Ann: Quarterly Activities and Cashflow Report , page-23

More important than what they do say in announcements, is often what they don't say. That's why I ask them questions. If they won't answer the questions, well, bye-bye.

What's the interest rate on the loan? Why draw it down at all? Who cares that it is unsecured - if the company defaults, he can still wind it up and, if there are no other creditors granted security ahead of him, he'll still get his loan money before shareholders.