Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
QUOTE
"simpsonly, why on earth would the Whelan's give back un-earned gains of millions of Biel shares? Think about this - does a bank robber only rob a bank once? NO, if they get away with it once they keep going until they are brought down - caputured - or arrested....Whelan's will NOT stop screwing shareholders because they have gotten away with it for many - many years and why stop now?" UNQUOTE
Why???? The appropriate choice of words say it all. Not how I phrased my opinion, but yours must be respected too.
"why on earth would the Whelan's give back un-earned gains of millions of Biel shares?" - unearned gains"
"does a bank robber only rob a bank once? NO, if they get away with it once they Whelan's will NOT stop screwing shareholders because they have gotten away with it for many - many years and why stop now?:"
Because of events over the past month, the individual completely in charge, ruling with an iron fist for over 12 years, is no longer involved. Period, done, over,
If the logical successor, no longer entrapped, as she was for decades, makes the unencumbered choice to now do the right things: surrender and cancel 28 billion bogus gained shares; stay in the shadows for a year or two to erase the toxic name recognition; appoint an Interim CEO to lead and run the operation; allow Keith Nalepka to do his thing, without bizarre interference; enable a slate of 5 or 7 Directors, if anyone will even stand, on a new BoD; and let BIEL become successful, as it should be, every Shareholder will win!
The clear choice is there, wealth and fame for having done the right thing. Or continue down the walk of shame, pps remaining in the toilet, bankruptcy, and most of all, known globally as the person who cleaned up a horrific mess or the person who maintained a stinky legacy of screwing shareholders. It is so simple!
Quote
"It is just hard to believe that once shares are locked up in your vault that you would open that vault and voluntarily return a significant amount of wealth, you already HAVE --- ESPECIALLY when history shows that ALL in the family (IBEX) have been screwing stockholders forever. Why change now? Seems the SEC has not bothered any of them before! But believe me, if THAT is what they fear, then by all means let THAT be the reason to return their'scammed' shares back to the company and its stockholders. Because there is no doubt, that would be perceived as a positive by investors AND the market!" UNQUOTE
It's never about 'who's' right - only about 'what's' right.
If the likely mathematics result in someone making a few million, or going broke, while defiantly holding into 35 billion of a total of 60 billion shares of a bloated share structure in the radar, spotlights and crosshairs of the market, retailers, shareholders and regulators.....OR if by surrendering and cancelling, say 28 billion of the 35 billion, retaining approx. 7 billion shares; unencumbering the company greatly, attracting new investors, having litigation and regulatory prosecution disappear AND create many more millions in wealth for your family, that would be very, very intelligent.....
After many years of negative management control and penury, it would also put a positive light on BIEL and a spring in everyone's step that the family finally did the right thing by ending the years-long screwing of shareholders. It's time!
SEC, regulatory and civil litigation, self-dealing, malfeasance, to name but a few reasons for putting things right and moving on.
I just think the surrender and actual cancellation of say 28 billion of 35 billion held by the Whelan family would be a brilliant and timely step toward assuaging the continuing anger of long time Shareholders who know how small the Whelan investment in BIEL actually was.
Virtually impossible to gain Shareholder confidence while Whelan family holds 35 billion or so of 60 billion shares in Prom Notes and shares in IBEX (Whelan's daughter Kelly) and elsewhere. The discovery and revealing of the off-shore broker selling Whelan shares and taking 50% of the proceeds was a major blow to Shareholder confidence and it all needs to be addressed ASAP to wipe the slate and restore Shareholder confidence.
If it's not done quickly, people will wonder 'why' and the opportunity will be lost. Doesn't matter if the gaining of approx. 35 billion shares was technically legal or not, or just smelled like conflicted self-dealing, it's how such activities are perceived by others. It needs to be cleaned up and I believe if the family makes the right moves, perceptions by all will change to more positive!
"investor confidence, that was understandably lost."
No question about it; so bizarre that it looked to me that failure had to be deliberate. It was even hypothesized that success didn't matter, just as long as the revolver financing model was successful. I know from numerous sessions with AW that he only wanted success for ActiPatch and the financing model was the means to keep the doors open.
Makes my suggestion that the family surrender shares a fair resolution. See my previous posts for the formula. Everyone connected to ActiPatch deserves the rewards of its brilliance.
If I were involved, and I'm not, I would reveal my credentials at a Shareholders meeting, properly called to present an agenda for the future. Surrender and cancellation of shares by the Whelan family; appointment of interim CEO, who would then chair the meeting. Ask for the support of investors going forward; current status report; future objectives, without specific details; and introduction of the slate of Directors for a new BoD.
I would repeat the request for Shareholder support and indicate sensitive information would not become public because BIEL will have strategic business positions to protect. Then, Shareholders could decide they were satisfied or not.
Life is perhaps not quite so black and white. There was much grey, borne out of bullying and intimidation and almost total lack of a plan. Last thing anyone should want is to reflect on what was. It is hurtful and unproductive and another form of bullying of those who can no longer defend themselves and hurtful of those who were close to them.
No one 'let' anyone run amuck and disregard anything. Rather, people, good people, were powerless and with no means of gaining any leverage whatsoever. Most employees naturally assume corporations are managed like a democracy, particularly when someone with all the leverage declares it be so and gives in a little, here and there, only just enough, when needed, to keep the troops in line. That's not a democracy, it's a Dictatorship.
