Legislation was passed against ANY private organization that wants to issue debt instruments (bonds-the kind WCF writes and funds). See for yourself at http://www.sec.gov/rules/sro/nasdaq/2009/34-60991.pdf
Yes, this came and was passed by our legislators...... like a thief in the night. Many bond issuers of private debt were even submitting projects for CUSIP numbers after this senseless legislation was passed. This was most discouraging to WCF b/c we had just completed months of working with all of the big players getting them to accept our mine projects as an acceptable instrument for debt.
What now? We have HUNDREDS, if not thousands of attorneys getting this legislation repealed or setting new case law so we can move forward with getting our bond's issued. The law was passed b/c fraudulent, private companies were selling bonds for projects that were are as real as the tooth-fairy. This legislation has nothing to do with the bond type (inground assets), it is soley about the offering being private. As the saying goes, a few bad apples....
WCF feels confident we'll be getting CUSIP numbers issued soon. In the meanwhile, we have some fantastic "plan B"s that may turn out to be a better opportunity than the original bond offerings. Trust me, we are hitting this from all angles. We are so confident of an impending solution, that are are still taking mine funding applications.
Perhaps this detour was a blessing. Time will tell. Thank you for your patience. For more info on our mines, please visit http://walkercommercialfunding.com/mining.html
or in spanish: http://www.walkerprestamoscomerciales.com/mining.html
Brian Walker can be reached at (281) 852-9422 or skype brian.walker7
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