Feb 25th 2008, 13:59 BNT Brautigan & Tuck Holdings
by IntLibber Brautigan

Resolution of BNT Financial and Its Depositors

As we all know, Linden Lab banned payment of interest, which has made operating as a bank in SL well nigh impossible without gimmicks like "bonus points" which are of dubious legality. We attempted to implement Contractum Trinius for BNT Financial to keep operating under limited withdrawals, but Linden Lab has expressed their dislike for that policy as well, and we are not prepared to engage in a legal battle to prove the point.

For this reason, we are left with no choice but to convert BNT Financial into a Real Estate Investment Trust which will IPO on the ACE exchange. There will be 6 million total shares, with 4.23+ million offered to the public at 1.00 per share. Funds raised will go to liquidate depositor claims. At the end of the IPO period, any unpurchased IPO shares will be distributed to the depositors for their self determination.

BNTF RE will be a FULLY collateralized entity. It is being assigned 10 BNT sims to be managed for its benefit. Revenues from sales of land will go to the stockholders as dividends and possibly stock buybacks, and tier profits will pay for operating expenses. Thus, the Net Asset Value, NAV, of BNTFRE will remain at its IPO price, and rise as the real estate market continues to pick up.

This will allow depositors in BNTF the opportunity to obtain as close to the value of their deposits as possible, and with some wise trading, even profit above that. The NAV ensures that the company is worth its price. However it is up to shareholders to value the company properly.

BNT Holdings as a whole will in the future make buybacks of BNTFRE stock as profits on its other operating units permit. BNT, as the largest depositor in BNTFRE, will retain shares representing that deposit as well as the asset value of software systems used by BNTF, which we will endeavor to use to also generate revenues.

We expect that with the continued health and strength of BNT and its subsidiaries that BNTFRE will operate in a healthy manner for the benefit of its shareholders. BNTF depositors should open accounts at ACE and file support tickets on the ACE website to receive their shares if they wish to convert their deposits to shares immediately.