I’m shocked, I sent Ron an email asking was GNCP still in business and here is his response:
Sir,
It’s not Premier’s policy to comment upon its investments which are not material. GNCC is treated as a “passive investment “ for premier.
I will say that obviously GNCC remains in business. I personally the sole officer of GNCC and that premier is the single largest shareholder.Premier is not a controlling shareholder of GNCC.
Premier is not writing off any of its investments in GNCC; in neither of its cost of equity investments nor in its loans to gncc. Premier continues to ( and will continue to) provide GNCC with unsecured loan funding.
I will state categorically that in my capacity as sole officer of GNCP; that GNCP will not be making any public statements whatsoever unless they are of a material nature.
I will point out that given upcoming developments with premier; that premier will not be treating its investments and loan exposure to Gncc as material; and that premier has no intention of losing any of its equity investments nor loans to GNCP.
Premier is in the “same boat” as all the other shareholders of GNCP and premier wishes to see value extracted from the same in due course. Obviously Premier has the most to lose should GNCP fail in any way.
On another note, you need to understand that for what is now a long period of time; the representatives of premier’s controlling shareholders and Premiers Bankers; view GNCC as “toxic” and certain demands from the aforesaid; are being executed as per their wishes. I am not at liberty to disclose those until publicly disclosed. Correspondence and threats on a daily basis ( from GNCC shareholders) caused this now harder attitude and in my opinion; it cannot be undone at this time.
The aforesaid attitude towards GNCC and its directors for well over a year “posited the well” for GNCC in respect of the scope and limitation of premiers financial and other assistance to GNCC. That being said, Premier will continue to support GNCC financially to avoid its failure.
Sincerely,
Ron Lowenthal
