It feels inaccurate to call something a leak when the documents in question are smeared all over Reddit. Let’s go with ‘disclosure.’ It seems nicer.

The Phoenix Federation’s fall from grace has been well documented; their lead alliance, Fidelas Constans [FCON] has been in the public eye pretty heavily as of late. Now FCON’s internal financials are available for all to see.

‘Maxinio,’ who posted the documents, has a grand total of one post and one comment on Reddit. The only player with a comparable name has a minimal history. Their anonymity is understandable. Some might dislike the disclosure in principle, or for strategic reasons. Others probably resent the community’s continued spotlight on FCON’s failures. And, as always, trust is everything.

The Panama Papers this ain’t, but let’s see what we can see at a surface level.

  1. Ship replacement (SRP) dominates the charts. FCON hemorrhaged 200 billion ISK in September and over 250 billion in August. It’s tough to run a business when you’re losing half a trillion in ships. By month’s end, FCON was just barely turning a profit, and SRP played a huge role in that.
  2. Renting revenues went into free fall. Multiple rent-related categories showed serious month-to-month losses, some in excess of 40%. ICON operations, the single largest renting category, tumbled by 60% in September – and they were already losing FCON up to thirty billion a month before that.
  3. FCON gutted their reserve funds. September saw the master wallet get taken for 44 billion, against a grand total of 7 million (with an M) in deposits.
  4. Either the FCON POS team rallied hard or they just sold everything they could. In August, that department was down 25 billion. By September, they’d almost put POS operations back in black, losing 86 billion and accruing 82.
  5. FCON used to be very profitable, and not all that long ago. By the end of July, they had a war chest of 877 billion. As of Halloween, almost 60% of that had screamed itself into the void.
  6. Corp dues’ revenue jumped by 72% in September. Make of that what you will.

Again, these are just preliminary thoughts. The documents are pretty sizable, and it’s clear that there’s more to know.


Jenne Exupery is a low-wattage independent who dabbles in shipping, salvage, trade, exploration, and nearly victimless heists. He can usually be found bumming around Derelik and Domain under one name or another. Preferred contact method: in-game mail to Jenne Exupery of Manticore-Horizon Shipping [MANHO].

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