It is a fact that there has never been a case of a Dictatorship where the Dictator retired with a pension and was respected and appreciated by most of those under his or her control. I could go on, but it is a time of healing, since everyone, regardless of relationship, was a victim. How we do one thing is usually how we do most things. Why would anyone have been exempt?
Give it a chance, apply some patience. Getting past the name toxicity mentioned and the need for the surrender and cancellation of probably 28 billion of the 35 billion or so held by the controlling family, which they did not pay for and which form the majority of the 60 billion or so shares that will exist on redemption of all Promissory Notes are the first key steps toward viability and success. Then forming a BoD and appointing a CEO and Chair are next. If those in control cannot see that this is the only way the company will succeed and shareholders benefit, then they will have failed and will pay the financial price of foolishness.
Please review posts 203114, 203131, 203135 and 203459 if you have any interest in further thoughts and opinions on how BIEL may have a chance of getting to $.05. ActiPatch is a great device, just needed sound management from the get go. I think it now has a second chance at greatness!
No. There must be timely, professional announcements of results of marketing and sales efforts, as they come to fruition, deals made, marketing and sales plans with major retailers in place, not as tidbits of speculative carrots and teasers to manipulate investors by the company.
The ship is already turning, from floundering since the FDA foot and knee clearances in February 2017, to circling rudderless without direction for 2 1/2 years in a fog of numerous issues, to now being stabilized and moving forward.
The more that can be accomplished without revealing any details, the better off all shareholders will be. Egotistical is a thing of the past, commonsensical is and must remain the management style going forward.
Only things preventing BIEL's reaching .05 are people and stupidity. The ActiPatch device is a miracle, the US market of tens of millions needs a simple, safe pain solution; the retail machine is in place - merge them together and BIEL is the winner it should be.
Oh boy, thank you - a typo for 5,000 ActiPatch devices. My profuse apologies. I prefer to focus on what it will take to generate many 10's of millions of devices annually into the global market with superior leadership and profitability for all shareholders. 10K, 15K, who cares? Far more important than a shipment to Singapore is to note that getting the CE Mark renewed so the first order goes into mundi Australia at the earliest possible second, if Keith Nalepka can do his magic and pump oxygen into that soured relationship. Here's hoping, because without it, that's an entire continent gone.
Careful - I think she is the logical and best person to be playing the hand.
Let's look at the common sense, if I may.
1. No one knows more about the corporate aspects of BIEL than Kelly Whelan, except perhaps Mary Whelan and Dr. Richard Staelin, both of whom simultaneously retired from the BoD around December/January 2016/2017 because the then CEO would not heed the warnings of Physicians to have bypass surgery after two MI's one mild and one serious and defiantly refused to work with them to craft a succession plan.
2. Kelly Whelan's fingerprints are all over the company. Fact.
3. She was integrally involved during the past 12 to 18 months as AW unfortunately deteriorated. It could not have happened instantaneously. I'm trying to be sensitive here, but I noticed it and posted on it.
4. She saw every detail of how not to advance BIEL toward profitability. Every alienation, every screw-up, all the while being fiercely loyal, but she saw it all unfold - the what not to do.
5. Despite Keith Nalepka putting everyone else to shame with his successful sales efforts, she saw and knows what he can do, if, repeat, if motivated, led, and encourged properly.
6. She, of all people, knows of the toxicity of the name and all that's about, SEC, retailers, suppliers, the marketplace, etc. She knows through various channels that she must disappear for a year or two and maintain a zero profile until the company is successful and she can earn the trust of others. She also knows, deep down, if she has the character, talent and skillset to be an effective leader and motivator. Very few do. Or would she rather silently co-lead from the sidelines? It's an art, but she's far from stupid.
Fundamental question, would she rather be filthy, stinkin wealthy or hated as an incompetent buffoon CEO and stressed out by her own stumbling screw-ups and headed for a heart attack? If you're not a good 'fit' as a CEO leader, it is likely to be a nightmare. BIEL was a nightmare, for everyone! Why repeat the nightmare?
No request needed - it's an industry standard and part of the boilerplate clauses of every contract. No communication whatsoever unless the parties agree as to content and PR process. It's usually done under the banner of the retailer, as headliner, because its forces are already building the marketing and ad models, timing of sales units, inventory, training, etc. For a company like BIEL, the information and instructions are all contained in the Buyer's info package to new sources. The thou shalt not list.
Let me save them the money Steve.
"Seeking Legal counsel" is a filler. Nonsense.
Company requires a minimum 3 Directors, according to the 3 corporate governance pdf documents circulated recently.
Suggested many times making the BoD slate 5 or 7. On balance, could BIEL attract 5 or 7 competent experienced directors? Probably not, and certainly not a chance in a million without D&O insurance, which BIEL has no funds for.
Rest of Shareholder email is 90%+ filler. 10,000 device order being prepped for Singapore is nice; but it's a filler side-step of the fact that an order has never been shipped to mundi Australia because there is NO CE Mark!
