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All total nonsense
Correct, acknowledged, although the time is very much ticking, and yes to the rest.....
Real issue is success for ActiPatch is not measured, ever, by whether it works or not. So what?
Success is only measured by one thing. Share price, which is only measured by two things, deals and sales. Speculative sp is driven by the speculative expectations investors apply to the probabilities of the realization of sales and profits after deals are made.
One component of success drives everything and it's not whether it works - we know it works 100% in at least 71% of users. Facts. The quality and decisions of management drives everything from here on.
Why tell the competition any more? Not complicated.
Thank you Sir! With your level of due diligence and obvious corporate experience, that means a lot!
And if the suggestions were accompanied by a gracious, personable message that the current CEO is making those changes, in order to do the right thing for all shareholders, she would be a hero in the minds of shareholders. To be most diplomatic, perhaps 'The Board of Directors' make such an announcement that KK Whelan has offered to make these debt structure changes, etc., etc., etc. and then have Dr. Staelins and Keith Nalepka's names at the bottom.....on behalf of the Board of Directors. That would be magical and everybody's dignity remains intact and BIEL moves forward.
No question, you are correct, BUT, those were rookie mistakes.
I learned 2 rules from a wiser and more experienced very senior executive on a corporate flight many years ago. There were 3 of us on board, the senior man, my immediate boss and me. My boss was arguing that we should advise the media what we were doing on a particular project I was working on and responsible for. My respectful argument was that we should remain silent, for the time being, only for the time being.
The wise much more senior executive turned to me and looked directly at me. He was sitting on the left side of the aircraft, I was on the right, my boss was sitting facing backwards on the left side.
The wiser man said, "There are two rules for success, rule #1 is never, ever, tell politicians or the media anything, until you have locked down your success. Rule #2 is this, read #1 again." My boss remained silent.
Precisely and William of Ockham's philosophy of the 1300's was intended to keep things simple.....
To wit, "Non sunt multiplicanda entia sine necessitate" or "Entities are not to be multiplied without necessity", this formulated by the Irish Franciscan philosopher John Punch in his 1639 commentary on the works of Duns Scotus. All emanating from the earlier work of William of Ockham.
I wonder...... is 'if it ain't broke, don't fix it' aligned with old William's philosophical works?
I stay fixed, but try always to be flexible, that it does much potential harm, and no good, for the company to disclose one word of what it is doing right now. Why have BIEL competitors, with huge forces and sales teams and outrageously deep pockets, knowing what BIEL is doing?
BIEL owns a USPTO patented, drug-free, side-effect free pain remediation, edema reducing, healing medical device cleared by the FDA, that will steal large market-share in the right hands, just because curious minds, like ours, would love to know what's going on and for no other reason? Another definition of insanity, called corporate and financial suicide by any other names. Stay silent!
Company should say absolutely nothing, unless it is strategically advantageous to the company! The pain space is a vicious marketplace and tens of millions are at stake with BIEL. The first major product deal and launch in the US will no doubt be disruptive. Only idiots would divulge anything right now.
With the protracted silence over the past 2 months or so, I can feel 'close' and 'soon' in my bones, like never before.
So out of context as to be nonsensical
No question, at least in my opinion, that IBEX, aka KK Whelan, gaining 10's of billions of BIEL shares through the revolving convertible promissory note investment opportunity designed by the former CEO, particularly when she could not 'remember' under oath on the witness stand, the amount of her initial loan injection, that there is at least the appearance of a monstrous years-long conflict of interest, moral, if not regulatory or something worse.
Was there also a breach of fiduciary duty? I'm not a lawyer. There have been many suggestions to simply revise the current convertible Promissory Notes held by IBEX to interest bearing conventional loans, thereby removing the conversion to share and 50% share bonus aspects.
The newly appointed Chairman, Dr. Staelin may be aware of the situation by now and offer an opinion. It would certainly go a long way to removing the toxicity and stench from BIEL after being in the toilet for so many years under the iron fist management of the former CEO. It would also make BIEL less share bloated and more nimble, with greater sp sustainability, when the sp runs after any major deal announcement, in which case all shareholders will be far, far better off. Tactically sound management, I think.
