The lack of clarity around PP's share transfer to GEM is...

The lack of clarity around PP's share transfer to GEM is enormously troubling. It appears as though he passed shares from his personal holding to GEM and recorded the transaction as a debt on WFL's books. We've been told that he'll be replacing this debt with shares, but it appears the debt is currently listed as a cash value on WFL's books. If WFL were to go into administration tomorrow, PP would be eligible for the recorded cash value of the transaction. Unlike shareholders, who would be up the creek.

I'm not impugning anyone's motives or making any accusations of illegal or unethical behavior. But this transaction certainly looks bad and the lack of upfront communication about it is deeply unprofessional. This is like the debt to SS and PP. That should've been announced directly to shareholders, not buried in the final pages of a mandatory disclosure.

What's done is done, but I think SHs should be demanding that PP replace the shares ASAP. Not next year, not in two months, but now. His incentives are currently far less aligned with SHs than they were previously. It's naive to pretend otherwise. I also think SHs should demand that no more debt be issued to PP and SS. Those two should be buying new equity, the same as what they're asking from the market. If you were a soph or an insto, why would you support this company when its own directors won't?