May 31st 2007, 16:46 System Announcement
by Unoti Quonset
AVIX Board Member Meeting transcriptionMeeting Transcription
Avix Board Member Meeting of May 30, 2007
Location: Board Room Ethics City, Business Bureau Isle (159, 78, 61).
Maelstrom Baphomet: Guardian market is wanting to know if Observers are allowed here.
Maelstrom Baphomet: I would note Guardian is HCL affiliated.
Investor Allen: After all the directors are here, ill send out a landmark
Maelstrom Baphomet: Allen, are spectators allowed? Some are wanting to know if they may attend.
Investor Allen: Yes maelstrom, I will send out a landmark after unoti arrives
Investor Allen: We will begin in just a few moments
Investor Allen: Good evening, afternoon, morning everyone.
Investor Allen: I am glad we were all able to make it tonight. This wont keep you long but I think it is important that we gather to go over some important issues.
Investor Allen: The main point for tonight is that we need to set up several committees to delgate duties for Allenvest International Exchange
Investor Allen: These will server two purposes 1) Lowering the overload on myself so that we have others performing tasks, and overall a better customer service.
Investor Allen: 2) Dividing out the power of decisions so that we are getting the opinion of all on the board when important decisions are made. This way, it isnt a one man show. I think its important that one person isnt running AVIX, but rather several.
Investor Allen: Ill run through the various committees I am going to have set up, and then hear any objections to appointed positions, or suggestions for other committees.
Investor Allen: One last note. You will hear several times over the next few moments me say that at certain times we will rely on a board vote to make a decision.
Investor Allen: I have set up a 5 person voting board. These are the members who I feel contribute the most to this. The voting board will NOT include myself. This will make it so I have less control directly over the company and the company reflects more of the companies wants.
Investor Allen: Being that I am majority shareholder I do have the opportunity to veto in several cases. This is obviously a policy that will not be overused however I feel it neccesary to have.
Investor Allen: The first comittee 0
Investor Allen: IPO Submission - Maelstrom Baphomet - Legolas Delgado
Investor Allen: When an IPO is submitted Maelstrom will be the first to review the IPO. He will be the first to verify RL information provided, and do any audits he feels needed. At this point he is then allowed to request a third party verification and audit by IBM if he feels neccesary.
Investor Allen: If the feels the IPO passes standards. He will pass this onto the 5 man board to vote on approving the IPO. If he feels this is not acceptable the IPO will fall into Legolas's lap where he, along with notes from Maelstrom wil review the
Investor Allen: IPO
Investor Allen: If Legolas feels it should be accepted, it will go to a vote. If not, it will then go to me for closing or if I feel neccesary, a reconsideration.
Investor Allen: This divided up the powers on both sides of the field. It will have to pass through multiple people before any IPO is declind or accepted.
Investor Allen: I do have the right to VETO acepted IPO if I have cause to believe they are not acceptable for the exchange.
Investor Allen: Simple that I do not like the person is NOT cause, and I expect someone to call me out on that, if that ever appears to happen. It wont.
Investor Allen: Once an IPO has been approved by a vote, it will move on to a queue waiting for launch.
Investor Allen: Any questions from board members on this? Spectator and shareholder questions will be addressed at the end.
Investor Allen: Anything?
Enky Nakamura: No, i'm favorable
Ashleigh Wade: i agree
Micka Beaumont: so am i
Warren Flanagan: I feel the process may be a bit long, but it will at least prevent junk IPOs
Unoti Quonset: How does this policy relate to pre-existing companies contempalting coming to AVIX?
Investor Allen: I strongly feel if we uphold ouir promise not to flood the market, that the process wont take too long. I imagine a backup of IPOs waiting to launch, not a lack of.
Investor Allen: The process will be taking effective immeditely. As of this point any IPOs currently under review will be adapted into this system. There is no approved IPOs waiting on launch.
Investor Allen: Alright, next issue.
Maelstrom Baphomet: I have one thing to state before we move foreward, if possible on this issue.
Investor Allen: Sure
Maelstrom Baphomet: I intend to write a standards card to pass before the 5 of the board. If it is approved, I'd like this integrated into a standards page. It would save the review of pointless submissions. and the time of those intending to submit who will not meet the standards required.