Releasing any info in the competitive pain space tells competitors what the company is doing - bad management! Shooting yourself in the foot
The absence of such knowledge does not mean nothing has been done - it is simply the absence of such knowledge.... uninformed does not justify conclusions....
Originally, when the former CEO adopted lending instrument known as the Convertible Promissory Note, it had actually been used by a couple of slick promoters from NYC who lent him/BIEL funds and made a ton of $$$ on the conversion of the debt to shares, including bonus shares. It infuriated the former CEO beyond description, so he grabbed onto the idea and did it again, himself, using IBEX. And time moved on without regulatory clearance for ActiPatch, but with the ever hopeful former CEO thinking, a few months more, for more than 10 years.....
Then, what was supposed to be a quick play, by necessity of more than 10 years of regulatory delay and bumbling, the Revolver financing play rolled over and over and over many times, to the point of absurdity, looking more and more like a share scam every time. Knowing the level of insight of the former CEO and his strong belief of despair, with that FDA success always around the next corner or contained in the next fax, that never came, the Revolver Loan became a toxic load of tens of billions of shares on a tiny company. And it looked like a well designed share scam. I say it was never intended in the first place.
So, if it was not a share scam, and I know for a fact that was not the original intent, and if that last paragraph misstates the original intent of the former CEO, and I hope the current CEO, would it not be in her best interest and that of the shareholders for her and IBEX to convert all the current IBEX debt that can be converted into shares with a share bonus into conventional debt instruments with simple interest only?
The switching of debt should not apply to other holders of convertible promissory notes, as they invested real dollars and are at arms-length, without the toxicity hanging over them. They made simple investments.
The current CEO could immediately convert the current IBEX debt, with a gracious explanation that after much reflection, the convertible loans were intended as a short-term lending facility to assist the company, while it was waiting for regulatory clearance of the ActiPatch. That would be a substantial and wise step in lightening the share load on the company, which will mostly benefit the Whelans and remove all toxicity directed at the current CEO and reveal good character. Not an apology, an explanation of the truth and how time, 10 useless and wasted years, severely crippled BIEL. Only fools don't change their minds. . . .
Could also kick the sp into the mid-double-zero range, now there's a plan!
I could never hope anyone is taken away in an orange jumpsuit. Just my kinder, gentler style . . .
It has been envisioned that BIEL has a much brighter future if:
"1. KW and PW's ill-gotten notes were removed from BIEL's balance sheet.
2. KW and PW were fully disgorged
3. KW was removed from BIEL's management team
4. Shareholder rights were honored"
My opinion is that the #1 above should happen, immediately, as a wise strategy to create more wealth for shareholders, including the Whelan family, by taking a huge load off the company's ability to run higher and have greater price sustainability, when deals are announced. Conversion of the convertible loans and looming billions of additional shares to conventional debt will make the Whelans more in the end. If that cannot be seen, heaven help the them.
It can be noted that there has been a very positive change in the BoD, only a few days ago.
KK Whelan cannot and now, with recent hints of stronger management, should not be removed from the management team. Won't happen, so moot point.
One has to pick one's battles, can't win 'em all.
Back on December 6, 2019, I constructed my own BIEL 180 day new day management plan, of things I would like to see happen by sometime in June 2020. I also believed they were all attainable and reasonable, barring inexperience, defiance or ineptness. Report Card time.
SYNOPSIS OF THE 7-STEP MANAGEMENT REMEDIATION PLAN DECEMBER 6 2019
1. SHARE STRUCTURE
- not done, converting to conventional loanis still the wisest path to follow.
2. TRANSPARENCY
- pendulum swung too far, now Ok in not disclosing business strategies and activities that should remain unknown to competitors.
3. FAIR OFFERS TO SHAREHOLDERS
- every shareholder is now able to invest funds in BIEL and receive a Convertible Promissory Note and interest as security. This investment opportunity should cease if deals imminent.