No lie many weeks ago when first raised, mundi demanded its $350k up-front back since it had been deceived. Facts! Hopefully and perhaps Keith has reversed that colossal screwing of mundi. Hope so. Great device, Australia is a great market, mundi a great company!
Plantar fasciitis company has to be Dr. Scholl's- can't be anyone else and I'd bet the farm on Scholl's. Highly competent and have the foot space nailed.
My hope is Kelly Whelan has the foresight and good judgment to realize her name must not appear for a couple of years as an Officer or Director to allow the toxicity of 10 to 15 years to dissipate. Every day is another day of throwing open the welcoming doors for ActiPatch to enter the US pain space.
Only two things left are for the Whelans to surrender all but a few billion of the shares they DIDN'T pay for to give the company a chance to survive. See my earlier post that explains the math forward in detail.
Simultaneously appoint an interim CEO for a year or so to right and guide the ship and it's great group of competent employees. Who it should be is no secret, it is contained in the Strategic Plan submitted in April after Andrew Whelan asked for help, wishing to retire. 6 months ago. Imagine what could be, had that Strategic Plan been accepted and implemented??? Let's start with a lot less stress!
Correction last paragraph. . . . typo. . . . aplogies
My personal donation to the legacy of my friend Andy Whelan, curmudgeon extraordinaire, which I told him many, many times and all BIEL shareholders. . . . . not the first. Please see my ***
That's exceptionally sound advice. *** I know it is. Does something to address share structure, lessens or removes some toxicity, *** no, removes the toxicity of the name to a memory, thereby protecting Kelly Whelan and establishing HER legacy on the fly as wise and decisive. . . . . is good for shareholders, *** yup.... positions the company to move forward in positive directions. *** in ALL necessary positive directions simultaneously!!!! The key is to keep all the balls in the air, hell, that's just brain power, delegation, dexterity, tactical agility, business wisdom, experience, leadership and fun!
My gut feeling is that it won't happen, but I would like to be wrong about that. *** Attitude change. . . . failure is no longer the option and way of life at BIEL!!!
If some of the previous companies interested in BIEL are willing to re-open talks, that's the most positive sign in quite some time. ***They will ALL be interested. . . . they were initially interested and became disinterested by negative forces. Keith Nalepka and others involved in sales and marketing will sell them that they are interested!!!! Still need the right CEO to make things happen (and yes, a competent BOD). *** Yup to both. Need winners!!!
This is a real opportunity to salvage BIEL *** YES! and (re)create a company that could successfully market its products, ***YES! start to run positive cash flows, *** YES! turn profitable, *** YES! and move forward with alacrity. *** ABSOLUTELY! I'm saying winning and deals and profits and laughing are all contagious!!!!
The flip side is that a couple of wrong moves out of the chute and it's quite possibly game over. *** Correct, takes the moves of a surgeon, the touch of nuthin but net, the creativity of Keith Nalepka's sales experience and the hopeful wisdom of Kelly Whelan to sit quietly, fasten her seatbelt, disappear for a year or two to allow the toxicity to subside and make a lot of money!
Executing on your ideas would serve to make the company attractive to new investors as well - *** yes, very astute - a given!....just another plus.*** one of many.... We shall see soon enough..... *** yes we will, it's not hard, it is challenging, it is precision work and it requires building trust among the BIEL employees that they can trust again and that could be a challenge. They are pretty good people, give me 2 hours, the BIEL journey can be recited from memory going back through more than 10 years . . . wish I could say more . . .....most of it was surrounded by a siege mentality, nuff said, time for BIEL employees to arrive in the morning early and optimistic, confident ActiPatch will win and they will be rewarded. Shareholders need that too, instead of hammering on each other stupidly. Everyone deserves a win here!
My personal donation to the legacy of my friend Andy Whelan, curmudgeon extraordinaire, which I told him many, many times and all BIEL shareholders. . . . . not the first. Please see my ***
That's exceptionally sound advice. *** I know it is. Does something to address share structure, lessens or removes some toxicity, *** no, removes the toxicity of the name to a memory, thereby protecting Kelly Whelan and establishing HER legacy on the fly as wise and decisive. . . . . is good for shareholders, *** yup.... positions the company to move forward in positive directions. *** in ALL necessary positive directions simultaneously!!!! The key is to keep all the balls in the air, hell, that's just brain power, delegation, dexterity, tactical agility, business wisdom, experience, leadership and fun!
My gut feeling is that it won't happen, but I would like to be wrong about that. *** Attitude change. . . . failure is no longer the option and way of life at BIEL!!!
If some of the previous companies interested in BIEL are willing to re-open talks, that's the most positive sign in quite some time. ***They will ALL be interested. . . . they were initially interested and became disinterested by negative forces. Keith Nalepka and others involved in sales and marketing will sell them that they are interested!!!! Still need the right CEO to make things happen (and yes, a competent BOD). *** Yup to both. Need winners!!!
This is a real opportunity to salvage BIEL *** YES! and (re)create a company that could successfully market its products, ***YES! start to run positive cash flows, *** YES! turn profitable, *** YES! and move forward with alacrity. *** ABSOLUTELY! I'm saying winning and deals and profits and laughing are all contagious!!!!
