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OK, so why did Bank of America call in its $200 million line of credit to Flying J/Big West last week, precipitating the default that led to Monday's bankruptcy filing?

Didn't B of A just get a boatload of taxpayer bailout money, $15 billion, to extend credit and all that?

Dude! What's up?

This morning, we got our official bank response. It was so "informative" we thought we'd share it with you.

Keep in mind the senior vp who sent this was called in from vacation last night --- she lives in Baltimore and was ringing us back after 9 pm. her time -- to handle this inquiry.

Here's the response (everything in it was already spelled out in the bankruptcy filng from Flying J):

-- Gretchen Wenner and Jenny Shearer, staff writers

----

Hello,
 
Sorry for the delay.  I wanted to follow up with you on the inquiry you made last night about Big West Oil, LLC:
 
·        ; Bank of America is the agent and represents a group of lenders for Big West Oil, LLC. 

·        ; The company defaulted on its $200 million credit line.

·        ; Bank of America acted at the direction of the bank group as provided under the agreement.

 
Also to clarify on Merrill Lynch:
We are not the administrator of the Merrill Lynch Capital piece for Longhorn. Bank of America cannot and does not speak or act on behalf of Merrill Lynch.

 
·        ;
 
Tina
Senior Vice President
Bank of America