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Just trying to help out
It is so unfair to read elsewhere that some BIEL watchers call ActiPatch 'gizmos', placebos, snake oil etc. Because that has been proven a million times to be wrong, untrue! ActiPatch works!
When one 'personally' uses these products for very effective relief of pain, it is hard to sit back and read of dishonest criticism elsewhere in silence and not defend these products. A friend of ours has been using the Actipatch on his back for years for VERY effective pain relief for chronic back pain resulting from a college football injury suffered some 40 years ago.
Apparently, he was taking Fiorinal #3 (codeine) pills for the pain for years, but was told by his MD. to get off the pills for all the serious side-effects we have discussed here. He found out about the Actipatch years ago and has been using it while sleeping ever since, for very effective pain relief. There is no doubt in his mind that with the correct information from marketing, that these products world wide should sell very well. In his opinion, BIEL needs just one major deal to get the ball rolling.
There is also zero connection to reality.Even at a paltry $3/share the market cap would be $195 BILLION! Laughable! Try 3 cents!
Something one doesn't think of while contemplating that ActiPatch is a magical disruptive technology, which it is and a source of substantial remedy for the opioid crisis, which it is.
With feet firmly on the ground, the share structure needs fixing and the solution is found in the 7-step management remediation plan, posted here many times, in order to get the pps out of the toilet the former CEO kept it in for 12 years!
No games sarcasm, insulting of shareholders or flippancy, share structure needs fixing or stay in toilet.....tic toc
Good catch! Only thing I can think of is 3 or 4 convertible loan notes for identical loan amounts, then converted to shares when the bonus and share conversion math was done.....
OK, understood and agreed, but the sp should be moving in anticipation of the expectations expressed - "BIEL is moving and everything will come together."
That's what trading in public markets does - it anticipates both upside and downside, except for the case of BIEL. Why? Share structure?
C'mon.....the joint's been open a year and who just paid for that meal? Cardinal management rule for all Officers and Directors - never reveal what class you flew in, the hotel you stayed at or where you ate or the prices! And certainly not what wine was consumed!
From their menu:
Salt baked seabass with brussels sprouts and truffle butter $100.00
Could we come back down to earth and solve the issues of the company please? Would be a good thing to start with the 62 billion share structure. Item one on the BIEL menu! Thank you!
Post 210109 January 21, 2020
Hmmmm. A 7-step remediation plan presented here many weeks ago as post 206689 on December 6 and on numerous occasions since. That was 2 months after the former CEO term ended and its now 3 ½ months since the current CEO, Kelly Whelan, assumed that position. Much of the 7-step plan was discussed with the former CEO, over many years, and presented to him in April after HE reached out for help because he stated he wanted to retire and asked for help. It is reduced to point form below.
Post 208513, edited for size
“Only time with tell if Patricia and Kelly Whelan will do the right things, or not. It is to their direct financial benefit to just bite the imaginary bullet and protect themselves by incorporating vision, instead of remaining mired in absurd greed:
1. SHARE STRUCTURE - Immediately revise the outrageous shareholdings of the Whelan/IBEX/St. Johns on conversion of all Promissory Notes of around 62 billion shares. The Whelans would own around 35 billion of that 62 billion or 60% +-. Reducing their shares by 28 billion, to 7 billion, new total becomes around 34 billion, they would then own 25% +-. Some say it should be reduced to 3.5 billion, whatever it takes to repair the previous damage. Would you rather own 60%, 35 billion shares, of a crippled company worth nothing and going nowhere fast, or 25%, 7 billion shares of a company under restructuring, that gives a toilet dweller half a chance to scratch and claw its way out of that toilet?;
2. TRANSPARENCY - Make a commitment to absolute transparency with shareholders, who may or may not invest further funds in the restructuring. Without such openness and transparency, why would anyone consider further investment?;
3. FAIR OFFERS TO SHAREHOLDERS - In the case of potential investment by existing shareholders, put your best offer forward, so they don't feel they are still being jerked around. The toxicity of the past lingers . . .;
4. TOXICITY - Clean the house of the toxicity of the previous crippling dictatorship. There were dozens, hundreds, thousands of things done right and professionally by the collective dedicated management team of BIEL. A restructuring like this only involves those many negative aspects that put the company in the toilet and nothing else!
Take a silent back seat for a couple of years. It has and will be said, "that was him, this is us". Nonsense! You can't get rid of family name toxicity and stench with words, you have to spray the joint and then disinfect it, produce tangible results! The company was infected! It's still the Whelans!" Swallow the pride and anger, realize that successful businesses are run with heads, not hearts, and just get rid of the infection! And, the longer it is delayed, now almost 3 months,the more the infection spreads, it's what poison does. Why wait and remain in the toilet?;
5. BOARD of DIRECTORS - Increase the Board of Directors to 5 or 7, increasing it to 3, two Whelans and Keith Nalepka, makes it still a Whelan board, that makes Keith Nalepka vulnerable to the greed of the past players. Not a solution, not even close. Remember, shareholders are not stupid, as was often said at BIEL! Place trust in the new slate of Directors to make prudent decisions and manage this toilet dweller out of mushroom land. Everyone can easily imagine the decade of self-serving gymnastics that went on, past employees have shared the reluctance of management to opening up the books. Of course there were games.;
6. COMMUNICATION NALEPKA KONERU - Delegate all responsibilities of communication with the public and shareholders to Keith Nalepka and Dr. Sree Koneru. This will give them the credibility they need and deserve and help to eradicate the toxicity. Announce it today, not tomorrow, today;
7. NEGOTIATE & SIGN DEALS - Negotiate the best deals, with as many retail entities, as quickly as reasonably possible. I said to previous management a dozen times, "just make the best deal you possibly can early on. Once you are on shelves, others will come, but get the first one or two done. Retailers cannot stand that competitors have SKUs they don't have." The response? "No, why should they make all that money?" Imagine saying "no" to CVS, Dr. Scholl's and KT Tape, for thirty seconds and you will shake your head for a week, which is what I did! There is much more, not worth repeating. Keith Nalepka knows how to do it, let him do it.