The flip side is that a couple of wrong moves out of the chute and it's quite possibly game over. *** Correct, takes the moves of a surgeon, the touch of nuthin but net, the creativity of Keith Nalepka's sales experience and the hopeful wisdom of Kelly Whelan to sit quietly, fasten her seatbelt, disappear for a year or two to allow the toxicity to subside and make a lot of money!
Executing on your ideas would serve to make the company attractive to new investors as well - *** yes, very astute - a given!....just another plus.*** one of many.... We shall see soon enough..... *** yes we will, it's not hard, it is challenging, it is precision work and it requires building trust among the BIEL employees that they can trust again and that could be a challenge. They are pretty good people, give me 2 hours, the BIEL journey can be recited from memory going back through 2 years.....most of it was surrounded by a siege mentality, nuff said, time for BIEL employees to arrive in the morning early and optimistic, confident ActiPatch will win and they will be rewarded. Shareholders need that too, instead of hammering on each other stupidly. Everyone deserves a win here!
Not if Kelly Whelan is not involved as an Officer or Director or as a spokesman in any way. Hell, I would implement that plan for nothing because it all makes sense! I have suggested many times, and I'm not a compensated shill, Kelly Whelan would best serve herself, the Whelan family and all BIEL shareholders if she stays silent and invisible for a year or two and comes out the other end filthy rich!
But the key is to start the process described earlier quickly! Not next week, quickly. The hardest part? Starting it! The critical question that must be asked, "What is the worst thing that could happen to me?" How about wealthy!
But, it does not and should not have to come to that. It can be a totally personal gesture, motivated by nothing other than the wisdom of knowing the gesture will likely pay of better for the Whelan family, than the company languishing at 60 plus billion shares of bloat.
You see, had the FDA decisions come more rapidly, hell, go back farther, had BIEL made its FDA applications based on the current science rather than based on heat, in 2010, this company would have been profitable 8-9 years ago with 10 to 12 billion shares max. And selling 50 to 100 million ActiPatches annually now. Didn't happen and we can't change it, but it can be fixed and, with wisdom and tactical planning, it can happen amazingly quickly.
The order of priorities could be, toxicity attached to name, stay low for a year or two, interim CEO, Board of Directors of 5 to 7, perhaps an Advisory Board review, sales efforts, Dr. Scholl's, CVS, athletes through KT Tape, dealing with creditors, funding, branding, marketing, communication, leadership, political savvy, diplomacy, motivation, all with dexterity and a soft touch. . . . . piece of cake, and with the greatest little pain management and remediation device in the world, cleared by the FDA???? Oh baby! What a blast to be a fly on the wall for this turnaround. Only thing stopping this magic is the inability to do it, fear of continuing to lose and people. Time to lead, follow, or get the #%&* out of the way. Easy. Time to lead, follow, or get the #%&* out of the way. Easy. Trick or Treat baby, try my ActiPatch!
p.s. winning is infectious, pain-free is infectious, profits are infectious! Instead of the old Opioid epidemic - start the ActiPatch epidemic. . . . can’t live without it!
Three very constructive, forward-thinking and wise questions . . . .
"(1)My question is, how are we going to get the 'family' to return much of the shares they amassed from this family friendly loan deal? With the initiation and implementation of this loan deal BY AW AND THE FAMILY, they have shown us that they are very self serving with this company. (2)Why would they change now and return those self beneficial shares they have acquired from this deal?
AND (3)WHY would anyone EVER think that KW (daughter and IBEX owner) would be any different if SHE were CEO?
Happy to work constructively on solutions.
(1) I expect the 'family' will do the smart thing and surrender most of their self-dealing gotten 35 billion plus/minus shares back to the BIEL treasury for removal, on the basis that it will improve the value of the shares they retain, because for them to maintain 35 billion plus shares is to keep that bloated foot on the throat of the company. In other words, the value of what they retain will be higher than the 35 billion plus/minus they hold now, 35 of 60 billion or so.
Do the simple math. Say, the company at this moment is worth $36 million - 60 billion shares X $ .0006. Let's say they surrender 28 billion of say that 35 billion and retain 7 billion. That 35 billion today is worth $21 Million at $ .0006, but don't forget, they could not sell them at that price, guaranteed! If they retained 7 billion shares, the pps need only go to $ .00172 for them to be at $12,040,000 in value. That is the significance of the numbers here. Kelly Whelan is a CPA, she will have already figured this out and if she is awake and alert AND at all wise, she has also already figured out that by retaining 7 billion shares of their 35 billion shares, the family is farther ahead by surrendering 28 billion of 35 billion when the price rises from $ .0006 to $.00172. Hell, the pps rose to $ .005 on the FDA foot and knee clearances in February 2017. It's pretty much a given it will do so again, and much, much more; my point is, a much less bloated 33 billion shares is far better than a bloated, choking 60 billion shares. People before her always wanted only grand slam home runs, in every facet of the company - doesn't work, really stupid. Hopefully she is much wiser than that. Remember, pigs get fat, hogs get slaughtered!
I think this answers #2 for you as well.
As for #3 question, it is sort of a two-part answer, sort of philosophical. Let me try. I don't know her, knew her Dad well. It is hoped that Kelly Whelan is not a chip off the old block, but is capable of thinking through, on her own, the obvious quandary facing her - of quickly realizing that she is now free as a bird to find her own unique wisdom, no one else's forced down her throat, of how best to proceed, particularly given her professional training.