Investor Allen: Yes of course. That sounds fair
Investor Allen: Anyone opposed?
Maelstrom Baphomet: Unless you feel the standards card does not need approval.
Investor Allen: I feel it needs approval, yes
Warren Flanagan: Sounds fine to me
Enky Nakamura: i agree
Maelstrom Baphomet: Then I'll begin that and have it submitted in a day or two.
Ashleigh Wade: i think it will be excellent to document, agreed
Investor Allen: Great
Investor Allen: The next Issue - After an IPO is approved I STRONGLY feel that it should not just be thrown out onto the market.
Investor Allen: We need to make sure the market is ready, this calls for someone to be watching the market.
Maelstrom Baphomet: I propose Warren Flanagan for that position. He's an excellent statistician.
Legolas Delgado: Sorry I am late everyone
Enky Nakamura: hi legolas
Warren Flanagan: np Legolas
Investor Allen: Enky Nakamura, and Warren Flanagan wil lbot hserve as market analysts. Watching the market, and advising us as to when to increase, or slow down the feed of IPOs
Investor Allen: I also feel we should adapt a policy removing Legolas for being late.
Enky Nakamura: ok
Maelstrom Baphomet: I reject that policy, but think administrative discipline should be dealt out with my cane.
Maelstrom Baphomet: Wow he's really cruising for one.
Investor Allen: Alright continuing
Investor Allen: Ill grab question at the end IVenturew
Investor Allen: These two will make decisions on when the market is ready for more IPOs, or Secondary Offerings
Investor Allen: If both agree the market is ready, this will go to final approval and launch by myself.
Warren Flanagan: Does this extend to timing?
Investor Allen: If both disagree,. then the decision stands and they will hold off on listing further companies./
Warren Flanagan: For example, if we feel a sector is overrepresented, can we suspend IPOs in that sector?
Legolas Delgado: What if one agrees and the other not?
Investor Allen: If the veridict is split between them then I will decide myself, or request the decsion be sent to the board. I have the option, to make this a timely process.
Investor Allen: Yes Warren
Warren Flanagan: Enky and I tend to think alike
Warren Flanagan: I anticipate few disagreements
Investor Allen: Althoug generally we will follow a first come, first serve basis, you do have the option to rearrange based on overcrowding in a certain business sector.
Investor Allen: You DO NOT have the ability to switch the order of companies within the same sector.
Warren Flanagan: ok
Investor Allen: We dont play favorites here.
Enky Nakamura: ok
Warren Flanagan: Makes sense
Ashleigh Wade: agreed
Investor Allen: Alright
Maelstrom Baphomet: Even if size of offering differs?
Investor Allen: Any questions from board members on this?
Maelstrom Baphomet: It's a lot easier to move mom and pops than walmart.
Warren Flanagan: Good point Mael
Investor Allen: That could factor in yes Maelstrom, I agree
Investor Allen: However I think itll be more often that there would be pressure from a larger company to get moved up, than a mom and pop.
Warren Flanagan: But for similar sized offerings, I don't think there could be much to gain from shuffling them
Enky Nakamura: maybe we have to adapt to actual sl sectors, most is concentrated on real estate
Maelstrom Baphomet: We have 4 sectors listed right now. Investment, banking, exchange, land, correction 5, media.
Investor Allen: I think as we grow we will begin to gain stronger companies that great span different sectors. I have already been approached by a number of companies that are quite different from the normal.
Enky Nakamura: all are trying to invest in the real estate, i think it is difficult to keep all balanced in many sectors
Enky Nakamura: ok
Warren Flanagan: There are too many financials listed right now, which is a bit of an issue
Investor Allen: We will get onto that.
Maelstrom Baphomet: When the time comes, I'll detail that.
Investor Allen: The next committe actually happens to be the Audit committee.
Investor Allen: Made of the same members as IPO Submission, Maelstrom and Baphomet.
Investor Allen: I have made it seperate in the case some day we wish to have seperate members. Based on our current requirements and with the addition of Maelstroms requirements, this committee will be focused on insuring that companies are following listed requirements and will also audit these companies no less than once monthly.
Investor Allen: Both of these individuals can request that a company be halted and reviewed. Before a company undergoes a full review, we will decide bwteen myself, Maelstrom, and Legolas if it needs to be done.