SYNOPSIS OF THE 7-STEP MANAGEMENT REMEDIATION PLAN DECEMBER 2019
1. SHARE STRUCTURE
2. TRANSPARENCY
3. FAIR OFFERS TO SHAREHOLDERS
4. TOXICITY
5. BOARD of DIRECTORS
6. COMMUNICATION NALEPKA KONERU
7. NEGOTIATE & SIGN DEALS
Interesting to see Kelly Whelan Twitter below today. It illustrates a number of things:
That she is very aware of the 7-step management remediation plan discussed with her predecessor CEO and posted here numerous times, reflecting serious, mature, common sense and as recommended by numerous experienced shareholders;
Secondly, her Twitter essentially ignores items one through 6 and goes straight to #7, that which benefits her and the Whelan family the most, but without mention of other prudent management steps necessary to get there. Is this a lack of awareness? Experience? Insensitivity?;
Thirdly, there is no mention of shareholders, to whom she has a fiduciary duty; only to her own retirement; and
Lastly, there seems to be a lack of serious awareness in fulfilling her responsibilities to shareholders through mature governance. The flippant, self-serving and defiant attitude is a poor exhibit of how a qualified and competent CEO might project concern and prudence in dealing with the plight of the company, its shareholders and the share price. It is not funny and it’s not a game; many shareholders are down many millions of dollars of their investments, a condition existent for years!
Kelly Whelan Twitter January 20 2020
https://twitter.com/kel928/status/1219709223879180289?s=21
1. Sign the deal for ORTHOPEDIC
2. Sign the deal for FOOTCARE
3. Get wound care channel partner moving forward
4. Ship 1.5 million devices n 12 months
5. Ship 2.5 million devices in 2021
6. Ship 4+ million devices in 2022
7. Sell company and retire
#theonly7stepplanineed
Shareholders will be interested in pondering the type of management to best look after their investment. . . .
Except art2426, one would think that the hundreds, no, thousands of CVS customers who purchased ActiPatch during the CVS trial in a couple of hundred stores would be repeat buying no? With a 77% positive efficacy rate, the ActiPatch published standard, that represents a lot of pain-sufferers. After all, we were advised that CVS wanted to go nationwide with ActiPatch before the former CEO said, "No". Where are those people buying ActiPatch from? Online? Maybe.
Of course.
But then, again, knowing what is known, who really knows the truth of what happened. There were no BIEL Reps visiting Physicians. B.Braun Reps would not have been doing calls and demos at Boots outlets, clinics, etc. We had no contacts at Braun, unlike Boots and many others in the retail space, so who knows who did what and what really happened. What we do know for certain is there have been zero sales activities with Braun for a long time.
A number of people knew she knew of the errors in management and the reasons. Those same people felt and expressed empathy for her predicament. To her and with her, for hours on end. Her hands were tied. Tough spot to be in.
Nepotism has killed many fine companies and opportunities. When the older generation is still running things, successors are hamstrung. When the elders leave, the successors are often still in the dark and unprepared. When the elders half-leave, utter chaos and disasters.
Many companies do well because of prudent succession planning. Another "No" in the case of BIEL in the Fall of 2016, leading to the resignations of Dr. Staelin and Mary Whelan (smart lady, RIP) from the board.
KW at least had a close proximity to dropped balls. As posted here numerous times, B.Braun has not been in the picture for at least 2 years. The former CEO told me on the phone he had pulled the plug on it....."they never did anything with it". I shuddered at the time, KW HAD to have known. I cannot and will not say more - she knew.
The good thing is she was intelligent enough to know right from wrong and what needed to be done. But powerless. Will she now? A lot of people know exactly what must be done to fix it and how the 7 step management remediation plan will work mostly to the Whelan family benefit.
Spreadsheet a few IBEX transactions with the stock moving just 3 ticks and it's glaring. Lend the money at .0006, means a bonus price of .0003 plus interest. On redemption, trading price is say .0009. Upside spread is .0006. Gravy train. Start with just $500,000, do it 10 times, using borrowed funds and see how much you have...... and at 8% interest, also in shares. No problem paying the debt service on the revolving loans to repeat revolving loans from IBEX to BIEL.
And this is why the share structure must be fixed, why the Whelan family has a greater upside by doing it quickly - the sp would fly....and then again on clearance....and again on deals!!! But, of course, many know first-hand of the famous Whelan stubborn streak. I saw it at work, dozens of times, KW saw it and lived it all her life.
Hopefully she finds the sense to say, what am I missing here? She may not because of the toxicity streak, in which case BIEL stays in the toilet, that same streak out it in 10 years ago.
Never easy righting a semi-submerged ship that has been off-course drifting around in the dark for years . . . .
Share structure! Only fools don't change their minds.
Pretty simple stuff.
She needs to stop being a smartass and start being a real CEO.
Here's what I do know. I've never been in legal or regulatory difficulty.
If I were self-appointed CEO of BIEL for 30 days, the 7-step management remediation plan would be well on it's way, shareholders would be aware of the progress to date, and I would have fixed the share structure, as suggested in the 7-step plan. Oh, and the sp would NOT still be in the toilet.
But, I'm not the CEO, so we will just see if she's all hat and no cattle, as they say in the Big D, or if she's got a little mustard in that big mouth. Shareholders are behind millions of dollars, the BIEL share price is in the toilet and she's shooting blanks.
