GDB and TFIG Announce Insurance Agreement

For SLReports.net

Percy Fotherington, CEO of The Fotherington Insurance Group (TGIF : ISE) and Andy Grant, GDB(ISE)'s CEO have announced a partnership on an insurance agreement which allows GDB(ISE)'s shareholders to buy insurance on their holdings of GDB(ISE) from TGIF(ISE).

Percy Fotherington stresses that in normal conditions "TGIF wouldn't offer insurance for a newly listed company, however the agreement is structured to protect the corporation", meaning there are conditions on this agreement.

Andy Grant acquired 10,000 shares in TGIF (L$1.00 in IPO process), and having agreed to lock them in an ISE account, those shares will act as collateral for any insurance on GDB issued by TGIF. Also, If GDB becomes insolvent then these shares owned by Grant are passed to TGIF and will be cancelled, an action that would work as protection for TGIF's shareholders.

"The NAV would not fall, nor would the P&L be hit therefore protecting the dividend payout", stated Fotherington, and he added: "The shares acquired by Andy Grant are the same as all other shares in TGIF in all other respects (receive dividends, voting rights etc)."

GDB shareholders can join in this first kind of agreement in SL and can acquire insurance at a 50% discount up to a cumulative total of L$10,000 (for all the insurance written).

This agreement can be cancelled by either side with two weeks notice, although that isn't likely to happen.

BNT Fights for Survival

BNT fights for survival. Intlibber Brautigan says "The takeover by Woodbury will not come at a more opportune time."

TDJ Steps Forward and Winks to Asia

The real estate company TDJ Properties (CEO John Menkes) has recently informed all of its investors at VSTEX that after purchasing five sims from Crystal Springs Land and Loan, all of these islands have been rented within two weeks purchase.

SOS Bets Linden Labs Will Crack

SOS bets Linden Labs will crack. SOS is so confident on their arguments they even assured LL will back off and try to reach an agreement on tier raises before it goes to court of law.

A New Partnership is Born