It is early days, very early days, but she must choose the wisest course, not the one her heart suggests she should, like a voice from the past. To become wealthy, one had best runs one's business from the head, not from the heart. Part of her must know that the name is toxic to the success of BIEL because it contributed to the quagmire of the past. If she has seen or heard of more than one instance of positive response in the past few weeks, that is not by accident, - there is the proof that up to the end of September there was nothing positive, only toxic, gridlock vs forward movement. If any company wants to talk to BIEL, that is the result of a new dawning. If any of Dr. Scholl's, CVS or KT Tape will even take a phone call from BIEL, let alone agree to meet again and re-open discussions, as, by the way, should happen, that is profound evidence of a new dawning!
She just has to resist the pull from the past, quietly cry at the lights being turned on and find the wisdom to stay quietly in the background for a year or so, until the toxicity of the past ebbs away to inconsequential. Strike a new Board of Directors, appoint an interim CEO, stay the hell out of the way and let the people at BIEL who are loyal to ActiPatch roll it out. And do it as quickly as humanly possible! As I say, I don't know this lady, never spoken with her, but I know she is smart, because her father told me she was for years. Question now is, is she wise? Don't know her, but the above is what I would say to her, if I did. Or my own child. She deserves a win, we all do. We shall see.
There is no room for the word huge or hypotheses in increments of million or 5 millions or 20 millions. There are only a few realities, sad though they may be, hard though they may be to accept.
ActiPatch is brilliant, no question.
Q1 sales were $141K, ditto.
Q2 sales were hmmm $343K, ditto
No CE Mark, fact
No exports to mundipharma Australia, fact.
No sales force other than HO anywhere, fact.
No exports shipments to EU or UK, fact.
No cash, fact.
No U.S. deals
No CEO and no Board of Directors
Large debt load, fact.
Large payables, probable.
No time.
And the name Whelan largest shareholders is toxic, fact.
BIEL needs speedy triage to start painting a pristine picture of health, without the toxic Whelan name anywhere to be seen. Don't even mention greedy financiers and buyouts and grabbing the company cheap at $100 million. With the Whelan family owning more that 30 billion shares of more than 60 billion total, I wouldn't pay $5 million for the whole thing.
With the toxic Whelan name and all the negatives, the company has been suffocating since the FDA foot and knee clearances in Feb 2017. Sorry, but now is the time for wisdom, money, oxygen, rescue and sales. No Whelans, decisive actions, confidence and deals!
Prove the statement that the Whelan family invested $12 million in hard cash in BIEL. Be very careful.....can't be done! They invested only a few hundred thousand and that was very difficult to prove and managed the company into the toilet and kept it there and there it sits.
Despite owning the patents on a brilliant disruptive technology for drug-free, side-effect free pain relief in the middle of an opioid epidemic, the BIEL pps is .0007? Why? Toxic owners of more than 30 billion shares gained by churning the same money over and over and over and crappy, destructive management.
You get that the Whelan name is anathema to the success of BIEL? You get that years ago 4 shareholders offered AW $50 million and a million a year for 10 years; just to get him out of the light of day because the Whelan name was toxic within the FDA even then? That was when there were less than 2.5 billion shares. Lot of years, lot of toxicity, lot of damage. Open minds will quickly understand why Kelly Whelan will be very, very wealthy staying quietly in the shadows.
It's not 22 billion shares, it's north of 55 billion. Don't forget the IBEX / Whelan shares.....see why the Whelan name is toxic? For the company to survive, they will have to surrender most of those shares back to the treasury for cancellation, and stay quietly in the shadows as shareholders only.
It does nothing for shareholders to paint rosey graffiti all over the place. Successful companies are based on stark reality - revenues and competent management. BIEL needs to get over a travesty in both areas. I wish to hell it wasn't so, but it is and the Whelan name is a big part of .0007 for too many years. Pretending it isn't would be stupidity!
Couldn't have said it any better. Thus the glaring reasons why the Whelan name is so toxic to the success of BIEL. It 's not as though Kelly Whelan was a CPA working elsewhere and has come in to oversee the family company this month.
She has been working at BIEL for many years and therefor responsible to a great degree for the poor management performance. She was SEC barred from any involvement in penny stocks with her father and was running the company too. If she has a brain in her head, she will disappear, if not, she will stay insolvent.
The reasons for the pps since April 2017 quoted, FDA clearance and did nothing, CE Mark, Dr. Scholl's, KT Tape, CVS, IBEX 30 billion plus shares are all reasons why Kelly Whelan must remain in the shadows. Otherwise she and the Whelan family will lose their shirts, along with every other shareholder.
It will help greatly when the Whelan family surrenders most of the shares, they didn't actually pay for, back into the treasury for cancellation and the shareholders appoint a slate of 5 or 7 directors to new BoD. A disgorgement of say 25 billion shares would help all around and assure the family of a payday, instead of almost certain bankruptcy. More than 55 billion shares is crippling BIEL of any chance of success.
Yes and why the revolving loan - Promissory Note play, done dozens, maybe hundreds of times, earned the Whelan family the toxic reputation they now have.