Time for her to show if she's all hat, no cattle, firing childish blanks on Twitter, or she can actually get some real work done and responsibly manage the company to success for its shareholders. She gave herself 180 days to success and she's way past half-way and wasting time on Twitter?
Hmmmm. A 7-step remediation plan presented here many weeks ago as post 206689 on December 6 and on numerous occasions since. That was 2 months after the former CEO term ended and its now 3 ½ months since the current CEO, Kelly Whelan, assumed that position. Much of the 7-step plan was discussed with the former CEO, over many years, and presented to him in April after HE reached out for help because he stated he wanted to retire and asked for help. It is reduced to point form below.
Post 208513, edited for size
“Only time with tell if Patricia and Kelly Whelan will do the right things, or not. It is to their direct financial benefit to just bite the imaginary bullet and protect themselves by incorporating vision, instead of remaining mired in absurd greed:
1. SHARE STRUCTURE - Immediately revise the outrageous shareholdings of the Whelan/IBEX/St. Johns on conversion of all Promissory Notes of around 62 billion shares. The Whelans would own around 35 billion of that 62 billion or 60% +-. Reducing their shares by 28 billion, to 7 billion, new total becomes around 34 billion, they would then own 25% +-. Some say it should be reduced to 3.5 billion, whatever it takes to repair the previous damage. Would you rather own 60%, 35 billion shares, of a crippled company worth nothing and going nowhere fast, or 25%, 7 billion shares of a company under restructuring, that gives a toilet dweller half a chance to scratch and claw its way out of that toilet?;
2. TRANSPARENCY - Make a commitment to absolute transparency with shareholders, who may or may not invest further funds in the restructuring. Without such openness and transparency, why would anyone consider further investment?;
3. FAIR OFFERS TO SHAREHOLDERS - In the case of potential investment by existing shareholders, put your best offer forward, so they don't feel they are still being jerked around. The toxicity of the past lingers . . .;
4. TOXICITY - Clean the house of the toxicity of the previous crippling dictatorship. There were dozens, hundreds, thousands of things done right and professionally by the collective dedicated management team of BIEL. A restructuring like this only involves those many negative aspects that put the company in the toilet and nothing else!
Take a silent back seat for a couple of years. It has and will be said, "that was him, this is us". Nonsense! You can't get rid of family name toxicity and stench with words, you have to spray the joint and then disinfect it, produce tangible results! The company was infected! It's still the Whelans!" Swallow the pride and anger, realize that successful businesses are run with heads, not hearts, and just get rid of the infection! And, the longer it is delayed, now almost 3 months,the more the infection spreads, it's what poison does. Why wait and remain in the toilet?;
5. BOARD of DIRECTORS - Increase the Board of Directors to 5 or 7, increasing it to 3, two Whelans and Keith Nalepka, makes it still a Whelan board, that makes Keith Nalepka vulnerable to the greed of the past players. Not a solution, not even close. Remember, shareholders are not stupid, as was often said at BIEL! Place trust in the new slate of Directors to make prudent decisions and manage this toilet dweller out of mushroom land. Everyone can easily imagine the decade of self-serving gymnastics that went on, past employees have shared the reluctance of management to opening up the books. Of course there were games.;
6. COMMUNICATION NALEPKA KONERU - Delegate all responsibilities of communication with the public and shareholders to Keith Nalepka and Dr. Sree Koneru. This will give them the credibility they need and deserve and help to eradicate the toxicity. Announce it today, not tomorrow, today;
7. NEGOTIATE & SIGN DEALS - Negotiate the best deals, with as many retail entities, as quickly as reasonably possible. I said to previous management a dozen times, "just make the best deal you possibly can early on. Once you are on shelves, others will come, but get the first one or two done. Retailers cannot stand that competitors have SKUs they don't have." The response? "No, why should they make all that money?" Imagine saying "no" to CVS, Dr. Scholl's and KT Tape, for thirty seconds and you will shake your head for a week, which is what I did! There is much more, not worth repeating. Keith Nalepka knows how to do it, let him do it.
SYNOPSIS OF THE 7-STEP MANAGEMENT REMEDIATION PLAN DECEMBER 2019
1. SHARE STRUCTURE
2. TRANSPARENCY
3. FAIR OFFERS TO SHAREHOLDERS
4. TOXICITY
5. BOARD of DIRECTORS
6. COMMUNICATION NALEPKA KONERU
7. NEGOTIATE & SIGN DEALS
Interesting to see Kelly Whelan Twitter below today. It illustrates a number of things:
That she is very aware of the 7-step management remediation plan discussed with her predecessor CEO and posted here numerous times, reflecting serious, mature, common sense and as recommended by numerous experienced shareholders;
Secondly, her Twitter essentially ignores items one through 6 and goes straight to #7, that which benefits her and the Whelan family the most, but without mention of other prudent management steps necessary to get there. Is this a lack of awareness? Experience? Insensitivity?;
Thirdly, there is no mention of shareholders, to whom she has a fiduciary duty; only to her own retirement; and
Lastly, there seems to be a lack of serious awareness in fulfilling her responsibilities to shareholders through mature governance. The flippant, self-serving and defiant attitude is a poor exhibit of how a qualified and competent CEO might project concern and prudence in dealing with the plight of the company, its shareholders and the share price. It is not funny and it’s not a game; many shareholders are down many millions of dollars of their investments, a condition existent for years!
Kelly Whelan Twitter January 20 2020
https://twitter.com/kel928/status/1219709223879180289?s=21
1. Sign the deal for ORTHOPEDIC
2. Sign the deal for FOOTCARE
3. Get wound care channel partner moving forward
4. Ship 1.5 million devices n 12 months
5. Ship 2.5 million devices in 2021
6. Ship 4+ million devices in 2022
7. Sell company and retire
#theonly7stepplanineed
Shareholders will be interested in pondering the type of management to best look after their investment. . . .
