Archive - Nov 14, 2007
Back in October, I suggested that maybe it was time for a Bankruptcy Court to be established in Second Life. At issue when I wrote that was the disposition of Investor Merlin assets following the collapse of Merlin Investment Bank. When I wrote this, I was not suggesting that I should be a judge in such a court, but since such a court does not exist, people have been turning to me for my comments on these sorts of issues. It is also worth noting that given the nature of Second Life, my comments do not have any enforcement mechanisms.
All of this leads me to my comments on the recent efforts of reviving SLC. Investor Merlin was one of the major investors in SLC. According to a release by VSTEX, he held 135,060 shares. Spontaneous Rich has been leading an effort to revive SLC. In the proposal, shares of SLC would be exchanged for shares of a company that is currently privately held, CCI. This company would then be listed on VSTEX. A sticking point in the discussion has become what happens to those 135,060 shares, as well as shares of other investors that are no longer listed in Second Life or have been idle for an extended period.