4. TOXICITY
- A good portion of the toxicity is now removed by the reduction of nepotism. Tincture of time is also fine medication, or an ActiPatch for the pain of toxicity.
5. BOARD of DIRECTORS
- vastly improved re nepotism, still requires enlarging to assist Officers of the company
6. COMMUNICATION NALEPKA KONERU
- Communication much improved vis a vis lower quantity, higher quality.
7. NEGOTIATE & SIGN DEALS AND DELIVER ON ALL PROMISES!
- After share structure, the biggest necessity and the silence and signs present today indicate to me that a deal is imminent.
Conclusion - As a report card, it is not all negative - there has been real progress, still more to do and the timing may be more urgent, critical. . . .
I also prepared a mock, DRAFT, Press Release. Sometimes fun to go back and review. Best read to the accompanying music of a suitable concerto. . . .
DRAFT ONLY - "The Board of Directors of BioElectronics Corporation, (the “Company”) manufacturers of ActiPatch, the FDA cleared, patented drug-free, side-effect free miniaturized pain device is pleased to announce the following;
1. Effective immediately, the Board of Directors of the Company welcomes the election and addition of 3 new Directors;
So and so . . . . .
So and so . . . . .
So and so . . . . ;
2. The Board of Directors of the Company also announces, effective immediately, the retirement of Mrs. Patricia Whelan, widow of the late Andrew Whelan, Founder and CEO of the Company. The Board and shareholders thank Mrs. Whelan for her service to the Company during the last few months of important transition. The changes to the Board of Directors increases the number of Directors to 5.
3. The Board of Directors is also pleased to announce the surrender and cancellation of certain Convertible Promissory Note – Common Stock debt instruments held by lenders related to the Whelan family and representing potentially 28 billion common shares of the Company, on conversion, and that the debt related to those Convertible Promissory Notes has been restructured to a more simplified debt format, that is unrelated to the issuance of common shares of the Company. This extremely significant and responsible change initiated by the Whelan family puts in place a more equitable situation for all shareholders and positions the Company in highly positive light to new, potential investors, moving forward.
4. The Board of Directors is also pleased to report that the company and all staff members continue to work diligently and to achieve significant and exciting progress in the area of New Business Development and will advise Shareholders as to progress in a timely manner and when appropriate.
5. The Board of Directors wishes to express its sincere appreciation to all Shareholders for their continuing support and loyalty to the company and its vision with respect to the development of marketing strategies of the ActiPatch family of products.
END OF DRAFT Press Release NOT APPROVED FOR RELEASE
This is not an actual draft of a press release - it is a spoof . . . "
Best part is that no one ever knows who is buying or who is selling. Or when someone completely reverses, ever! Soon . . . .
That's confusing, muddying the waters, not sure which. Who concocted the idea that KK Whelan could engineer a RS then "call in the loans"?
I'm wondering by what action can KK Whelan "call in the loans", if the IBEX loan security is an instrument known as a Convertible Promissory Note, permitting a lender to convert the interest-bearing loan to common shares at a price determined at the time the loan is made? Read Section 2.1.
I think if I were a MM, after keeping BIEL in the toilet of despair for years, I would kick it on a run just to relieve the boredom and make myself some serious cheddar! Gotta be the most monotonous job on the planet. Mix it up MM's, stir up some trouble!
Correct.....
I believe the redemption price and bonus share ratio and price are all established in the Promissory Note document at the time the loan is made . . . .
Very gracious of you, thank you, happy to help. If all good things are in place, BIEL could be a very, very good thing! Without the necessary management tweaks in place first, it could stay in the toilet or close to it. Called a workout or renaissance. Main thing is, it is perhaps a new era, hopefully unencumbered, as it has been for the past decade. Encumbered by what doesn't matter and doesn't deserve re-hashing, it's over!
The former CEO said that, one time, many years ago and the phrase was made silly sacrosanct right here, nowhere else. A RS can be a very helpful, no, a very wise and timely thing in getting a company out of a toilet, onto a higher atmosphere exchange trading platform.
