"Would it make a difference if the loan was made directly to WNBD and not Eric?"
Well of course it would. As a shareholder I'm not concerned about Eric's personal debt. I'm concerned about the companies debt.
" Why not ask Eric why these loans are not reflected in WNBD last financial report. Hasn't the claim been made that WNBD is debt free?"
Why would they be reflected in WNBD's last financials? The loans weren't made to WNBD, they were personal loans to Eric.
If the CEO of General Mills decided to take out a huge loan to buy a new yacht or house do you think it's going to show up in General Mill's financial report? No!
Why do you suppose Eric went to you, Going, and others and not to a bank to get a personal loan? Probably because the bank didn't feel he was able to pay it back or he didn't have the collateral. Right? So why would you do what a bank wouldn't do? Do you feel you are smarter than the banks? My guess is that you also didn't even bother to use an attorney when you made these loans, right? Some of these loans must have been huge if the loan and interest would today amount to over a quarter of a million dollars.
If these loans were made to Eric and not the company I think that was a huge mistake. And if you are hoping to recoup some of your money if the stock goes high enough that you can cash it with a profit you are doing everything possible to make sure that never happens which is another huge mistake.
And after not being paid back on the first loan one shareholder is loaning him more money 2-3 times or more. Screw me once shame on you, but screw me twice and shame on you.
Do you understand why some may find all this hard to believe?
Yes. Eric normally responds back. In fact, I would have to say that he has always responded back in the past.
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