Other lenders, who loaned the company completely unsecured money, in good faith, with interest and a bonus of shares as a reward for the huge risk of never being paid was one thing. The Whelans, churning a few hundred thousand dollars over and over and over, while amassing over 30 billion shares through IBEX, owned by Kelly Whelan, and St. John's remains a questionable scheme of self-dealing greed and a source of complaint and much scrutiny by many. by many.
Following the BIEL Time Warp scenario, as theorized in 202527, the synopsis you have proferred fits perfectly (with edits).
"Since February 2017, promised ad campaign did not materialize
The Market started to build a perception of the Company, as a non performance Company.
Major events with huge potentials took place, following suit, the Market did not respond.
The company kept adding value items without shareholders receiving the rewards of those items.
Added 5 billion shares thought to be used as funds to advertise and expose our products.
No explanation for the increased shares.
While all was happening a sit back and wait for change without complaint while the pps slid into the toilet.
Company non-strategy was enabled to stumble to where we find ourselves now.
Pantry full of goodies about to go bad, unless action is taken immediately.
Some think it doesn’t matter who takes charge, that would be unwise thinking.
Three weeks without anyone in charge
Four months since a huge FDA approval with no direction announced.
What does the Market think of us now?
We better get a move on."
This is a diary of events we all suffered, agonized through, during the BIEL Time Warp period February 2017 to say October 2019. Many saw it happening in slowmo and could not alter the course of time.
And everyone, retailers, pain sufferers, employees, shareholders all paid for it, despite many screaming from the rooftops! I like - "We better get a move on". So, now we can throw all the diaries in the garbage and focus on moving forward? I, for one of I suspect many, am not interested in living in the past. I would like to make some money and because of the BIEL Time Warp hypothesis, I have a strong sense of urgency!.
Seems like a fine tutorial of what could happen and certainly a set of directions of what not to allow.
I say there has been a second chance, a chance to trigger realization of realistic goals. And, I'm done with the past, so done.
The retail pharma chains and outlets remain the same or better.
The internet online sales potential is bigger, the sites more refined.
There is a need, perhaps a greater need, to reverse travesty of the opioid epidemic. Politicians and lawyers are all over it, the public outraged.
The acute and chronic pain markets are the same or bigger. Is it more than a billion people? Is it enough?
The patent clock advanced a while, can't change it.
A highly competent BIEL Team is in place.
It simply must be effectively led forward.
I like the BIEL Time Warp described in 202527.
How was it formed? I asked myself what I would do, if I had a chance to do things over. The answer was simple. What was supposed to have happened in the first place.
Look at the last paragraph.
“Man, I would love to be a fly on the BIEL boardroom wall. What could possibly screw this up? The wrong people in the wrong positions; making poor decisions, for the wrong reasons, at the wrong times and ignoring opportunities.”
You are correct, “We better get a move on.”
It is a time of intellectual acuity in seeing the big picture and setting in motion the steps necessary to achieve the goals. It is so simple, just have to avoid the last sentence. Is Monday a good time to start?
Using time series analysis, play the scenario of DTW, Dynamic Time Warping.
Technically, the following technology may be considered - Time warping, the property that the timing of a sequence of events may not be regular, addressed in computational sequence comparisons via a dynamic programming algorithm. Or an asynchronous reprojection, also called time warp, in virtual reality headsets. On the surface, how could these possibly apply to a realistic BIEL Time Warp? On further contemplation, how could they not?
Consider this brief scenario.
First, accept that there is a BIEL Time Warp. We just created it, it exists, we accept it. Is it therefor not possible that this is February 2017, with sweeteners? And that the elapsed time between February 2017 and now has not happened yet? Or can be replaced with a VR BIEL Time Warp phenomenon?
FDA just issued its Foot and knee 510K clearances; it's game on!
BIEL has positive, capable, competent management, an Interim CEO who can lead the upcoming period of change and a diversified BoD of 5 or 7 experienced individuals who can provide oversight.
Contact will be made with Dr. Scholl's, CVS, KT Tape, Walmart and Walgreens to pitch ActiPatch.
Trials, both online and in-store, will be conducted and will be successful leading to domestic retailer deals in the U.S. ActiPatch sleeves will be developed to enhance marketing and branding efforts.
In foreign markets, there will be a blip in continuity with an expired CE Mark, causing a disruption in sales via the NHS in the UK, sales in the EU and development of the Australasian and Asian markets. Further FDA clearances broaden market opportunities.
All the snafus of the BIEL Time Warp can and will be remedied. How, you ask. By the existence of the one component necessary in the creation of a successful commercial enterprise. A management team where all the players are on the same page, in the same playbook, fixed on the same goals and functioning on all cylinders and applying competent leadership decisions.
Sell? That's nonsense. It's February 2017, and every snafu can be corrected and rebuilt and relived. That's the beautiful thing about a BIEL Time Warp.
Man, I would love to be a fly on the BIEL boardroom wall. What could possibly screw this up? The wrong people in the wrong positions; making poor decisions, for the wrong reasons, at the wrong times and ignoring opportunities.
One cannot presume for one second that efforts are not underway to reverse some of what went before at BIEL or that anything is fixed yet, it is too soon! I presume some of the details of the past, know much of the details, for certain, and I know why some occurred.
