 1.3 bil in the corp. I have 390 more shares I am willing to sell after which I will not be selling more until I am confident I can maintain consistent profitability.
vccv
#28 - 2015-07-18 03:53:28 UTC  |  Edited by: vccv
I think the next logical step should be to understand API key mgmt. It should be easy for someone able to create the software you are working on. I am very interested to see what you come up with. It would also serve to ease the nerves of those already holding shares; as the activities seen in Jita since your characters inception have been at least questionable. It is already a risk to invest as you claim to be new to EVE and still learning the markets.

If you plan to build credibility it will have to be through transparency in your market operations via API, especially if you plan to continue jita games like those shown above. Investors will need assurances that it's not their funds being used, that is the only way. Not that haven't done my fair share of gambling, I think you should be attempting to put that isk into market pvp rather than waiting time with it, but that is your choice of course. I wish you the best of luck, it can be a rough start!

Potential investor turned spectator for now,
No disrespect intended,
VCCV
Morton Summers
Caldari Provisions
Caldari State
#29 - 2015-07-18 04:58:16 UTC
vccv wrote:
If you plan to build credibility it will have to be through transparency in your market operations via API, especially if you plan to continue jita games like those shown above. Investors will need assurances that it's not their funds being used, that is the only way. Not that haven't done my fair share of gambling, I think you should be attempting to put that isk into market pvp rather than waiting time with it, but that is your choice of course. I wish you the best of luck, it can be a rough start!

Potential investor turned spectator for now,
No disrespect intended,
VCCV


I completely agree. To start, I've created the following API key which anyone can use:

Key ID: 4535059
Verification Code: pEo9qZDizcTbp90eIo7YQ85YB9Gtep0tXDNrjBCxkDMgreIA8VSJ5kfhGHUsCqPU

This key will let you view the corporation's current balance and the Journal. Hopefully this will be enough for it to be obvious that I am managing the fund to the best of my abilities and not randomly giving Isk out to strangers. Note that the journal primarily contains market interactions related to buy and sell orders. Furthermore all other interactions are documented - for instance when I transfer money into the account it is labelled "Investment" and I have it labelled as "Dividend" when I transfer money into the master account and then labeled "Dividend payout" for returning the money the corporation receieved for its portion of the shares back to the principle. Further note that one investor has pulled their investment (several days ago unlrelated to this) and that this interaction is labelled "Share buyback." The only other entry of note is "Scam buyback" which is one of the initial 2 million I invested after being paid to say someone's scam was valid. This was before other investors that I did not have a close relation with had come on board and I had not fully decided what the corporation was about. Note that besides this one initial payment all other payments are well documented and align with what I have said so far.

If someone wishes to view additional information, for instance my personal journal, or to look at the specific assets we were purchasing. Message me in good faith and I will do my best to oblige. However, I feel the key above is just open enough to reveal enough information to corroborate what I have said while restrictive enough to not infringe on the corporations autonomy and the privacy of the investors.

Note again that if, in light of any of the information that I have put forth, an investor no longer feels comfortable with me handling their money, I will stand by my initial offer and buy back their shares at 1 mil a piece.

Hopefully this helps clear things up,
--Morton Summers
Koniforous
Tauren Transit
#30 - 2015-07-18 18:50:08 UTC
I'm pulling out. But for the record, I have gambled on jita games and if I lose isk I dont calculate those funds when determining my NAV or monthly interest payments so that my investors dont suffer. That's where some of the "adjusted" NAVs have come from. If I win, I do add that into the pool so me and my investors both win. Consider doing the same. I'm only pulling out because the last 2 lines in that pastebin I dont like, not because you played jita games Blink
Morton Summers
Caldari Provisions
Caldari State
#31 - 2015-07-18 19:23:40 UTC
Koniforous wrote:
I'm pulling out. But for the record, I have gambled on jita games and if I lose isk I dont calculate those funds when determining my NAV or monthly interest payments so that my investors dont suffer. That's where some of the "adjusted" NAVs have come from. If I win, I do add that into the pool so me and my investors both win. Consider doing the same. I'm only pulling out because the last 2 lines in that pastebin I dont like, not because you played jita games Blink


Fair enough. I don't believe I ever received Isk from you in game. If you sent me Isk via an alt, please contact me through that alt and I'll take care of things. Otherwise, I guess our business is concluded. I appreciate you expressing interest at least for a small point of time.

In addition, it's worth pointing out that the line "Probably not a scamâ„¢" lies in the original post and all of my Jita advertisements have been made with similar levity. Make of it what you will.

Anyways, I'm sorry we couldn't continue to work to together. If you ever change your mind, feel free to let me know. I'll still be here :)
--Morton Summers
Koniforous
Tauren Transit
#32 - 2015-07-18 21:53:27 UTC
For sure ill keep track of what you're doing here and chime in with my 2cents once in a while. Good luck!
Koniforous
Tauren Transit
#33 - 2015-07-18 23:10:11 UTC
Morton Summers wrote:
Rilati Kansene wrote:
-Note - ISK doubling in Jita local definitely up there on the top of the list towards encouraging a very serious lack of enthusiasm from actual potential investors ..shrug..

http://pastebin.com/mgHBTkBC


For the record, I wasn't scamming. I was playing a game with Mr L Shiyurida based solely in personal money as a way to kill time while orders came in. I occasionally through some of my personal money around as a form of entertainment. I have not, do not, and will not waste any money entrusted with me by others in such foolishness. I will be happy to verify this if anyone doubts me.

