Between my tests and experiments and a bunch of PM discussion, I'm feeling like I'm zeroing in on this as an impedance issue.
I was sort of floored....and then I guess I started understanding that it made sense....maybe....when instead of plugging the XLR cord from the Fender FR to a board or other device, I slipped on one of these adaptors.
The moment I stuck it on the other end of the cable the speaker cut 50%. Didn't even plug that 1/4" end into the board.
Where I'm at -- I need to explain why my two Fender FR-12's are behaving differently than the people here who are doing exactly the same thing as I am.
One scenario is that my two are from a later production run in which they either cut corners by ditching a buffer between in & out. Or there was an error in production that missed the buffer.
When I began communications with Fender, I was told that my issue was getting transferred to "the ToneMaster Team". Then after two weeks of nothing and only after I got all 'dude, what's the deal?!' with Customer Relations, I finally got action (he was great -- got a replacement right out to me.)
So it makes me wonder if the tech team knows that they've created a problem and are trying hard to not have to deal with it.
All speculation.