No, actually, you simply dismissed it. How do you know that the debenture issue was prior to current financing and is not the financing itself. The Form D only indicates the initial sale and sets the upper limit allowed, it is not filed for every debenture subsequently issued. (Kind of like the 504 exemption for equity. You file the claimed exemption and list the initial investment amount.)
You say that "[t]hey aren't lending millions for equipment without solid dd." Who, exactly is this "they" that you are referring to? Anyone that lends millions of dollars for anything files UCC statements to secure the financing. Where are those filings? (Not to mention Bullitt's implied claim from last night that the equipment wouldn't have been allowed out of the country if it wasn't owned outright)
And before you run with your "They don't have to disclose that because it's a secret" defense, consider that ALL reporting publicly traded companies (which Bob claims to want to become) do exactly that. Bob's too busy to file Form 3's and 4's and 8's but will drop everything to respond to every shareholder's e-mails and phone calls. The TA remains gagged and Bob refuses to disclose the actual share structure but promises to do so when he files his audited financials (which he doesn't have). Interesting setup don't you think?
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