Ann: AGM CEO Presentation, page-416

So being a going concern, Fred borrows against himself, given he has been the main lender of capital to the company (historically) at a whopping 6% margin (interest rate)....

If he is lucky, according to your hypothesis, he convinces a sophisticated investor (in your view a cloaked version of himself) to invest money to pay back his loan + 6%?

Sounds like a highly elaborate scheme, and not plausible..... For instance, he could have sunk his hard earned cash, or got a margin loan, bought WBT shares and made over 9% today for instance.

I think you need to come up with a better hypothesis.