'factoring' is the key word regarding the 'loan' ...
Our guess is that the 'loan' is based on no more than
50% of the wholesale cost of the inventory, which
remains assigned as collateral.
And, the interest rate is probably worse than sub-prime
credit-card rates. Our guess is ~24%, which is 2% monthly.
And, just wait until WF starts getting phone calls from
its Real shareholders, asking why they are loaning new
cash to a penny/pinky, that is already way overloaded
with 5x-Super-Toxic debt.
Also, how come there is no PR with a link to a copy of the
Actual Loan Document, including such 'minor' details as :
1] What is the interest rate ?
2] What constitutes default ?
3] What happens if the loan defaults + swvc can't pay up ?
4] How fast can WF seize anything + everything of any
salvageable value from swvc, including cash registers ?
So many questions. And so little disclosure.
We may buy 1 share of WF, and then call the CEO of WF,
since swvc keeps forgetting to spill the beans, about
all of the most important things.
Probably because swvc doesn't have to [or want to],
because 1 guy owns 80% of all swvc votes + assets.
At least until he votes again, to award himself
another raise, up to 99% of all votes + assets.
Why not ? He already took 80%, when only 51% was 'necessary'.
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