However, I understand this looks bad and if anyone wishes to pull their investment because of it I will honor my past commitments and buyback their shares at 1m a piece.

In other news, there are now 18 investors and a total of 1.3 bil in the corp. I have 390 more shares I am willing to sell after which I will not be selling more until I am confident I can maintain consistent profitability.


I would like you to explain the contract issued by you to a pilot in Jita, an Imicus worth maybe 400k isk, contracted for 100mil, found in your contract history.

Was this your successful attempt at scamming newbs in Jita?

I have highlighted some key words stated by you, and want to point out that while using investors' isk to scam SUCCESSFULLY isn't entirely bad, it does show that you might scam your investors eventually....
Avi Shekelstien
Doomheim
#34 - 2015-07-19 12:05:24 UTC
I'm amazed people are considering investing with someone who gets "principal" mixed up with "principle".
Morton Summers
Caldari Provisions
Caldari State
#35 - 2015-07-19 14:23:14 UTC
Koniforous wrote:
[quote=Morton Summers]I would like you to explain the contract issued by you to a pilot in Jita, an Imicus worth maybe 400k isk, contracted for 100mil, found in your contract history.

Was this your successful attempt at scamming newbs in Jita?

I have highlighted some key words stated by you, and want to point out that while using investors' isk to scam SUCCESSFULLY isn't entirely bad, it does show that you might scam your investors eventually....


Haha, while that looks like a scam in retrospect, it wasn't really one in the traditional sense. I advertised the contract in Jita local as an "ASPIRING DOMINIX(tm)" with an associated rhetoric that made it clear it was a very bad deal. The person who ended up completing the contract bought it because they were amused with what was going on not because they were tricked. Afterwards, I promptly contacted them explaining that the contract was not meant to be completed and offered to either refund their money or give them 100 shares in the corporation. They elected to get 100 shares and are currently one of my investors. If you wish me to put you in contact with them, I can look into doing so and they will verify this story.

Also, to Avi, I'm only human. I make typos like everyone else.
Morton Summers
Caldari Provisions
Caldari State
#36 - 2015-07-20 05:26:21 UTC
Hi! I've finished selling my initial round of shares. As of right now, we have 22 investors and a principle of 1,505,000,000. If things go well in the coming weeks, I might start selling more shares.

An update on the buyback situation: I am changing my guarantee to be that I will buy back shares for 750k from any individual no questions asked. I will continue to buy back shares from original investors for the 1 mil in accordance with my earlier guarantees.

A big thanks to everyone who invested money with me. Hopefully things will turn out well in the coming weeks. :) I will keep this thread updated with any changes that occur.
--Morton Summers
okoolos rimmer
Napkin Nation
#37 - 2015-07-20 18:16:35 UTC  |  Edited by: okoolos rimmer
Let me get this straight. A Random dude with no past MD history posts a convulted business plan involving some magical shares, no collateral and a spreadsheet aka "propriatary software".


1) Open google docs and google ImportXml.
2) Pull jita buy price from eve-central.
3) pull jita sell
4) substract
5) Add fancy colors
6) Optional: add different hubs.

Voila. You got yourself priopriatary software.

Feel free to send 50 mil shares err isk to me. Please include buyback/api key/ROI/double down/IPO/on tilt or any other fancy term as reason.
Darion Maken
Deep Core Mining Inc.
Caldari State
#38 - 2015-07-20 18:38:26 UTC
This will prove interesting to see play out. I'm in agreement with Okoolos. Shocked you found 22 people to give you 1.5 billion on something so nebulous. But I'll look to the bright side - it isn't that much ISK divided across 22 people. I hope you all get rich off this.

Darion
okoolos rimmer
Napkin Nation
#39 - 2015-07-20 18:58:14 UTC
To be fair in a way you have to admire the op. Instead of scaring people by asking for huge amounts of isk from few people he went the other "retail way" and asked for little from a lot. He also made the "share payback" system so complicated and convulted everyone is talking about that instead of looking at the fundamentals. Everyone here seems to be so obsessed with how the share system will work they're forgettting to ask where will the actual money came from. Either way this will be a fun and a bumpy ride for all involved. Thanks for entertaining us!

Koniforous
Tauren Transit
#40 - 2015-07-20 19:07:35 UTC  |  Edited by: Koniforous
It does look like a scam, but at best I'm hoping its just a poorly thought out business model by an honest borrower. It does seem to be getting better ;)

EDIT: He's putting in a lot of work, so we probably wont see him scam 1bil, maybe 10, but I'm hoping this is legit because I wish more people would use shares!