Sunday, November 4, 2012

Leveraged Buyout: Part IX. We Have Suspicions About the Covenant

Leveraged Buyout

Part IX: We Have Suspicions About the Covenant

Written 4 November, 2012

I was lying in bed, studying Whimsy's covenant.

"I don't remember putting all this about shares in the covenant," I said to Sweetie, who was lying beside me. "Do you?"

"I do not," she said.

I had a thought. "Did you read the covenant?" I asked.

"I did not," she said.

"Sweetie!" I said.

"My job is to muse," she said. "not to worry about details. A muse's life is short.  We muse and then flit away. If we didn't, how could we come up with absurd ideas like, uh, this story line?"

"Life is all details!" I said.

She smiled, "You're good with details," she said, "so if you say you didn't put in anything about shares, then you didn't."

"That means Tagg somehow got into the covenant and altered it," I said.

"Fortunately, you have a copy in your inventory," said Sweetie.

"How did you know that?" I said.

"I just know you," she said.

"Hmmm, I said. "None of this is in the actual covenant:"
Whimsy Estates is an incorporated entity, subject to the laws of the United States and the Terms of Service of Linden Lab.
Whimsy Estates will issue one share of stock per prim of land holdings-- 15,000 sims per full sim, 3750 prims per homestead sim, and 750 prims per light sim. 
Renters and property owners present at the time of incorporation are entitled to shares of Whimsy Estate's stock in proportion to their contribution, based on their prim allotment. Renters receive one share per prim of their rental; landowners receive one share for each square meter.
Scripted prims present on the land at the time of incorporation receive one share of stock per scripted prim. When prim sets are animated, the prim set will be issued one share per prim, regardless of  the number of scripts in the set. Thus, two-prim simple circling birds with receive two shares, a 30-prim vehicle will receive 30 prims. Temp-on-Rez primsets are not eligible for shares.
 Non-issued shares and shares voided when prims are removed from the land shall be controlled by the Board of Directors and may be reissued at the pleasure of the Board.
The former owner of Whimsy retains any shares not issued on the date of incorporation.
Shares controlled by non-sentient prims shall be voted by the Chair of the Board of Directors.
"This is definitely not my doing," I said.
Whimsy shall be governed by a Board of Directors of no less than five and no more than nine directors. which shall set its term limits and election procedures. A Chief Executive Officer shall be appointed by the Board and shall operate under the direction of the Board. 
"I didn't write any of this," I said, "but they'll use this against us. Who knows how many shares they'll be able to claim!. Clearly, Taggmasster managed to gain access to the Region menu and alter it."

"We'll have to prove that," Sweetie said, "and I think I know how."

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