Monday, Monday
"Monday morning.... it was all I hoped it would be!" As the song goes....
01202020 - that release is loaded, in my opinion. 3 NDAs, an FDA audit, with no major negatives and FDA staff helping BIEL better serve its markets! Does it get any better? read it very carefully....
Just have to implement the 7 step remediation plan, including the proposed share restructuring, to bring sanity to the company, better ensure financial success for all shareholders, including the Whelan family, and get the company out of the toilet it's been in for 12 years.
What shareholder, in their right mind, would not want to take every possible step, immediately, to get out of a triple zero toilet. It defies belief!!!
Any competent law firm would advise that the courts would throw out the pledging of BIEL's assets, the IP being the only real asset, to IBEX as self-dealing and lay down some serious charges. Incredible when one recalls that the former CEO was CEO, CBO, CFO and Chairman at the time the assets were pledged, of course making the act an outrageous case of breach of fiduciary duty.
The idea of the revolver financing scheme was generated as a result of some lenders from New York who loaned the company money, got bonus shares, then sold them during a run and made a few million. The former CEO was angry they had done that and not him, so he slipped IBEX into position and the self-dealing was the result. Thus 35 billion potential shares in the hands of IBEX and St. Johns, out of a total potential of 62 billion shares, or so. And the remediation suggestion as to revising the absurd share structure, as contained in the list of 7 step remediation plan suggested. Main reason BIEL remains in the toilet.
IBEX had no legitimate right to any compensation above what other arms-length lenders would receive under the revolver lending scheme put into place by the former CEO. Its churning would be a subject of interest too. It would be said that the pledging of the IP was to protect the company from other creditors. Nonsense, it was highly conflicted self-dealing, about which he was warned a number of times.
Relax Jimzin . . . you know when . . . soon
Thank you 2Relax - very gracious of you . . . . Thanks for the link
Simpsonly. I agree with most of what you wrote. ***What I right is based on real due diligence and without hype and hopeful conjecture . . . .
My question for you, how do you trust this management team? *** Is there a choice? I've sold a ton of stock in the past few months to try and protect myself, leaving me in a position that if this management delivers, the upside is tremendous; if it fails, the downside is ok
I’ve repeated this many times, the company lied to us intentionally IMO, 2 years ago. That’s my take. *** Mine too.
Remember when the word used on an almost daily basis when Bayer was visiting a lot. They kept repeating the mantra - Bayer deal imminent. *** My sense/info from friends in the retail space, was that the Dr. Scholl's (Bayer) deal was very much done, as were the CVS and KT Tape deals and the famous "No!" kicked in. Keith Nalepka suffered greatly, as they were his deals. One or more had actually been agreed to by BIEL and then reneged on, thereby destroying all credibility! Those 3 companies are pros and recognize where the fault lay and all I can say, as an old retailer and pharma guy with contacts is - not to worry.
OBVIOUSLY WE ALL KNOW IT DIDN’T HAPPEN. That should be on every single shareholders mind these days. The most frustrating part for me this entire time, how they pretend to be working. *** They are working.
This is after YOU accidentally figured out they lost the CE MARK. *** Thank you - Just paid attention to the formula we were being fed - made no sense - no struggling company reports half a milly in deferred sales, unless the fan is very dirty - the fan was very dirty and had a ripple effect all the way to Australasia, where the CE Mark is a prerequisite from the EU they piggybacked on. More than two years of lost momentum. Worth a lawsuit for negligence or reckless stupidity or both! Certainly should have been canned as CEO and from Board. Manly thing would have been to fess up, admit he had no clue and was failing and retire. . . . . .
They just don’t seem to be forthcoming with the important information, like they’re always holding something back or not telling us the whole story. ***Management is not supposed to or allowed to divulge the whole story because of the potential effect on share price and the competitive space!
It’s like they pretend they used to be so successful in some other life and they know exactly what to do. *** Nah, not the case. The former CEO made some ok moves, a few, but mostly fought with the world for 12 years and messed up. Bragged to me several times he loved to fight with people. Who says that?
This entire time, entry level interns could have been mailing samples to school trainers, college administrators and professional sports teams to start introducing the product that we hope will catch on immediately. By trying they would have been setting us up for success by spreading the word as Steve has suggested too many times. *** Steve was right, and so are you 2Relax, but the former CEO had the prevailing attitude that he was the smartest cat in the room at all times and everyone else was stupid, including all shareholders! Heard him say it! Once people get their heads around that absurdity, it becomes very easy to see behind the curtain.
But they new better, OBVIOUSLY, look where we’re at. TRIPS again!!! ***Nah. The science guys and Dr. Staelin "got' 'get' the science, Keith Nalepka and Erin 'get' the science and can apply it in their sleep to the sales needs, but remember they were always undercut and tripped by the smartest guy in the room ..... That part's just over - we need to put that to bed! It was buffoonery at its glaring best!
If this product was in the hands of a COMPETENT management team from the beginning, this product would already have established a household name. But instead we have a sloth management team. What have they ever done right? ***My well known take is that if Kelly Whelan can resist stupid tinkering and implement the 7 step remediation plan, she can make herself north of $50-75 million. If she continues to resist, out of fear and ego, she risks ending up with nothin but nothin.
I love the products. I use binder clips to keep one on the big bone at the back of my neck everyday. It really helps not feel the neck pain. I use one for my lower back and it also works everyday. *** Of course, disruptive technology works!!!!! FDA says so!! Remember, it was FDA that came back to BIEL after scientific assessment in labs and fought with former guy that he had the wrong dog in the hunt, it asn't based on heat, they were right and former guy actually fought it! Called FDA guys stupid! Imagine!!!