Investor Allen: It is imperative that we audit these companies and catch a problem before it happens.
Investor Allen: Questions from board members?
Maelstrom Baphomet: I'd like to make clear what I am going to expect from all companies at this time.
Maelstrom Baphomet: There are two reports I will want to see.Maelstrom Baphomet: Months are like a year here. 1. I would like to see an income and cash flows statement. 2. I would like to see all Shareholder Meeting minutes made public, though only the financials would be a monthly requirement. But whenever a meeting is held, its contents must be made public.
Enky Nakamura: i strongly agree for the point number 1 maelstrom
Investor Allen: I strongly feel that a m,onthly public board meeting and atleast some type of news announcement be made at regular intervals
Investor Allen: Perhaps monthly, and weekly respectfully
Enky Nakamura: monthly will be fine for the income statement and balance sheet
Warren Flanagan: Yes, it's very crucial to have regular numbers
Maelstrom Baphomet: The financials only need to be monthly, but weekly progress reports should be encourage, not mandatory, but too many missed would possibly open up an audit.
Maelstrom Baphomet: 3 weeks without a progress report, a certain audit.
Investor Allen: Agreed
Ashleigh Wade: i think this is important as well. A point for later will be to discuss a listed company filing system and document repository.
Investor Allen: We do have items that we will program into the software shortly for reporting and such.
Investor Allen: Allowing these to be made in proper format and visible to the public
Enky Nakamura: we may add a suffix for the companies that are delinquent in their regulatory filings , like happens in real stock market
Enky Nakamura: in the nasdaq exist the suffix E for that
Legolas Delgado: Yah, I was going to say. A problem I see on other exchanges woudl be when people list there financials for the month. There is no consistency from company to company on the format.
Investor Allen: Easily done
Maelstrom Baphomet: If ANYONE here.. not just the board or AVIX interested.. sees an improvement that can be made to the systems on the web page, please open a support ticket and note it. You'll be suprised at the response rate.
Investor Allen: Yes, and PLEASE use the support ticket feature
Investor Allen: I can then forward them directly to Unoti
Lindsay Druart: instant response from support *winks at Unoti*
Investor Allen: WE do respond as well
Maelstrom Baphomet points over at Unoti. "That man is fricken smart and fast."
Unoti Quonset: I type fast, yes
Investor Allen: Support tickets take priority over IMs when it comes to support. So it is really the fastest way to get things fixed.
Legolas Delgado: IMs are easily lost. Support tickets are saved.
Investor Allen: Plus you can easily go back and see the answer to past tickets
Ashleigh Wade: i think the audit committee is excellent. I would favor one additional person be added tho, for good measure.
Investor Allen: Ok let me get out the final comittee, so wee can move on to more general discussion
Investor Allen: finally, there is a development comittee. This consists of myself and Unoti making final decisions on what goes into our software. The concept is simple that is we both agree it goes in, if we both disagree it does not. In the event we have a split decision or can simply not decide we will go to a board vote. Please note that in this board vote Unoti will not vote and will be replaced by an alternate.
Investor Allen: I can now announce the board members.
Investor Allen: Keep in mind I am the chairman and will not take part in votes.
Unoti Quonset: That's probably healthy. My objectivity isn't assured since I can be distracted by how "easy" certain things are to do.
Investor Allen: :)
Enky Nakamura: good point unoti :)
Investor Allen: Alright board members. Unoti Quonset, Legolas Delgado, Warren Flanagan, Maelstrom Baphomet, Enky Nakamura - Others previously listed OvlieEue, Xavier Mohr, Ashleigh wade and others will be used as advisors, however to keep time I have deicded to use those who have taken the most first hand positions, and the ones who I see around the most.
Investor Allen: We must have one alternate. I have chosen Asheligh wade for this, do to the fact when we sat down to look at the software, he came, helped out, and provided valuable insight. he will sub for any of those missing or in the special case of development votes, will sub for Unoti.
Investor Allen: Or in thise case Maelstrom..
Investor Allen: With that said, is there any board member that has anything they would like to discuss? We have 12 minutes remaining.
