SUNSET BEACH -- Today, Ginko Bank CEO Nicholas Portocarrero posted a statement on the World Stock Exchange Web site saying he will not be paying any interest on bonds, allowing himself a back door to escape with $750,000 USD.

In August, Ginko ceased banking operations and offered depositors Ginko Perpetual Bonds which he issued on LukeConnell Vandeverre's World Stock Exchange.

But Saturday, Portocarrero said he could not pay interest on the bonds and pinned partial blame on actions taken by banker Investor Allen, and the weak face value of his bonds.

In his statement, he said, "Interest payments are no longer part of the equation and as I am transferring the assets to Luke, I will no longer be involved with anything regarding Ginko Financial as it will no longer exist. I am sorry that things did not work out."

Vandeverre responded with a fraud compensation package, called the WSE Traders Fund (WTF). Vandeverre explains the fund is a "specially designed fund that holds shares in Hope Capital Ltd on behalf of all WSE account holders who have lost their virtual shares or bonds in delisted companies up to the 19th October 2007." All WSE account holders are stakeholders in the business.

Shaun Altman, the majority bondholder of Ginko Perpetual bonds, is taking it upon himself to help recover assets for Ginko's bondholders. Altman does not trust the WSE Traders Fund. "This 'fund' still adds up to exactly no liquidation proceeds, just like the bond did," Altman says. "They're just flipping it from deposit to bond to fund, then in 3 more months it'll be something else."

Plans to recoup assets include the sale of the Von Mises sim, owned by Ginko. Altman asks all residents with assets belonging to Ginko to contact him before Oct. 31. On Nov. 1, Altman plans to document all Ginko assets he was able to recover for liquidation.

Portocarrero was last seen on October 12 at a press conference in which property developer Intlibber Brautigan announced the sale of Ginko Bank and its land to Quanta Torok. Portocarrero appeared for three minutes and did not answer questions.