Ben is full of it. No one is chasing the loans because even their legal advisors don't know how to force the GTP investors to pay up. There is no basis for it. All the talk about wanting to expedite the class action to resolve the situation is hot air! BEN is doing all they possibly can to stall the proceedings. Over and over again they have put up road blocks to get hearings adjourned and delay court rulings.
If this was my strategy and my company, I would use the time gained by delaying the courts to accrue enough reserves to be able to write off the loans, just in case . But this is not happening. Loans that have not been serviced for over 90 days have exploded from about $12 mill to about $180 mill without any corresponding increase in reserves for bad debt. I am once again puzzled about the intentions and competence (or lack thereof) of BEN?s leadership.
BEN Price at posting:
$9.18 Sentiment: Sell Disclosure: Not Held
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