Enky Nakamura: if we have to help in some way the companies to meet with prospective investors and show off their business plan
Legolas Delgado: I am not sure if you covered this, or if the the parts of the website still in development will cover this. But I believe each company shoulld submit the same format each month as far as financials go.
Enky Nakamura: or to improve also the actual IPO prospectus, i can work on this
Investor Allen: Yes, that is something I have pledged to focus on, is to keep a list of larger investors and bring to them prospectus of companies that meet their investing style
Investor Allen: Yes, I also feel that we all, especially the two comittees related to IPOs, to help those coming in improve their prospectus.
Investor Allen: Yes Legolas, we are setting up forms on the site that will be used for submitting reports and finacials
Warren Flanagan: A couple of us have also been talking about investor education... holding regular seminars on the floor... I think it would be quite helpful to detail general investment principles to the public
Enky Nakamura: but we have to rememeber that how a company's management team performs on the "road show" is perhaps the most crucial factor determining the success of the IPO
Investor Allen: Come by nest Tuesday and wednesday night
Enky Nakamura: is due to us but also to the company management the ipo success
Investor Allen: Myself and Maelstrom will be giving classes, and anyone else is welcome to schedule their own as well.
Investor Allen: I agree Enky
Investor Allen: Mael, anything youd like to ad before I open this to the public for the last 5 minutes?
Enky Nakamura: especially we may help more the companies that have less funds to cover the expenses for a good "road show"
Maelstrom Baphomet: aa
Maelstrom Baphomet: Give me a few momments, getting head on strate from that isp reset.
Enky Nakamura: ok mael
Investor Allen: Sure :)
Maelstrom Baphomet: Everyone responsible for reviewing the IPOs I encourage you to be super critical..
Maelstrom Baphomet: Our objective is the honor and integrity of the exchange.
Warren Flanagan: Yes, the tighter the better, a company can always reapply later
Maelstrom Baphomet: I'd rather have a slow process than an error prone one.
Investor Allen: I agree
Warren Flanagan: High specificity is important :D
Maelstrom Baphomet: Detail, and accuracy.
Investor Allen: I think as the amount of applications increase, there should be no reason tha tever company that IPOs shouldnt be one that fills in a day or so from demand on average. If they are iffy, or uncertain, send them back to improve,.
Maelstrom Baphomet: I think I'm going to have to make it my tag line, "No Disclosure means no listing."
Investor Allen: We dont need to add 25 IPOs a day.
Investor Allen: 1-3 a week would be plenty.
Investor Allen: Our process has no need to be speedy.
Warren Flanagan: Agreed given these market conditions
Investor Allen: I would like to now open the meeting up to the public. If anyone has questions or insight.
Maelstrom Baphomet: And thanks for the very lrage turnout folks.
Marc Attenborough: I have one..
Guardian Market: To the development committee: Is there any estimate on the timeline for an options market?
Marc Attenborough: Will companies be allowed to list on both the AVIX and the WSE ?
Maelstrom Baphomet: I should see no reason why that would not be possible as long as they disclose their intent to do so.
Investor Allen: Marc, as of this point we have declined anyone who has made that request, and there has been several.
Investor Allen: However, we wont say never.
Maelstrom Baphomet: It must be known in advance..
iVentures Volitant: this would create arbitrage opportunities
Maelstrom Baphomet: A very long time in advance
Maelstrom Baphomet: To the shareholders.
iVentures Volitant: and would strongly not be suggested
Guardian Market: It won't create arbitrage unless the shares can be transferred.
Maelstrom Baphomet: I think market conditions need to be improved.
Investor Allen: Guardian - I am guessing about 35-40 days, perhaps less.
iVentures Volitant: that's only if a transfer occurs, the original question was listing in both
Investor Allen: If it does happen, it wont happen for a while
Guardian Market: Fair enough.
Guardian Market: Thanks
Dimitri Gasser: whats the ETA on the currency exchange on avix?
Warren Flanagan: At this time I think options are only feasible for AIC itself... and probably only binaries
Investor Allen: Both markets need to improve before something like that could work flawlessly.
Maelstrom Baphomet: There's a lot to be considered in that route.
Maelstrom Baphomet: I would like to see DGD itself eventually be a globally listed stock, but I'm not willing to push the market to do so by any means given its current level of volatility and insecurity.
