This is interesting information from an alleged employee of Usana Health Sciences. According to the employee, Usana has drawn down its $25 million loan and used the proceeds to buy back stock.
On April 16 it began with a 1,910,00 advance from our twenty five million dollar loan. Then on the April 17 another loan advance of 5,320,000. Then another on April 18 for 5,760,000.
On April 19 & 20 40,000 each day followed by a 1,240,000 advance on April 23. April 26 another 2,310,000 was taken down. April 27 a 5,900,000 advance and on April 30 320,000. Our last advance came Friday May 4 for 740,000.
A total of ten advances against our twenty five million loan for a total of 23,580,000. What do our 800 plus employees have to show for these millions in draw downs? Nothing.
Our associates? Nothing except retired shares bought for the wrong reasons prompted by commission starved Van Winkle. We have little cash left to run our company with depleting associates and thin cash flows.
Some minimal payments including an accidental double payment last week that have since been backed out but these payments covered little principle reduction. Our claim to fame of a clean balance sheet is gone like the wind.
One co worker joked that at least there is little left for the class action lawyers with the huge recent draw down on the loan. More than me are disgruntled. The number of employees is rising. We keep hiding the true state of our financial condition from the Street and our Associates but this is becoming increasing difficult.
Truth has been an early casualty. In a conversation I had several lower level employees were talking about our company being ‘a victim.’
The original report and the situation with the seventy five percent savings and how the report said the money was saved off the product and that is technically wrong which proved that we were being innocently persecuted and singled out.
One person, a relative new comer to the company said in response that it was not inaccurate because our online presentation carves out a seventy five percent number to be passed on to the associate viewing the presentatin and that is never realized in either a discount on the product or income to the new associate. The statement is accurate. But no one said a word. Truth has been an early casualty.
We will all look back one day at the incredbile credulity possessed by our company and laugh until we cry with what we have tried to defend. Confirm these dates and credits from the loan.
I think my fate is sealed. Every day is a new disaster to contend with or fire to put out. I have no more desire left. I gave my life to this and for what? Jail is not for me. I have only one option and that is to be a better witness that Mr. Waitley. I will post this shortly.
