LNLBT recovers stolen funds with LL aid

Lindsay Druart, CEO of LNL Bank and Trust (SLCapex:LNL) just released this announcement :

Today, 05:10 LNL L&L Bank and Trust
by Lindsay Druart

Funds Returned by Linden Labs

I have new faith in Linden Labs along with God right now and I am thankful that funds have finally been returned to the bank. We will work diligently today to correct the issue with CDs in the system and will tie up lose ends as well. Prime will be reinstated at 1% and interest will continue starting tomorrow. I honestly did not expect LL to respond this quickly but they did.

The current CDs will be ended and CDs reinstated at those rates up until December 1st so that CDs can be purchase. Operations will begin again within 24 hours hopefully, 72 hours at the most. As long as we can get the server migration done, there should not be a problem. Thank you all for your continued support and I will update the market as we get updates on the criminal charges being filed.

Sincerely,

Lindsay Druart

When the theft and hack were first announced, quite some people started dumping their shares, crashing the share price. At the same time, a couple of investors (new, or long time) saw the opportunity to buy cheap, and build up a position or increase their stock in LNLBT.

While this was of course not without risk (remember Ginko and Ginko Bonds?!) it has now become clear that the believers bet on the right horse. Share price was hovering .44 over Thanksgiving, but bids are already up to 0.53 and sales to 0.59.

Now the issue remaining is whether or not LNLBT customers will do a bank run. I’d say no as the market has considerably cooled off after the initial hectic trading days, the share price is on the rise and management has proven – once again – that communication is essential to create stability and trust, even (or especially?) when things look bad.

Only thing left to accomplish now is that criminal investigations reveal the identity of the hackers and they are brought to justice – but that may take another couple of months, if not more.

Tags: banking, finances, investing, stockmarket