Weren't you talking to the JL at some point?
If you chat with him again, try to find out if TALLC is paying any coupon, and if the JL is placing that on account for us, or if he is using it to pay expenses. Hopefully, by now, our expense ratio should be a bit smaller, and they would be saving up the coupon payment. After all, that is all they have left to manage.
If they aren't paying the coupon, wouldn't the notes be in default? I haven't read any default notices. As I mentioned before, my GMAC's were cheap in '08. They remained cheap for a while, but they paid the coupon every quarter, and was just happy to collect.
We should have about $1,200,000 saved up from coupon payments to date. That is 39 cents a share.
Here's the math:
5 million in face value at 8% for three years.
3 million shares O/S
It would be nice if the JL doesn't keep all of the money. I'd like to think that all of their expenses were prepaid, long ago; and that they are keeping our money somewhere in the back office.
