The Rock Halts Midas Bank Certificates.

Midas Group High Yield Bonds (MGB) posted a notice today on the WSE site:

The Rock Insurance CO moves to make insurance available for MGB
Submitted by: Midas Group High Yield Bonds (MGB)
Date: August 14, 2007

The executives at The Rock Insurance have expressed interest in insuring investors who buy Midas Group High Yield Bonds, ticker symbol MGB. They have expressed confidence in this debt issue after they were given some details about Midas Bank's balance sheets. Investors looking to insure the bonds' principal, which is selling at a 11.11% discount, should look to buy cheap insurance contracts on MGB that will be made available soon. This way MGB holders can be assured that their ivestment is among the safest of the safe in the market.

While this sounds assuring, a group notice within Second Life by The Rock Insurance Co. says that the notice was unauthorized, and is halting the issue of certificates. Certificates previously issued are valid:

Please, be advised that MGB post at WSE does not represent our position. The post has been placed without our authorization and, untill further notice, we are halting issuing of Midas Bank certificates.

All issued certificates up to now are valid

Maybe some miscommunication somewhere...