It is now seems clear that we are not going to receive any information about the state of the funds from Walter’s Bankruptcy or from noted volleyball guru Kelly Ng (some doubt Kelly can even write a letter, let alone do simple arithmetic).
In reviewing the correspondence from Jim Weissenborn over the years he professes to be acting in a fiduciary capacity for the investors and note holders. If you also review that correspondence he has become less and less detailed with his information about the properties and their prospects. We used to get some useful information and reports from him like his October 13, 2010 CRO 3 letter.
Now we get letters like his last one on May 5, 2011 which have little hard information and more broad generalities.
It is time to ask Mr. Weissenborn some hard, to-the-point questions.
How about these?
What is the current book value of the fund?
Have you sold any of these loans or properties in the last year?
What is the current market valuation of the fund?
What is happening with WFF?
How much of the WFF line has been paid?
How much does the fund owe WFF?
How much are you being paid?
How much are your staff, accountants and lawyers being paid? Can you post a statement?
What’s happening with the Siena?
What’s happening with the Tumwater Property?
Can you give us a new revised bucket list?
Who are you consulting with at B-4? Do you give them regular written reports? Can we get a copy?
Why haven’t your lawyers come to any of the hearings in the Bankruptcy?
Do you think you are doing a good job with client relations with us?
I suggest that you email Mr. Weissenborn at email@example.com and ask him two or three questions from the above, or come up with a few of your own questions and report back to the group his response…if you get one, that is….