I heard that Cor’El was dealing with personal issues. As to whether or not it is a scam, I can’t tell yet. I also heard that the fallout of Living Breathing Fuel Blocks may have caused some assets to be locked / lost / whatnot. There’s a lot of unknown.
But if he wanted to scam the ■■■■ out of people, I had a 20b contract up for him (without collateral). He’d probably have taken that too. Unfortunately it expired, and that’s when he told me he hadn’t been able to keep tabs on EvE for a while.
What I can tell for sure is that I do know about most of the investors, so the claims of padding everything with alts don’t really hold up to any scrutiny.
That is the interesting thing really, that you know all these investors, and Cor’El knows all the same investors, but MD regulars don’t know any of them (McBanks not included).
Also, they don’t seem to be worried about their money at all (McBanks not included).
These statements seem to have been given in the wrong order. On the very first day, in the very first post of this thread, you vouched for this project.
When the offering started, that’s when you could have said “I can’t tell whether this is a scam”, but instead you used your name to encourage people to invest. Now you say you don’t know if it is a scam.
Thats the thing about EVE, even though it may seem legit, it can turn out to be a scam. Remember, Darkness went off with a crap load of isk at the very end, even though he was legit for years and was mentioned alongside chribba as one of the most trustworthy third party isk holders.
I spoke to Cor’El at the beginning of October, just before Chevis posted a thread about LBFB on reddit, and at the end near when he was due interest from his own investment in another player. Cor’El said he was more worried about his reputation than the ISK and that he had a plan to be able to pay back his investors.
The due date passed and the person he invested in shocked nobody by running with the ISK and boasting about it. We’re not exactly sure how much Cor’El invested, or what the total stolen was, due to a lack of transparency of the funds and an even bigger lack of reliability in what the person running the fund says.
@NightFox_Avedon mentioned in the scc-lounge discord that they have been in contract with Cor’El more recently, who is dealing with real life stuff, and that they were helping to liquidate assets for a repayment.
I haven’t looked at the numbers, perhaps @CistaCista is keeping tabs on success rates of MD, but I’d think that MD’s track record in recent times has been better than Discord or a rental alliance’s Ponzi schemes ;-).
That’s the problem in giving an unconditional vouch, in the event that the vouchee goes rogue your reputation can be hurt due to either looking like a collaborator, or, more likely, that you made a poor judgement either in someone’s character or the words you chose to use in your recommendation.
Roedyn’s investment group has had a decent track record of successful, and even more importantly, filled loans. My current funding has always been mostly coming from his Discord. So, you could argue one way or the other on reliability, but in terms of liquidity, there is no equal.
I can’t physically stop someone from running away. And if I did threaten to cut off someone’s hands… well let’s say I don’t want to end up like GigX
I can’t see anyone else that I would vouch as strongly, because Cor’El is probably the only person that I know who has been able to cope with trading at a similar scale as I did, when I taught him how to. Besides, I don’t see why a scammer wouldn’t just drop by and say “Gotcha suckers” on the thread before running away, so let’s hold our judgement on that.
To update on my involvement a little, I had helped Cor’El liquidate some assets that I had access to of his, due to him having RL issues going on at the time.
I know as of my speaking with him, he was liquidating assets/SP/toons to recover any lost ISK.
Unfortunately, I have not been able to contact him since the beginning of November. Whether this is due to a “scam” or just RL preventing him from getting online, which I will say is very possible concerning the nature of his RL issues, I can’t answer for certain.
I have been tasked to liquidate Cor’Els assets. Please get in touch with me if you haven’t done so already. I don’t know how much ISK he has around yet, but I will keep everyone updated as soon as possible.
A quick summary of the assets make me think I will be able to recover about half the value of the loan from the scraps. Sadly a fair bit has been lost in the Living Breathing Fuel Blocks drama.
I have reached agreements to buy back Bank McBank and Slug Stew out of the fund, and will be working to liquidate assets by the end of january.
Just a quick confirmation - thanks for underwriting the loss for me, it was very much appreciated. I can also confirm today I received an interest payment? I wasn’t clear if this was for this fund or my other investment, or maybe was both?
Cor’El doesn’t have enough assets to repay everyone fully, thus, everyone who wants to be repaid straight up will recieve a share of the liquidation proportional to their principal, minus any interests recieved.
The reason for this is that Cor’El invested heavily in Living Breathing Fuel Blocks, and we all know where that went. We calculated there was a 168b outstanding debt.
The amount of the liquidation should be around or above 50% of the fund’s value.
As I vouched for Cor’El, I have offered to either pay 50% of the outstanding amount (principal minus interests) straight up for those who don’t want to wait for the end of the liquidation process, or repay the full outstanding amount in the form of a loan, which matures in 6 months with 5% monthly interst.
Currently all but three of the investors have been compensated. I am awaiting the answer of two of them, and one of them is waiting to know what the liquidation value will be before deciding whether to take the ISK upfront or take the loan offer.
All repayments have been worked out, and I hope all investors are satisfied with the outcome. If not, feel free to haggle with me.
The chaos leaves us with a 168 billion outstanding debt for Neverodd Oreven (aka Joe) to repay to Cor’El Dahken, for the record. I hear he RMT’d and left. We’ll never really know.
Well, I guess I had better provide an explanation of this.
Some RL health issues knocked me out of contact with pretty much everyone and everything for a few months. I have only just been resurfacing in the last couple of weeks.
That was the reason behind my disappearance and Anathema liquidating everything to pay back investors.
Unfortunately, the timing wasn’t so great and I got scammed out of a fair chunk of ISK myself at around the same time. Details and timings are a bit foggy for me around this time so I apologize for any inaccuracies.
The investment I got scammed out of was completely my own fault, I let personal friendships get in the way of good business decisions and I was obviously let down. I have thoroughly learned my lesson on that one. Most of your friends are not actually friends when it boils down to it.
Due to my RL issues, I do not plan on coming back to eve full time, however, feelings of guilt have gotten the better of me.
As I understand it Anathema has worked out a deal to get everyone their ISK back by the middle of this year.
If any of my investors did not get sorted please let me know and I will do my best to work something out.
As for the shortfall I am now in the process of working to pay Anathema the difference of what was able to be liquidated.
I would like it to be known that while I am fully responsible for the loss of ISK, I did not intentionally scam anyone and certainly did not keep anything for myself (I can promise Anathema did a very thorough job liquidating), and will do my very best to make sure everyone gets their ISK back.
