Kavai Conglomerate Group: David Chan

The Street has an article about David Chan, whose in-world company Kavai Conglomerate Group began offering Second Life bonds last week.

From The Street:

"Chan says he sold 250,000 Linden, or nearly $1,000, in bonds last week.

"I began to look into the possibility of either establishing a bank, go public or issue bonds," Chan says. "The first two choices were deemed too complex, and I went with issuing bonds to enable my company to expand further."

"Before my bonds were issued to private investors, I decided to expand that offer to the public as I saw the Second Life economy began to mature," says Chan. "We would love to turn this financial Wild West into a viable market, and hopefully we will be the first company to seize this capital market."

"The bonds are not tradeable yet, but could be as our technology level is increased to support that infrastructure," Chan explains.

The bonds sold last week range in duration from short three-month commercial papers to two-year bonds; the yields also range accordingly, from 15% to almost 21% annually."