Be Like Bill Ackman
Roy Sebag, the 29-year-old founder, said he had worked in Wall Street and and as a hedge fund manager for a decade or so (that would make him a whiz kid when he entered the business). Sebag is now a mult-millionare with a paper net worth of over $70 million at today's price. He should cash out some of his XAU (Loma Vista) seed stock valued at 7-1/2 cents & buy himself a condo in Manhattan. Bill Ackman, the well known hedge manager, has just closed a $91 million purchase of a penthouse there at OneWest57.
This looks to be a failure to launch & the business model is simply not viable with major regulatory & profitablility issues to be confronted. The uptake from BullionVault piece on the Conference Call comports with what I said all along - a bad deal.