According to this announcement on WSE, Ginko is finally, totally, absolutely dead. Nicholas Portocarrero can't make the interest payments and has shut the Ginko Perpetual Bonds, transferring them to WSE Trader Funds (WTF - honestly!) which are the new fraud funds from WSE.At first glimpse this looks like a good idea. I was chatting to someone who hadn't (as I did) bitten the bullet and pulled out my savings at around the 20c levels, and just prior to this GPBs were circulating at 10c or lower - very not good, and very hard for interest payment capital. However, Shaun Altman has examined the numbers a little more closely, factored in the other frauds that are likely to be transfered to this fund soon, and estimates, if you're lucky, you'll get 0.02c (2% return if you wish to think of it that way) on your defrauded L$. Ouch.
(Thanks to Shaun for the initial link.)
1. Total Scum!
For Everyone's Information. WSE has many IPO's the success rate is 0%. This is a Huge Scam, but almost completed.
Ginko = Scam 1 Cant Pay / Form Bonds.
People bought those bonds for the interest payment. A few months before the interest payment. They transfer again. Another Ripp! These people are horrible.
So alls they are doing is playing the Classic Shell Game. Shell Co's with fancy words like bonds.
HCL is Hope Capital(or lack of). They issued bonds also in anticipation of this same thing. 100% of there issues have fallen to 0. There doors should be shut!
Posted at 4:23PM on Oct 20th 2007 by Lifting