BUT, I think maybe doing it, an RS, very much in conjunction with beefing up the BoD, fixing the share structure, Dr. Staelin is already in place as Chair..... and between deal announcements is possibly good strategic planning. If the first deal announcement will make the company profitable, why wait to make next moves?
Design a strategic plan and implement it, doesn't have to be one announcement and wait to actualize the profits. Management can make an achievable 5 year plan and get the ball rolling quickly. Delay diminishes advantage! Time to pounce and grab market share in the pain space. Enough with the nonsense of the past.
Probably, technically, but if I were CEO, I would want the unanimous support of a bigger more powerful and dynamic Board behind Chairman Staelin. 5 or 7 Directors would be perfect.
However, tactically, I would enhance the BoD, fix the share structure, announce the first profitable strategic alliance deal that will generate sales and profits and let the sp run hard.
Then, the BoD and share structure tweaks will give it a higher level with better sp sustainability, after the first deal announcement.
Then, and only then, perhaps consider a 1 for 10 reverse, BUT followed closely with announcements of deals 2 and 3 in short order. If all those are permitted, would that not allow new investors to run it again? Somewhere in there, BIEL becomes very profitable, seems to me.
Just my opinions, but why not? ActiPatch is brilliant and USPTO patented, why not manage it to a profitable destiny? Biggest component of a success story is good management, unless you're in a Casino. But you have to know when to leave. Bad management can put a company in the toilet in a week and keep it there. A sound management team can accomplish great things for shareholders, large and small.
Long out of date. That was in the past, this is now and, as always, it's a personal number. Have to play the sp fluctuations to survive in Pinky land.
My glass is very much three-quarters full, not half empty with respect to BIEL.
Announcing Dr. Staelin, as Chairman, is hopefully to be followed quickly by other announcements about expanding the number of Directors on the Board, fixing the share structure and profitable business alliances.
Nothing else matters - BoD, share structure and revenues.
The company did not state that there would be a "blockbuster Partnership PR" tomorrow.
Converting the face value of the convertible notes to conventional debt, at its face, without bonus shares, was part of the private tactical planning of the team willing to help BIEL with new $$$ and management horsepower and support, in April 2019.
Easy to see, as has been often said, why things would have evolved, with far different and more positive results, but it was not to be, also for well known reasons.
My sense is that the BIEL management team has been working hard for months and is producing substantial results, thus the welcome silence of the new management team. Took a while, but it is a more professional style. Don't ever reveal what you are doing to anyone, unless you have to.
They still need to increase the number of Directors and fix the outrageous share structure, with respect to IBEX convertible Promissory Notes.
Clearly, the BoD is not willing to announce achievements yet. With business positions to protect, why advise competitors what is being done? That would be foolish, it's called self-destructive.
Note that Dr. Staelin and Mary Whelan both resigned, as Directors of BIEL, on the same day 3 1/2 years ago, for a number of reasons that many are fully aware of and that have been epeatedly posted here. The suggested reason was not one of them.
It is a new era for BIEL, the past nightmare can be ignored, in favor of focus on the new BoD expanding yhe Board further and fixing the still outrageous share structure by converting IBEX convertible loans to more conventional debt, to prevent the share count from exploding to over 65 billion shares, if all the IBEX convertible notes are converted to stock.
All convertible Promissory note holders loaned hard dollars or services to BIEL and received convertible Promissory Notes. IBEX did not, but that was a scheme put in place by the former CEO to benefit him and his family. BIEL is a different company today. A new era has begun.
How about this?
Instead of risking a visit to a Physician's office or Pharmacy, 2 high-risk places for Covid-19, just safely order ActiPatch online.
When it arrives at your home, disinfect the envelope, ditto the box, ditto the ActiPatch. No virus! Turn it on, slap it on, tape it on and get rid of your pain drug-free, side-effect free, COVID FREE!!!
Longer you leave it on, the better it works, better you'll feel!
Dr. Staelin.....invaluable to the future profitability of BIEL!