If only this management team could finally do something right on behalf of us the shareholders they’ve lied to on a pretty regular basis, and would probably think nothing of doing it again. ***I'm not sure Kelly Whelan has lied to anyone since former guy left - she inherited a huge cluster ----. But is she doesn't have the courage to adopt the 7 point plan, especially clean up the share structure, she is not wise and risking it all unnecessarily. She may not see that the 7 point plan is a cool insurance policy that helps the Whelan family the most. It may not have dawned on her that if the company (she) fails, I will have lost half a million, which I can handle, won't change a thing, but many shareholders will have lost more or less, which will affect them and her family will have lost everything and be facing huge debts.
The smartest people IMO, are investors with just enough skin in the game to make you keep track of what’s going on. ***Yup. I think by watching very closely at this point could be the best way to NOT GET TRAPPED. ***The trap is set. We have all seen the pathetic mishaps and lies getting to this point. ***Yup All that can easily disappear if management GETS OFF THEIR SOAPBOX and really tries to make deals, instead of pretending like the deals weren’t good enough, because look what they have now? An angry group of investors that have been more than patient. It’s taken this family 20 years to get to this point. (Worst I’ve ever seen) considering the product really does work amazingly well. *** Sometimes it takes 20 years to dig a latrine!
They think this product was too cheap. They can’t sell this product that cheap? Why not? Once people buy it and realize how great it is they will buy more. THIS TOO IS MARKETING. If the price starts to increase, that’s just part of normal supply/demand. We’ve all seen this scenario play out with other new products all the time. ***I vividly recall arguing with the former guy, Mr. No Plan, for months, that his retail price point of $49.99 was too high? Said I didn't know what I was talking about. I suggested $30 bucks and was judged as stupid. I knew the manufacturing, shipping, packaging costs - you would fall out of your chair! It was mid-2009!!!!! Told the former guy he could own the pain world, stupid me!
My point is, Who the hell cares how cheap it sells for, once the product gets HOT, the price will increase and their margins will too. First allow the product to get to this point first. The market alone will decide what this is worth once people know it exists. *** So true
Meanwhile, keep up the great work marketing. The most embarrassing thing I’ve seen was the emails they were sending to people. BOGO.
They could even format the wording correctly. Let me give you an example of just how PATHETIC marketing at BIEL really is.
Time is runnning out!
NOW UNTIL DEC 31st
Saving
s that
keep GIVIN
G!!
(This was types exactly as in the email to make my point)
** note - look above at savings & giving. The last letter is not even on the same line as the entire word.
This is just one example, I’ve seen several other emails like this. The offer itself if embarrassing. Buy a 720 hour device and get a 7 day trial at a discounted price.
There is not one sensible thing in this promotion. It probably did more harm than good. Remember when marketing...
Image is everything!!! And THINK before you make them up, and please format correctly to give the impression that you do really care.
Still hoping for the best. ***Stay cool - play yourself Monday Monday by the Mammas and Pappas please. . . . . pay attention! And have a great weekend, I'm looking forward to the next few days amigo!
Quote "KW is sounding less like a CEO and more like a stock promoter!"
Less like both - no one in their right noodle would ever short Pink Sheets BIEL, having to post either $1.50 or $2.50 as security per share in the event of a run. No such thing as a short sale in BIEL.
Doesn't matter!
What will be will be.
If the Whelans had any vision of implementing the 7 point plan for BIEL survival posted many times here, then we would have heard of it from them.
Failing that, clearly they want to risk it all and shareholders have little say, except through the SEC and all that can potentially bring down on the House of Whelan or civil litigation. All it takes is one disgruntled minority shareholder.
There are two things keeping the pps of the ActiPatch pain miracle in the toilet - the toxicity of the name involved and the management history of that aspect and the share structure. There is no other reason that can be holding the pps down in the toilet.
If the Whelans had the common sense to stay in the background for a couple of years AND fix the share structure, as suggested in October, I strongly believe the price would already be much, much higher.
Self-promoting and ego have driven the family to believe they have some kind of management touch or magic, whereas the fact is BIEL has been a financial mismanagement disaster from 2008 until February 2017 when foot and knee were FDA cleared and Keith Nalepka joined BIEL. That's when effective pursuit of sales began in earnest for Keith and Erin and still a Whelan said 'NO' to CVS, Scholl's and KT Tape between 2017and October 2019!
Full marks to Kelly Whelan for taking on BIEL. She may also have done it because NOT to do it may have meant personal financial discourse, but she really needs to 'get it right.'
And for my money, 'getting it right' means treating all shareholders fairly, not just her family, look forward, not back and fixing the share structure as suggested, it's killing the company, and now, not later! Stay off twitter, real CEO's don't use twitter, manage prudently, and get the job done using effective leadership.
I've asked the following question twice 4tS regarding the claims that sales are flourishing in the UK because ActiPatch is included on the national insurance coverage of the NHS for sales generated by a Physician prescription......
"What were the BIEL sales last year in the UK, since it is free on subscription by Physicians under the NHS system?"
So what if ActiPatch is covered. If Physicians are not aware of ActiPatch, they won't write it. Similar to claims that B.Braun sales are robust too. B.Braun has been inactive in generating ActiPatch sales for 4 years and never did much. Source? Andrew Whelan 18 months ago, "We haven't done anything with Braun for a couple of years." Hype and bunk pre-Keith Nalepka still being sold by misleaders.
Beautiful post 4tS - the toxicity factor connected to the share structure - deadly!
Even more simple. Read post #208972 and look at some of the words used by the SEC in referring to the Whelans. Then use even simpler common sense to determine if shareholders were victims of a colossal scheme to deceive. 62 billion shares, no deals and the pps in the toilet is both the evidence and unacceptable. Not debatable.
