Slowly, a more complete picture of what has happened with Hope Capital Bonds not making their bond interest payment on November 2nd and the ripple effect it has had is becoming available.

On August 16th, Hope Capital announced a bond issuethat would pay 20% interest per quarter with the first interest payment due November 2nd. On November 2nd, the interest payments were not made. SL Reports had an article in which Midas Commons claimed that the Hope Capital’s failure to pay interest accounted for an immediate loss of L$ 650,000 and had a potential affect of as much as a 5 million linden dollar loss. 

This placed  Midas Bank “in limbo”. The following day, the World Stock Exchange (WSE), owned by Hope Capital, announced the bankruptcy of Midas Group. 

On November 12th, IntLibber Brautigan issued a statement on behalf of the Second Life Exchange Commission (SLEC)calling on SLEC related companies to delist from the WSE. On December 5th, there was an open meeting of the SLEC to discuss IntLibber’s statement and the future of the SLEC, including any further actions against WSE and any possible changes to the make-up of the SLEC.

On December 19th, Hope Capital issued a statement saying that on October 16th, they informed people that they would not be able to meet their interest payment on November 2nd. No direct link to the October 16th statement has been provided.