Compassionate step, allowing Mrs. Whelan to retire and a great step forward appointing Dr. Staelin as Chairman. Impeccable credentials, experience, wisdom, and has been a key player in BIEL's regulatory advances, since resigning from the BoD in 2017 just before FDA cleared ActiPatch for the foot and knee. Welcome back Dr. Staelin!
Restructuring a management team, employee morale and wrestling a company to profitability is all about making deals and improving the perception of management by investors. Then comes creating a successful Brand.
Adding new Directors and restructuring the IBEX debt are also required major steps, hopefully before any deals are announced. Timing and sequence of restructuring events are more critical elements than most know.
Smaller Convertible debt lenders injected 'real dollars', no smoke and mirrors. IBEX did not, the source of much scorn, for many years. But, by converting the IBEX debt to a more conventional loan structure will enhance market perception, by removing the burden of many billions of shares being issued, on conversion.
It also means debt could be immediately restructured so that IBEX could be repaid some amount, to be negotiated, at some point during profitable times, but behind other lenders, now in place. Then no one could accuse the current CEO, KK Whelan of self-serving greed or ignorance of her respecting Fiduciary Duty. Improving the image big time.
This is so simple and it is great to see her starting to make smart moves, wise moves. The appointment of a highly respected new Chairman is a great beginning that strengthens the BIEL team. Now, by increasing the horsepower of the BoD further and restructuring the IBEX debt will make the new CEO a hero in the eyes of many.
Then announcing substantial deals, they must be working on quietly, will complete BIEL's restructuring and rise from the toilet, where it and shareholders have been languishing for years. Great renaissance story - toilet to profitability in a year or so. Wow!
The world got a major kick in the face! Many tens of billions $$$ kick. And it's not done yet! Global economy devastated, macro and micro economies altered, billions of people affected in every part of their lives. We see cases and death stats daily, but, I think, they are grossly understated. Watch Mexico, Brazil and Africa.
BIEL has an amazing opportunity to get in the pain game now. Just hope the current CEO does right by shareholders by fixing the BoD and the outrageous share structure left to her by the former CEO.
Outrageous is the only appropriate word for it. If she chooses the stubborn route, perhaps a DNA issue, and does nothing, that lack of vision and action could cost the Whelan family and all shareholders many 10's of millions of $$$ in market cap, preventing the sp from running up to where it could go and decreasing possible sp sustainability. Colossal poor judgment.
If she 'gets it', sees the vision numerous others do and acts, she could be a hero and fabulously wealthy.
I strongly disagree.
There is no evidence, unless you are holding it back.
Thank you.
Yup. I was asked, along with several others, if I would consider being nominated and standing for election to a Board seat. I have been through the process several times. My response, as always, was that I would consider that proposal. I knew that I had to check on a couple of things. I did so immediately and advised I would not. I circled, found I was correct in my thinking that I had a conflict of interest and that was that. I did continue to work thereafter with a group of wonderful, dedicated shareholders to help BIEL quickly toward profitability, without any strings attached, ever!
No strings, no compensation, no caveats, no Board seat, no flights to Maryland, no nuthin. And, I was always prepared to consider investing a whack of dough, a large whack of dough, at no premium or bonus, just shares at market price, to help the cause. All help was defiantly refused, as we all now know.
What is most sad, is that certain tragic events would possibly, likely, never have happened and the outcome could have been vastly different. . . . . yes, I said sad. . . .
No offers of a board seat were made - that in and of itself is absurdity, to those experienced in business.
Calls were made to share concerns about BIEL. Those called were asked if they would allow themselves to be considered for standing for election as Directors. There were no strings attached, none whatsoever. Comments were made that if shareholders were unhappy, they should call the company and make their displeasure known. In some cases it was the only call made, one time. FYI, all people called expressed a positive response to being considered for the BoD.
Names were added to the list of people that might be considered. Deletions were made, where judged appropriate for various reasons.
No CVs were requested, as would happen in such circumstances. No reference to documents and process to become a Director of a public company in Maryland ever, also a normal step.