Words like ill-gotten gains, $1.8 million in profits, references to a lack of veracity, absurd testimony, all while the rest of us languished in the toilet for a decade, disgorgement, fines, barment.
If the game could move on toward success through prudent management, instead of trying to bleach the Whelan former regime and past to lily white and squeaky clean, we will be further ahead. Can't make a silk purse out of a sow's ear!
There are serious corporate management steps to be carefully considered as described in post 208513. Those steps are a summary that evolved from discussions amongst numerous very bright people - quite a list when one reviews the names, and has very wide support that would surprise many.
Can't imagine anyone not wanting changes that will help all shareholders, mostly the Whelans, climb out of the toilet with a successful BIEL. Seems better for the Whelans to implement remedial steps proactively, than to have numerous shareholders formally complain and demand action by the SEC and have them use words like disgorge, etc., again.
Remember, the many years of incredibly costly charges, distractions and legal procedings with the SEC arose because of a complaint by an irate scoundrel accountant who misrepresented himself as a lawyer and Andy Whelan caught him and terminated him without paying him. How do I know? Andy Whelan told me the details over a number of years. I advised him to give the guy some money to go away. Another, "No". Cost of that "No"? Incalculable!
Please see post 208513 for a simple 7 step plan for immediate corporate management changes at BIEL to position the company properly for success for all shareholders.
If BIEL doesn't do something right, quickly, then SEC will make her life a nightmare for the next 10 years. You don't think SEC has been watching? How naive.
How do you sink lower that banned for a year from any involvement in penny stocks and fined hundreds of thousands of dollars? Impossible, unless you are a toilet dweller living with toxicity of past transgressions of corrupt management you were part of. Tick tock. Sad, but true. pps tells the truth.....should be at $ .02, which is why she and all Whelans need to take a vacation. Keith Nalepka needs to say, "I've got this!"
Have your research redirected so it points to Andrew Whelan, Kelly Whelan Ibex, SEC decision, fines and a 1 year SEC barment from any activities whatsoever involving penny stocks.....as a starting point.
Have your research redirected so it points to Andrew Whelan, Kelly Whelan Ibex, SEC decision, fines and a 1 year SEX barment from any activities whatsowver involving penny stocks.....as a starting point.
No idea tito - very unclear.
The company - Whelan family - would be well advised to address the 7 elements in the remediation plan articulated in post 208513 and a review of 208738 before doing another thing. Particularly the revision to the outrageous share structure engineered by the late Andrew Whelan. Kelly Whelan will never see a bigger opportunity to do the right thing and assure her own success!
The pps would, IMO, immediately rise out of the toilet its been in for many years. How does an early morning volume of almost 300 million shares not shift the pps one iota? Easy - toilet trained.
Better question......who bought them?
Except for five issues -
(1.)The company doesn't have the cash to pay off the loans and interest;
(2.)Individual lenders made those quite modest loans to help the company at a time when it couldn't meet payroll, something not revealed before this;
(3.)Individuals who did make those loans are under water to this day;
(4.)The major factor is that the Whelan family, without a forensic audit, was not deserving of 35 billion shares, as a result of a revolving financing model put in place by Andrew Whelan; and
(5.)A lack of truthful information and facts. I would love to share the details, which would embarrass detractors of those who helped the company when it was on the brink of insolvency, but that will never happen!
Not quite 42S . . . . please reference post 208513
You suggest - "This is where I get lost: If we removed 35 billion shares from the potential of 62 billion shares that would be 27 billion shares owned by non-insiders. If my logic is correct, I don't see there being 27 billion shares, or notes convertible into shares, being owned by non-insiders."
I suggest - "1. Immediately revise the outrageous shareholdings of the Whelan/IBEX/St. Johns master plan that resulted in total shares, on conversion of all Promissory Notes securing convertible loans, of around 62 billion shares. It seems the Whelans would own around 35 billion of that 62 billion or 60% +-. By reducing their shares by 28 billion, to 7 billion, the new total becomes around 34 billion and they would then own 25% +-. No questions, no buts, no nuthin, it has to be done. Some say it should be reduced to 3.5 billion, max, that's a judgment call, whatever it takes to repair the previous damage. The question becomes, would you rather own 60%, 35 billion shares, of a crippled company worth nothing and going nowhere fast, or 25%, 7 billion shares of a company under restructuring, that gives a toilet dweller half a chance to scratch and claw its way out of that toilet?;"
Difference?
You say - 62 billion minus 35 billion equals 27 billion owned by non-insiders
I say - same 62 billion minus 28 billion of the Whelans 35 billion leaves them with 7 billion..... and leaves the AS at 34 billion and a great likelihood of success, when potential investors and current shareholders look at 34 billion versus the current absurd 62 billion...... It would be easy for the Whelans to protect themselves from any moves on them by getting on board with other large shareholders. You can't see more than 27 but they are there in Street Form. . . .
Please keep in mind this is but one element of 7 suggested that would create much respect and confidence in BIEL management and eradicate the name toxicity from the past. Kelly Whelan would immediately emerge as a folk hero in the media as someone with integrity and courage who got out from under many years of difficulty and did the right thing for her shareholders . . . .
OK? Sorry for any confusion I caused you.
"So you would rather see BIEL make No Deal if an NDA is required?"
Not just an unrealistic expectation, but makes no sense at all. I don't believe that is what was implied. NDA's are normal to prevent leaks to the wrong people and to prevent one party in the negotiations from shopping a potential deal to a third party, competitor, etc. It's a wonderful way of establishing rules of decorum when one is opening one's kimono, revealing confidential information, tactics, etc.
I'd be disappointed if there were not NDA's in every discussion.