And I assume, but I don't know, that no one knows better what needs to be done than those who were there and are still there! They saw the positive and the negative and the effects of each. Biggest impediment to positive change or remedy was where the power base lay, that much is clear.
I've written of mismanaged power, poor judgment, bias, Founder's Syndrome, skillset, defiance, inexperience, narcissism stubbornness, poor listening skills, etc., etc., ad nauseam. I often personally praised, congratulated, supported, encouraged and honored Andrew Whelan for years, for all he did and for hanging in, nor quitting. I was also personally critical of him because the way was so clear, the goals so attainable, within his grasp..... I am furious, at only one level, that he will not see the realization of his dream. Damn!!!
Guess what. That's all over, it's a new day people. The team that was working effectively at BIEL a month ago is still there. They all 'want' to win. They would all 'like' to be paid. They would all 'like' to profit immensely from the stock they own. And, they can do it all, it is so attainable, so within their grasp. And the way is so clear, the goals so attainable. I can't say more. When? Soon. . . .
Careful, I know a number of what you label 'Old men' who can produce more profit in a week than a young crew of many can in a year, without producing any smoke or the smell of burning rubber! And leave the young bucks amazed and wondering how he can do it and listening hard to every word of acquired wisdom!
Leadership, mentorship, wisdom, senior executive experience, diplomacy and regulatory and political dexterity are rarely found in men or women younger than mid-60's.
Such a CEO, and a refined gentleman to boot, leading a younger, motivated, BIEL team would constitute a Dream Team IMO. At the CEO levels, it's often who you know, recognition and earned credibility that opens doors widely and quickly.
My instincts lead me to think if Dr. Staelin were willing to help the potentially massive growth phase of BIEL at hand, it might be for a period of 24 to 36 months, maximum, plenty of time to get BIEL to many tens of millions in annual sales.
Feel strongly it's about informed professional demeanor and strong task assignment and completion, at the moment. Next phase could be more youthful, let's get the ship floating and moving forward first.
Given his approx. 8 1/2 years as BIEL Chair, during the regulatory ramp-up, and FDA leadership teamwork since 2017, just a thought, is Dr. Staelin a BIEL shareholder and if so, how substantial, anyone know? If he holds a large position, it would constitute a strong incentive, no?
Hmmm, several scenarios come to mind as possibles, after reading you, Jimzin, Probity and a few others. Cerebral and appreciated.
KW, apparently leading the family 'Trust' as it were, might be better served if she is a more powerful and effective team-embedded Director, on a dynamic BoD of 5 or 7, than as the higher profile CEO or Chair.
Sales and Marketing results are what count more, looking forward, than 'Title' and ego and I would want Dr. Staelin's sophistication vis a vis ActiPatch in best O&D spot; I sense CEO may be it.
The BIEL ActiPatch realization team needs the accomplished, well-rounded statesmanship Dr. Staelin brings. As a CPA/Director, she will have the time and privacy to ensure the systems and numbers work.
Seems to me that her opportunity requires she make 'wise' decisions.... to achieve the greatest results, financially. But, she must also avoid placing/jamming herself into either the CEO or Chair slots, where she will be judged, likely unfairly, as having done so because she could, out of nepotism.
It's about making the right decision, not grabbing the spotlight, she may not have two chances. I choose quality and depth, over egocentric needs. BIEL would likely achieve more with Dr. Staelin as CEO, with freedom to lead and teaming closely with Keith Nalepka and Dr. Koneru on realizing the commercial potential of ActiPatch. That's a very powerful triumverate indeed!
Yours is the critical question!
I think the answer is yes, with two major conditions:
1. An Engagement Agreement containing, among other terms, an NIU (Non-Interference Undertaking) by the Whelan family, as the largest and controlling shareholder block, and the BoD, not to interfere with the corporate management and sales efforts of Dr. Staelin and Keith Nalepka;and, as a safety measure,
2. That the BoD, made up of either 5 or 7 Directors, must approve, by a majority, on a one Director, 1 vote basis, all major sales contracts AND major decisions submitted to the BoD by the CEO.
Obviously with clear definitions as to what comprises 'major' sales contract and 'major' decision thresholds for BoD approvals.
I think such controls would ensure proper and effective oversight on business activities and transactions, yet give the CEO and the VP Sales the latitude to get the job done!
The more I read, the more I like it.
Congrats to all BIEL supporters of sound ideas for the future of BIEL. Dare we assume that the directions suggested make for a positive success trajectory for the company?
If I am Kelly Whelan and other family members, I think it is a certainty that she can sit on the BoD as a Director, representing Whelan family interests, as of December, if not earlier, having fulfilled the 1 year SEC bar and with strong senior corporate management in CEO Staelin and VP Sales Nalepka running the operation?
Is this not potentially a powerful team made in heaven?
On balance, why would Kelly Whelan even consider taking on a higher profile in such a toxic set of circumstances? Who needs that swamp, when a fresh team can hit the street running and create wealth, without criticism for past events. No one needs that stress!