Several people received follow-up calls, then called each other back and forth many times. There were numerous conference calls and meetings, over many months, after the initial 6 calls. Approximately $3 to $5 million was discussed as the required capital to take the company forward to profitability. There is a ton of other information, but only certain people have that.
Does this sound credible, professional, experienced? Because it is exactly what happened, nothing more, nothing less, and certainly no strings attached, ever.
No question KK Whelan wants to help to make BIEL a resounding success as part of her late father's legacy. It is still not, if ever a time to fix the blame. It is a time to fix the problem. The problem with BIEL for over 10 years has been a management problem. KK Whelan now has the opportunity to be a hero, to create her own legacy as the CEO who led BIEL out of its proverbial toilet, the triple zero toilet stall its been in for how many years?
All she must do is have the BIEL Team create a new, larger, stronger Board of Directors, disgorge about 28 billion potential shares controlled by IBEX through convertible loans and Promissory Notes, schemed by the former CEO and make deals. If she only makes deals, the Whelan family and all shareholders will do quite well. If she does all three, the Whelan family and all shareholders will do off-the-charts extremely well.
By reducing the potential shares of BIEL to approx. 62 billion to approx 34 Billion, the company becomes more attractive to investors, less burdened, more nimble and will rise higher and longer in sp with greater sustainability. Not such a hard concept.
ActiPatch is a huge opportunity device, remediates pain safely, patented by the USPTO. After 11 years essentially in the toilet, it traded at 12.9 cents in 2009, shareholders have suffered an arduous journey of alienating the SEC, shareholders, losing the CE mark, spooking the, let's see, pharma, retail, pain and investment sectors and leaving red flags of toxicity everywhere.
This CEO, KK Whelan, now has the opportunity to do one of two things. Not fix the BoD, repair the share structure, do deals and lead BIEL to profits, which would be the colossal failure of all time. Or to do those all things, to pull BIEL out of the toilet, which is what any good management would do. Wish I had the opportunity. Can KK Whelan do it all on her own, as a brand new CEO, sitting on a 3 person BoD, and her mom as the Chairperson? It will be interesting to watch. Hopefully management does something!
No question KK Whelan wants to help to make BIEL a resounding success as part of her late father's legacy. It is still not, if ever a time to fix the blame. It is a time to fix the problem. The problem with BIEL for over 10 years has been a management problem. KK Whelan now has the opportunity to be a hero, to create her own legacy as the CEO who led BIEL out of its proverbial toilet, the triple zero toilet stall its been in for how many years?
All she must do is have the BIEL Team create a new, larger, stronger Board of Directors, disgorge about 28 billion potential shares controlled by IBEX through convertible loans and Promissory Notes, schemed by the former CEO and make deals. If she only makes deals, the Whelan family and all shareholders will do quite well. If she does all three, the Whelan family and all shareholders will do off-the-charts extremely well.
By reducing the potential shares of BIEL to approx. 62 billion to approx 34 Billion, the company becomes more attractive to investors, less burdened, more nimble and will rise higher and longer in sp with greater sustainability. Not such a hard concept.
Guaranteed Brooklyn Bridge, I made the call to simply share information, nothing else. A list of prospective new Directors to be "considered" for BoD positions was being prepared - names were added, some were removed, the list never went anywhere - guaranteed! Anything else is pure Brooklyn Bridge.
Ha...indeed. I am sleepin like a baby, I have little time these days, to read of BIEL's sad toilet habits, but it will pay off, not a doubt in my mind.
Can't say much here, but the current CEO would be very, very well advised to do everything in her power to set herself up, along with all shareholders, for much greater success. So simple!
Not sure that she's got the good sense and moxie to see why she must change the BoD and fix the share structure, as suggested. If she doesn't, oh, she'll probably do quite well, but, there's doing quite well and then there's crazy well! If she does both, before deals are announced, her wealth could be ridiculously much larger.
Not sure she has the experience to really 'get it'. Anyway, it's on her. When I listened carefully to the person who suggested the tactical moves that could be made, on a conference call, I smiled, it was crystal clear. Sleep well and stay thirsty my friend.....Yama
I thought as much, you're welcome.