General Financial Corp (GFC)

[markm]

General Financial Corp, also known as Galactic Financial Corp, is an initially DeVCoin-based "corp" (see DeVCorp thread for notes on the term "corp" or "corps") which aims at providing financial services and holding financial assets.

Its initial project is the launching of GRouPcorp, which will be a GRouPcoin based "corp", of similar intent with respect to GRouPcoin as DeVCorp's is toward DeVCoin.

General Financial Corp expects to hold a number of GRouPcorp shares itself, but has not committed yet as to exactly how many GRP they will be spending on GRouPcorp shares. Other parties have so far put up only 22,000 GRP so thus far it looks like the initial issue will be of 10,000 shares priced at at least 2.2 GRP each, or 100,000 shares priced at no less than 0.22 GRP each.

-MarkM-

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[markm]

Now that the latest round of deep changes/fixes to the Open Transactions server are ready for testing, I have been able to bring the server up to date about the various Corp. IPOs that have been going on. (Such as DeVCorp as well as this one, GDC and GRC.)

It turned out they all issued one million shares, and they all went at 20 DVC per share.

So the IPO phase is over, they are now ready to be actively traded. Though as I mentioned, the server is still in testing; there is still some awkward clunkiness but that is a minor thing considering the massive amount of internal rewriting the code has been through in the latest wave of updates and fixes.

-MarkM-

[Cosbycoin]

Pub

[marked]

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marked

[markm]

Apparently GFC was able to get in on the same refinancing opportunity as DeVCorp last april, loaning 1,000,000 DeVCoins at just under half a percent per day, compounded hourly.

-MarkM-

[markm]

I have set up evaluation / assessment scripts that add up all of a Corp's assets, deduct its liabilities, and divide the result by the number of shares.

Their findings for GFC (General Financial Corp aka Galactic Financial Corp) are that its net worth is 3762.33578947 DVC per share.

That is pretty good for a Corp that launched so recently at an initial offering price of 20 DVC per share.

Note that it is not the last traded price nor the lowest or highest or average traded price but simply an actual accounting of the assets held by the Corp and the liabilities of the Corp. Whether anyone who picked up its offering will part with any shares, and if so at what price, is entirely up to them.

-MarkM-

[markm]

The last few days have been eventful for General Financial Corp (GFC), starting with its taking out a huge loan at an unprecedented (lowest) rate of interest which momentarily brought its liabilities far far above its assets. It did not help either that drift of exchange rate turned against them.

Today though the Corp succeeded in loaning out, at approximately double the interest rate it is paying, enough of the funds to bring their assets well above their liabilities even despite the current exchange rates.

At the most recent run of the assesment scripts fully through to convergence they evaluated GFC at 11908.30077519 DVC per share.

Note that this is not the last traded price nor the lowest or highest or average traded price but simply an actual accounting of the assets held by the Corp and the liabilities of the Corp. Whether anyone who picked up its offering will part with any shares, and if so at what price, is entirely up to them.

-MarkM-

[markm]

The Corp has been taking a beating on CDN/DVC exchange rates, as CDN has been going up in price faster than the difference between the interest rate they borrowed from the Canucks at (denominated in CDN) and the interest rate they gave to the folks they refinanced (denominated in DVC).

Finally the Corp has obtained refinancing from the Martians, paying off their CDN loan in its entirety. Hopefully the lower interest the Martians have given them will allow them some margin even though MBC/DVC exchange rates are also not favourable lately.

( Recent exchange rates can be derived from figures at http://galaxies.mygamesonline.org/digitalisassets.html )

-MarkM-

[markm]

MBC was going up in value so fast the GFC was still losing money having to pay back their loan in MBC, so finally after much heated negotiation they have convinced the Martians to denominate the loan in DVC, so exchange rates should no longer cripple their operation (since they loan out DVC to their own customers aka debtors).

This looks like it has put them back on track toward long term steady growth.

Latest figures will be up at http://galaxies.mygamesonline.org/digitalisassets.html as soon as calculation completes.

-MarkM-

[markm]

Sure enough that move did put GFC back on track, as can be seen from the figures online at

http://galaxies.mygamesonline.org/digitalisassets.html

-MarkM-

[markm]

The latest figures, found at for example http://galaxies.mygamesonline.org/sharesindvc.html show latest per share valuation as 3250108.3744094 DeVCoins.

Obviously this figure is based on the "conversion rates as units of account" not on actual depths of markets since obviously the corp would be worth more devcoins than even exist using these figures.

The figure is thus based on "assuming you could get enough devcoins at the purported current going price" which of course one never can; trying to do so would drive up the price of whatever coin you are using to represent the price in terms of.

(The only reason that showing the value in terms of dollars wouldn't similarly be a little out of whack is there are so darn many dollars printed that obtaining as many as the corp is worth might not make a big change in the market price of dollars.)

-MarkM-

[markm]

Now that DeVCoin's own forum, http://coinzen.org/ is online, this thread is continuing over there as

http://coinzen.org/index.php/topic,348.0.html

Thus this thread is now locked, please use the one on CoinZen instead from now on.

-MarkM-


EDIT: Coinzen appears to have gone offline, so I guess we are back to using this thread.


-MarkM-

[markm]

The latest figures, found at for example http://galaxies.mygamesonline.org/sharesindvc.html show latest per share valuation as 2299826.37412587 DeVCoins.

GRouPcorp has been introduced to the (New) Horizon (NHZ) network as asset ID 10245382461165869807 and DeVCorp should be on there soon.

-MarkM-