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Subject: Emergency purchase clarification (treasury shares) rss

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jim b
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The primary rules allowing companies to sell their own (treasury) shares in 18Neb apply during the SR. Accordingly, I wanted to confirm that companies cannot sell their own shares during an emergency purchase (an OR).

The rules version 1.0.1 say:
4.6.2 Emergency Money Raising
If a Corporation does not have a train and lacks sufficient funds to buy its choice of train from the Bank or the Pool, the Corporation President must make up the difference from his own cash. If he has insufficient cash on hand, he must sell sufficient stock to raise the difference. The President may sell any stock he wishes (in any order) to raise the required amount, subject to the normal limitations on stock sales. Stock in the currently operating Corporation may be sold even if it has not completed a full turn in an Operating Round, but the President may not sell sufficient stock to cause a change in presidency. He may, however, cause a change in presidency of any other Corporation.

In my initial reading, this strongly seemed to suggest that only the President's shares could be sold in this situation. (There was no explicit mention of sales from the Company Treasury.)

However, in a post to the discussion group on DTG (search "18NEB emergency"), the designer said:
"4.6.2 is in place to address an unlikely but possible situation in which someone can open a company low enough to go bankrupt by not having the requisite cash to afford a 3+3 on the first turn. The only time in the game that a company can sell its own stock during a forced train purchase is when it is in its first operating turn. Once it has completed an operating turn it may no longer use its remaining stock to raise emergency funds." (emphasis mine)

It's difficult to read that intent into the final rules. Even allowing that 4.6.2 may allow a company to sell its treasury shares (somewhat unnatural, given all the surrounding references to the President, but ok..), it certainly doesn't say "only if it has not completed a full turn". In other words- if 4.6.2 does allow a Company to sell its own shares in an emergency, it also seems to allow that in any emergency (not just its first OR).

For now, I suspect we should play as indicated by the designers specific/quoted comments. But since that remains somewhat at odds with the printed rules, I wanted to make sure this was the final result/intention- rather than an intermediate state of the rules during prototype development. (If so, this should probably be clarified in a FAQ/errata or something.)
 
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Matt Campbell
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Jim,

Message 32042 on the yahoo group clarifies and confirms that you cannot sell treasury shares during emergency money raising. The rule discussion you reference on the dtg proto group was prior to final publication. It reflects worries and concerns about wording and effects of rules that were later deemed too soft to be included. Good job on digging that out as I would never have thought to look there. You should view it as an inside look at my thoughts during the process. It doesn't bear on the rules as written and published.

Matt
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