Maelstrom Baphomet: Rash moves invive instability.
Maelstrom Baphomet: invite
Maelstrom Baphomet: I do know one thing... if it ever were to happen
Investor Allen: Its the next large thing I am looking at Dimitri. I dont have a time frame yet however
Maelstrom Baphomet: It'd require a disclosure of strict share accounting on all exchanges.
Maelstrom Baphomet: EX. I update my AVIX shareholder list daily
Maelstrom Baphomet: People can tell you, I booted them from teh list this morning, lol
Legolas Delgado: namely me
Legolas Delgado: Then I bought back in
Maelstrom Baphomet: Teach you to short my shares... lol
Legolas Delgado: Hey man, you would do it if it wasnt your stock :P
Lindsay Druart: yeah i cried
Legolas Delgado: Anyway
Maelstrom Baphomet: Yeah, backt o business.
Investor Allen: Well folks, time is up. Meeting has concluded. I will be here to answer questions if you still have them.
Maelstrom Baphomet: And due to my insomnia, I am nearly an eternal feature of AVIX.
Investor Allen: Yes, you dont sleep.
Legolas Delgado: Dragons never sleep.
Maelstrom Baphomet: So.. bug me, but realize I get more IMS than God gets prayers probably these days.
Maelstrom Baphomet: Which is sad really, :-P
Legolas Delgado: Your going to get yelled at one day, by some super christian.
Maelstrom Baphomet: I am a super Christian ;-P
Legolas Delgado: haha
Legolas Delgado: Now that is sad...
Legolas Delgado: I mean, that you would say that
Maelstrom Baphomet: I'm skeptical on the state of the world.
Guardian Market: You should make that into a logo or something
Enky Nakamura: one more things for the ipo, we have to ensure a smooth trading in a company's stock during those first few crucial days
Enky Nakamura: maybe we need a lead underwriter
Enky Nakamura: responsible for ensuring this
Enky Nakamura: The underwriter is legally allowed to support the price of a newly issued stock by buying shares in the market to protect the price
Enky Nakamura: i would like to know your opinions on this aspect
Dimitri Gasser: whats the ETA on tickers for avix (and hopefully HUD's)
Lindsay Druart: i so had questions but i am stuck in XML code at the moment
Investor Allen: brb
Warren Flanagan: Personally I value liquidity over stability in price
iVentures Volitant: that is correct
Dimitri Gasser: i guess it was missed. .... ETA on tickers? and possibly HUD's?
iVentures Volitant: issuing ipos are through investment banks
iVentures Volitant: legally
Maelstrom Baphomet: One other thing that will get you moved faster with me in the IPO process.
Maelstrom Baphomet: If you can generate a list of interest.. people ready to buy you..
Warren Flanagan: Try asking Unoti, Dimitri
Maelstrom Baphomet: And have it ready...
Investor Allen: Tickers im guesing a week dimitri. Hud is currently not in the plans
Maelstrom Baphomet: And they'll vouch for your claim
Maelstrom Baphomet: I'll try to move you a little faster.
Maelstrom Baphomet: Pre-sale yourself.
Warren Flanagan: If there is a feed, Thurston Hallard can almost certainly make a HUD
Unoti Quonset: Dimitri, I heard the question, but don't know the answer. It's not scheduled for a release in the next several days, and Allen is currently managing the larger roadmap.
Lindsay Druart: Mael i have a question about investor meetings.
Dimitri Gasser: allrighty, wasnt sure if it was in the que or not :) both are nice features
Maelstrom Baphomet: Go ahead LIndsay?
Unoti Quonset: They are both on our list. We've been finishing one release, then deciding at the end of that release what comes next. We have the next 2 releases planned at this time. The next release is tomorrow.
Lindsay Druart: when i first started in this, when WSE first opening, i held a lot of meeting and 1 investor maybe two would show.....and Legolas was always late go figure.
Lindsay Druart: is that going to be a strict requirement?
Maelstrom Baphomet: Only after you are listed going forward will that be required.
Maelstrom Baphomet: Anything previous to the exchange is non-essential.
Maelstrom Baphomet: If no one shows, simply note that.