My gut tells me that if there were such a Presser to announce positive remedial changes to the share structure and the other suggestions in the 7 point remediation plan, along with a major deal announcement, the result would be in the low cents, but that's just my opinion.
Reducing the Whelans outrageous holdings from 35 billion shares to 7 billion, thereby lowering the possible AS from 62 billion +- to the 34 billion+- share level will produce dramatic upside for all shareholders with sustainability. Lower likelihood of sliding back into the toilet, where BIEL has made its home for a decade!
Good post dog - I feel this may be a case of 'only a fool doesn't change his or her mind'
Even though Kelly Whelan testified, under oath before the SEC, that she had made a few million in one particular year and was severely disciplined and fined by the SEC, she has also been exposed to what was and should have been done differently at BIEL in the past and knows what the law is, with respect to her future activities. Anyone having spent years and hundreds of thousands in legal fees embroiled in an SEC investigation knows what to do and what not to do. There is little or no leeway in cases of recidivism, so we can be comfortable she knows the rules of corporate governance. She also has a great team with her and is consulting legal counsel.
So, having said that, and knowing she will have herself on a very short corporate governance leash, and with the terrific team at BIEL, I believe we can rely on the 7 step remediation plan described frequently here and in post 208513 as portraying possible ways forward and know that it has been reviewed internally at BIEL.
We also know from information published by the company that the CEO is now over half way through her self-imposed 180 day window to success from the first week of October. That timetable would seem to be sacrosanct, by its significant origin, and therefor reliable as a driving force for management. That timetable, combined with the timing of the FDA assessment of the general 510(k) (including the back) and the ongoing discussions with potential market partners should further assure us that there is a prevailing sense of urgency at BIEL.
The remedial element that will be the last gasp, screaming, kicking and whining resistance, by the Whelan family is the remedial element involving fixing the outrageous share structure. It will be hard for them to 'get' that there is less risk to them by reducing the AS and their holdings to around 7 billion shares, as described, rather than maintaing the toilet position they have with 35 billion shares potentially of the 62 billion possible, as such consideration is antithetical to the philosophy of greed prevailing at BIEL for years before October 2019. It will be a fine test of their wisdom, to see what they do. The important issue is that they are in the toilet now, have been for years, and the road to their financial success is both shorter and more substantial by fixing the share structure as suggested, when compared to leaving it in the current toxic toilet.
Remember, it was Andrew Whelan who latched onto the potentially self-serving financing revolver - the convertible Promissory Note financing model used by a couple of New York financiers who lent BIEL funds in the early 90's. He described it to me himself. It drove him nuts that the NY financiers made out like bandits and he didn't, thus the Whelan end-run on the financiers and the emergence of IBEX in their place. It was supposed to be very short term until FDA cleared ActiPatch, but here we are more than 10 years later with possibly 62 billion shares in shares and notes, ugggghhh.
Simple solution, no drama, just needs fixing, so get it done. Once done, the toxicity of the past 10 or 12 years will be partially assuaged and Kelly Whelan can then get past the emotional recent times and run the company with her head and not her heart. She stands to amass wealth in the hundreds of millions for her family if she has the talent and uses her head, but she needs to fix the share structure quickly, otherwise believability and trust will remain as her double-barreled nemesis. We will see if she has both in the next 90 days of her self-designed 180 schedule to success. Tick tock . . . . Is 90 days soon?
Just saw a typo in item 1 - apologies, looks ok now. Happy New Year.
Seems appropriate, at the 90 day halfway mark of the management self-imposed 180 success deadline, to wonder about basic changes needed to create the envisioned success.
Changes to outrageous share structure have been suggested for many years. The list of prudent management steps below was posted on December 6th, as a brief synopsis. Now, almost 3 months since management changed, or did it really? The effect on share price is obvious if common sense prevails over greed and stupidity. Note that with numerous positive steps by the BIEL team on sales and FDA, the share price has not moved at all, zero. Only time with tell if they will do the right things or not:
If I were running the show, particularly given that Whelan family management is seeking additional investment by current shareholders, here are 7 simple steps I would take today, to reverse the outrageous damage by previous Whelan management, in order of priority. Without the outrageous share structure change suggested, how could anyone in their right mind place trust that things have changed snce early October? Not a chance. You would think they would be embarrassed. It would have been the first thing on my list and share price would not be in the same toilet its been in for years!
To me, and in the opinion of numerous shareholders who have voiced their opinions in the last 3 months, success requires all of the following calm, remedial actions, not just one or two; that obviously won't work and shareholders and the marketplace are not stupid. All of the suggested steps, and as rapidly as possible, to demonstrate openness, initiative, courage, earn trust, attract new shareholders and a plan involving steps for success. No more delay:
Only time with tell if Patricia and Kelly Whelan will do the right things, or not. It is to their direct financial benefit to just bite the imaginary bullet and protect themselves by incorporating vision, instead of remaining mired in absurd greed:
1. Immediately revise the outrageous shareholdings of the Whelan/IBEX/St. Johns master plan that resulted in total shares, on conversion of all Promissory Notes securing convertible loans, of around 62 billion shares. It seems the Whelans would own around 35 billion of that 62 billion or 60% +-. By reducing their shares by 28 billion, to 7 billion, the new total becomes around 34 billion and they would then own 25% +-. No questions, no buts, no nuthin, it has to be done. Some say it should be reduced to 3.5 billion, max, that's a judgment call, whatever it takes to repair the previous damage. The question becomes, would you rather own 60%, 35 billion shares, of a crippled company worth nothing and going nowhere fast, or 25%, 7 billion shares of a company under restructuring, that gives a toilet dweller half a chance to scratch and claw its way out of that toilet?;
2. Make a commitment to absolute transparency with shareholders, who may or may not invest further funds in the restructuring, unless there is a business strategy or position to protect. Without such openness and transparency, why would anyone consider further investment, given the abject history?;
3. In the case of potential investment by existing shareholders, put your best offer forward, so they don't feel they are still being jerked around. The toxicity of the past lingers and that must be eradicated by the new management culture, otherwise, forget it;
4. Clean the house of the toxicity of the previous crippling dictatorship. It does not matter what was done right. There were dozens, hundreds, thousands of things done right and professionally by the collective dedicated management team of BIEL. A restructuring like this only involves those many negative aspects that put the company in the toilet and nothing else!
