One of the things I hate most about this company going dark with the SEC is that they now have no supervision for buying back bonds. They originally promised to use any EBITDA over some threshold to buy back bonds. Without supervision that can be easily corrupted. For example, some related party could buy bonds here at a discount and they do a private transaction to buy back just those bonds. Then - oops - they forget to "disclose" that fact. And if there is no regulation at all, what stops them from buying back related party bonds at full par value, siphoning off still more profit.

I'm not saying they will do any of those things. I am saying I don't like being in a position where I have to trust them. They are not tier one in anything.