Thursday, September 1, 2011
Look in the mail.... your reality check has arrived. 70% reject UR's business plan
Wow... the deadline date has come and gone. After much to do... the proposed business plan was rejected by the vast majority of credit unions. Now we'll see where they end up... Fed Direct.. yep, lots going that way. Another Corporate.... duh! "Anywhere but here!" was the rallying cry of the old WesCorp owners. Time to shut it down and move on.
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6 Bold & Brave credit unions filed a lawsuit against the WesCorp credit union CEO directors & paid pseudo-professional WesCorp management. The Negligence and Breach of Fiduciary Duty lawsuit has now been validated. A meager 230 credit unions could barely raise $90M for the United ReSOURces at risk capital collection plate. A far cry from the $200M capital goal. The vast majority of former WesCorp owners took a compelling pass on the recapitalization collection plate. This speaks volumes for the credit union majority reflecting a total lack of support and is a clear vote of NO CONFIDENCE in the unproven, untested, new management & new directors & new business plan at United ReSOURces Corporate. CPR can't save WesCorpse. PCA can't save WesCorpse. Bring back the former WesCorp CEO Directors including CUNA CEO Cheney they can write the final Obit as they killed WesCorp with a huge BM - that is Bad Management. Sadly we are all paying for Bad Management at WesCorp. Management based on bad bets on risky investments using other peoples money and a highly leveraged balance sheet. Will the last one out of the building please shut the lights off?
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