Gni Newsletter 02/12/2009

Hello guys, Robert the admin of  Gold Nugget Invest  just sent out a newsletter on some important matters so have a look:

Greetings to the Friends of GNI:
This update is for those who swapped their STP holdings to either SP, STP or LR; whether by choice or out of a sense of obligation which resulted from the Newsflash of November 16th, 2009.

In the middle of last month, we found a disparity in what had been previously, an equitable distribution of E-Currency. We had a surplus amount of StrictPay (SP) and shortfall of SolidTrustPay (STP). 

How we got there is not the subject of this newsletter. What we now have, today, is an ideal outlay / quantity of each E-Currency which will allow us to meet our obligations without having to purchase additional currency on the open market. We came to this conclusion after the review of the books both before and after the re-allocation of deposits made on November 16th, which numbered in excess of 32,000 (!!!).

If this program was run dictatorially, we would lock the Exchanger and restrict everyone’s E-Currency asset holdings to that which they are currently situated. However, forcing members to change something as important as their currency holdings is not fair unless it is done across the board to all participants. Clearly this is nothing we could reasonably accommodate.

Given the sheer volume of transactions this swap affected  and  the resources necessary to correct / adjust the matter to everyone’s total satisfaction, it is our hope that those of you who are able will leave their accounts as they are currently situated.

We understand it was announced we would be reverting those transactions for those members who otherwise would not have swapped but for the fact they were coerced. Nevertheless, we have since decided the health of the program supersedes all other considerations. Therefore, we will not be going forward with the planned “bulk swap.” as previously announced.

To permit those of you who are unable or unwilling to continue with your newly selected e-currency, we will enable the currency exchanger to permit swaps to / from STP with our other E-Currency / PP  until January 30th at no charge to the users. Come January 30th, the fee feature will be enabled allowing for the program to resume charging a fee for this capability.

Similarly, we have made the decision to refrain, unless our hand is forced, from purchasing e-currency on the open market. IF (emphasis added) too many proceed to swap their currency back to STP, there may be some incremental delays from time to time. It’s not indicative of any flaws or strains in the relationship(s) we maintain with any and or all of our PPs nor should it be construed as any reflection on our financial health.

It is staying proactive in preserving the health and sanctity of GNI which includes making sound, not always popular, business decisions.

There are no new developments as to Yesilada Bank and the GNI communities (and other’s) assets being frozen. We do know it is not the result of any matter caused either directly or indirectly, by GNI, its affiliates or partners.

Given the holiday season and the European Community’s relatively liberal holiday season, it is not anticipated anything will develop in this area until February at the soonest; but one never knows.

Finally, we will be releasing the two charities GNI will be encouraging its member base to support, later today. We are working with the Script Developers to implement a convenient and secure manner allowing GNI members an easy way to help. We ask all of you to give and give generously.

We wish to thank all of you for your continued support. We know this currency matter isn’t the most convenient for any of us. All we ask is for you to consider that which was discussed above.

Thank you all for your continued support!
Robert and your GNI TEAM

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