Those are known with pinpoint accuracy and there is always a lingering toxicity associated with a dictator's name, particularly when nepotism in king.. Take a silent back seat for a couple of years. It has and will be said, "that was him, this is us". Nonsense! You can't get rid of family name toxicity and stench with words, you have to spray the joint and then disinfect it, produce tangible results! The company was infected! Get over it! No blame, just get rid of the infection. Without doing that, people are saying, "really, but they are so and so and so from the past and weren't they highly involved all that time? It's still the Whelans!" Swallow the pride and anger, realize that successful businesses are run with heads, not hearts, and just get rid of the infection! And, the longer it is delayed, now almost 3 months,the more the infection spreads, it's what poison does. Why wait and remain in the toilet?;
5. Increase the Board of Directors to 5 or 7, increasing it to 3, two Whelans and Keith Nalepka, makes it still a Whelan board, that makes Keith Nalepka vulnerable to the greed of the past players. Not a solution, not even close. Remember, shareholders are not stupid, as was often said at BIEL! Place trust in the new slate of Directors to make prudent decisions and manage this toilet dweller out of mushroom land. If mistrust is the order of the day, then misery will remain. No one really cares what's in the books, everyone can easily imagine the decade of self-serving gymnastics that went on, past employees have shared the reluctance of management to opening up the books. Pssssttt, no one cares, unless they are angry at having lost money! Shareholders are only looking forward to restructuring and success, not backwards, out of fear and guilt, that there were games. Of course there were games.;
6. Delegate all responsibilities of communication with the public and shareholders to Keith Nalepka and Dr. Sree Koneru. This will give them the credibility they need and deserve and help to eradicate the toxicity. Announce it today, not tomorrow, today;
7. Negotiate the best deals, with as many retail entities, as quickly as reasonably possible. I said to previous management a dozen times, "just make the best deal you possibly can early on. Once you are on shelves, others will come, but get the first one or two done. Retailers cannot stand that competitors have SKUs they don't have." The response? "No, why should they make all that money?" Imagine saying "no" to CVS, Dr. Scholl's and KT Tape, for thirty seconds and you will shake your head for a week, which is what I did! There is much more, not worth repeating. Keith Nalepka knows how to do it, let him do it.
May I suggest reading two posts, 207902 and then 208009, so you might review the thoughts of a number of shareholders on a positive way forward for BIEL?
To quote an individual, no longer with the company, when I enquired about silly rumors about large B. Braun sales, "Nah, there haven't been any sales with Braun, we stopped that a couple of years ago......."
It would be embarrassing for some to know how long ago that conversation was, so it will remain unaddressed.
To be fair and reasonable to FDA staff, the 2009 (+-) 510(k) submissions by BIEL for review and OTC Clearance portrayed ActiPatch efficacy based on the heat generated by the device. This was incorrect, as determined by FDA under lab examination and testing. Initially, an individual at BIEL stated FDA people were stupid. I disagreed stating they must have discovered something wrong in the submission or the science. We went toe to toe.
After a time, scientists with BIEL reassessed and resubmitted. ActiPatch was cleared for the foot and knee February 2017. All that took 8 years! Thank God for Drs. Richard Staelin and Sree Koneru!!!!
Total nonsense. Andrew Whelan incorporated the IBEX share churning scheme into his plans many years ago. It was intended as a very temporary bandaid to provide short-term financing for 90 days while FDA was ramming the ActiPatch clearances through, as demanded by the same Whelan. That was 2008- 2009.
Over 10 years later, the Whelans are simply not entitled to cover and hold onto 35 billion shares, over 60% of the company, gained by churning the revolver financing scheme over and over for many years of ineptitude and bumbling. Facts!
That was done even when FDA got back to Whelan many years ago and said, "Listen, we find your 510k submission based on heat to be nonsense, there is no heat issue, you need to go back and properly determine and describe what you've got. You've got something, it's just not heat-based and you have to tell us!"
Should shareholders pay for that level of foolishness? No! Doctor Staelin assessed and revised the science with Dr. Koneru, ActiPatch was resubmitted and the first clearance issued by FDA.
Time to stop the nonsense and manage BIEL like a business; not like a dictatorship, based on falsehoods, self-serving gross negligence and self-dealing.
The Whelans now have a real opportunity to reverse the previous egregious theft of shareholder value over many years. The 7 point plan works and lowers the Whelan % of the company from 35 billion shares, more than 60%, to a more fair 7 billion shares or around 20%.
Leave things as they are and the company stays in the toilet and people laugh at the thought of investing in a toilet. Make the positive changes in the 7 point plan and the company (shareholders) thrive.
Nonsensical assumptions - no knowledge of events, no facts.
Only thing that will kick BIEL out of the toilet, with any solid sustainability, is implementation of the 7 point plan published here a few times. Travel today prevents me from posting it again, can someone help out please?
Entirely up to management to decide - toilet dweller or wealth. Check my posts yesterday too for financial ramifications on the Whelan family of the plan. We all win or lose together, including them!
Foolish nonsense, the Whelans would still hold more than 60% and all shareholders would be disadvantaged.