Thanks to bluemoonagency for the heads-up. After eight days of silence, Team Weissenborn finally found the time to give the peons an update. Why is the update dated December 6th, yet posted two days later? Bigger questions exist, however. While Weissenborn’s memo is short, it says a lot and leaves us pondering the following:
- How much existing debt remains outstanding?
- What is the existing interest rate?
- New advances? For what? Please explain.
- New advances “accrue interest at a 4% higher rate”. Higher than what? The existing interest rate?
- We are being conditioned to accept the fact that Weissenborn and his cronies will take out a new loan in an effort to pay off the WFF LOC, again subordinating noteholders to junior status. We know what a new line of credit means. It means our money is gone and Weissenborn, Lend, Inc. and all the others eating and drinking from the Bar-K trough are getting fat and happy at our expense, laughing all the way to the (offshore) bank.
Anyway, mark your calendars for February 28, 2011!