Maelstrom Baphomet: However, if it is discovered there was a meeting when one was not, that's grounds for a trading freeze and an audit.
Legolas Delgado: Thansk for point it out Lindsay :P
Maelstrom Baphomet: not posted.
Lindsay Druart: understandable. i guess i keep my investors so informed no one ever bugs me :)
Maelstrom Baphomet: A meeting will be defined as a group of 3 more more shareholders meeting either in ims or the same location to discuss a topic of investment interest.
Lindsay Druart: oh ok IMs. well i do group chat all the time
Maelstrom Baphomet: Groupchat is af orm of IM.
Lindsay Druart: just being in a formal meeting is hard
Maelstrom Baphomet: Whatever you disclose in a group chat, just put out an annoucncement.
Lindsay Druart: ok. that is fine.
Maelstrom Baphomet: If it's short
Maelstrom Baphomet: If it goes into a long conversation, then do a formal meeting post.
Maelstrom Baphomet: Long being > 10 minutes
Lindsay Druart: that is fair
Dimitri Gasser: the monthly financials and meetings, required when in ipo stage?
Lindsay Druart: monthly reporting is gonna biite me in the butt but i just have to buy more coffee i suppose
Maelstrom Baphomet: Yes., but only from this meeting foreward.
Dimitri Gasser: allrighty
Maelstrom Baphomet: I cannot hold folks accountable for what they did not know
Maelstrom Baphomet: And untilt he web page is up with the details on the disclosure requirements, I will be informing folks as I review their ipos.
Warren Flanagan: I want to introduce a standardised gambling ban contingency plan requirement
Maelstrom Baphomet: As far as I know Warren, all gambling companies are banned from AVIX.
Warren Flanagan: So far we've been avoiding companies directly or indirectly related to gambling, but for some scripting companies and so forth, that restriction is just unfeasible
Maelstrom Baphomet: Consult Allen.
Ashleigh Wade: agreed
Lindsay Druart: that is fair i think. ummmm
Lindsay Druart: i had another question.......
Warren Flanagan: So I think it would be prudent to have those companies complete a detailed report of what the effect on their business would be if that were to occur
Warren Flanagan: As a requirement for listing
Duc Noel: can everybody help me in my language, i am german and dont undertstand some you tell here
Duc Noel: aha, good
aika's Interpreter: Can you buy it no matter how much?
Duc Noel: nice
Maelstrom Baphomet: I personally think we can do without gambling firms
Maelstrom Baphomet: Let WSE have them.
Ashleigh Wade: i agree mael.
Maelstrom Baphomet: Investing in gambling is gambling, lol
Ashleigh Wade tosses mael a delicious cookie
Guardian Market: I think they should be given a chance, but have to answer all your questions and concerns appropriately
Maelstrom Baphomet chmops the cookie.
Guardian Market: and that will take care of most of those firms
Warren Flanagan: I specifically refer to scripting companies
Maelstrom Baphomet: Scripters are different
Maelstrom Baphomet: They're scripters, not gamblers.
Warren Flanagan: Many of them produce gambling-related products
Ashleigh Wade: i think so as well
Warren Flanagan: Sometimes almost exclusively, for example YEP
Maelstrom Baphomet: That doesn't mean they couldn't script something else.
Lindsay Druart: i agree mael
Valerian Dryke: What about companies that are more diversified and having a gambling division?
Warren Flanagan: I think it still represents a risk, if their scripting experience is in games, rather than objects or whatnot
Maelstrom Baphomet: Depends on the magnitude of gamblings contribution to their operations I would imagine.
Ashleigh Wade: i would have to agree.
Warren Flanagan: For example I don't think most people turning out poker tables could produce the next psiTec
Warren Flanagan: It's a very different type of product
Maelstrom Baphomet: Agreed, but fundamentally, coding is coding.
Dimitri Gasser: LSL is LSL, if you can string together functions for a poker script you can adapt to other areas
Maelstrom Baphomet: I think at this point, I'm migrating back to the exchagne, it just looks better than this room..
Warren Flanagan: Yea, me too
Guardian Market: me three
Kitteh Kitsune: lol
Ashleigh Wade: agree please everyone join if you like
Warren Flanagan: poof!
Kasen Kazan: See you later Douglas