Dr. Staelin is a fine person of impeccable credentials, with strong leadership qualities people will listen to and follow. Seems to me that he and Keith Nalepka, now proven as a total winner in sophisticated sales relationships, would form a powerful Coroorate leadership team in negotiating and closing deals for BIEL, both here and abroad. Oh boy, this is getting interesting!
Good find bobby. Go to Duke U. And find Dr. Staelin's full Bio. I suspect you would agree that the 2009 BIEL Presser announcing him as BIEL Chair modestly understates his academic, political, regulatory and industry accomplishments.
Very close to Durham NC, home of Duke University, but very much a scholar and academician of the world. Locale and distance would not be serious impediments.
There is no place for arguing in business. Better to discuss openly to test new ideas, individual thoughts and opinions and try and provide balance with the truth. Often futile, on the surface, but people are not stupid, truth most often makes more sense.
One thing people could never accuse family members of is a lack of intelligence, they are/were intelligent, without question. How intelligent? Who cares, not important or relevant. But intelligence never makes good judgment or wisdom given attributes, they are different.
Financial success for all shareholders, large and small, depends only on four issues. Ego, narcissism, defiance and strategic wisdom. The egotistical urges and control of them will dictate - "It's my turn now!"...."I can do this"....."I'll show them!"
Narcissism - "I can do this and you can't stop me!" And the other 9 key symptoms. Not caring about responsibilities, morals, self-serving, integrity, empathy, no remorse, repetition, shareholders.....etc.
Defiance - I can do what I want and I will fight to the death, even when proven wrong dozens of times", challenging others, arguing, fighting amongst allies, confronting ..."Oh ya? Wanna make something outa that?"
And strategic wisdom - "How do I calmly approach this opportunity, using dignity and finesse, instead of bullying and thuggery, in such a way as to wisely create sustainable success and wealth for all concerned? Smooth pathways, with open, pristine, manicured boulevards, not hidden the hidden, mean unproductive games of potholes, cinder back alleys, with garbage and junk piled high, that's how.
A carefully engineered strategic plan designed to effectively manage a great opportunity and a fresh start - ActiPatch - to success in the hundreds of million of dollars? Or foolishly continue the toxic aura associated with the past, which will accomplish nothing more than assure continued penury in the 000's.
It is a time and opportunity for dignified management, not a stupid, siege mentality from the past with retailers, creditors, regulators and shareholders. There has been too much wrestling, fighting and struggling with this company. Square pegs never fit in round holes.
It's never about who is right, only about what is right. The former creates continued havoc, failure and a pps in the toilet, the latter creates wealth! Which path will be chosen, continued failure or success? It will be glaringly obvious to everyone.
This tax thing that has been addressed and will be handled shortly means ooops, we've been found out and we have moved the problem from the found out column to the to be addressed pile, which is in the same bathroom as the pps toilet. The sign on the door says 'Results of Mismanagement'. Ta Arrears, Forfeitshire of right to operate as a company, expired CE Mark, no ISO, no B.Braun, no mundipharma, no sales, no profits, no Dr. Scholl's, no CVS, no KT Tape.
The great opportunity is a new CEO, even on an interim basis, a new Board of Directors, Andrew Whelan was the sole Director and Chairman and CEO and CFO.
A fresh start, free of the Whelan name, which had become toxic along with the name IBEX. Surely the family has the common sense to disappear into the woodwork with a lot of stock and quietly get very wealthy.
Except for one tiny detail.
If B.Braun, mundipharma Australia, Distributors in the EU and UK and the NHS National Health System universal insurance in the UK were generating sales and therefor export shipments by BIEL, then sales would be many millions a month for BIEL, every month!
No export shipments, no CE Mark, it expired around the time BIEL received FDA foot and knee clearance in February 2017, almost 3 years ago, because the Agents Bill's remained unpaid! No involvement by major players = no sales. Ooops!
So where are the sales, speaking of bullshit?
Speaking of bullshit continuing, all well intentioned fellow shareholders should be cooperating with one another to get the best possible information in a friendly spirit, since we were all blatantly lied to for years.
Bottom line is the truth - a lot of gross management errors were made, irrefutable fact. No CE Mark and no export shipments to the EU, UK, Australia for a long time, fact. Deferred sales of $536K, what! Fact.
So what if a few retail outlets overseas add ActiPatch SKU data to their merchandise lists, they are phantoms until they can fulfill orders and stock shelves. Those are the best aggressive merchants money can buy. Offering ActiPatch does not mean they are in stock and those facts are borne out by the toilet sales figures. Facts. Nothing to defend, just wasted energy.
For any number of good reasons except a viable one.
They have not received any shipments from mundi because mundi has not received any imported shipment from BIEL because there is no CE Mark, a requirement for Australia.
Your choice - an error? Site under construction? They've been conned like the rest of us? Like us, mundi was among the last to learn of the expired and nonexistant CE Mark they believed they were investing in. Same as CVS is not stocking ActiPatch in stores after the successful trial, they were simply blowing out the reorder devices for the trial.
I prefer to infer that mundi may have advised them they were expecting shipments from the U.S., which didn't happen, so the Manly West Pharmacy, not to be confused with Manly Beach on the North Shore of Sydney, tried to get the jump on the promotional gun and added ActiPatch SKU's to the offering list.
Prove the expenditures because reality is not one shipment has been exported to mundipharma Australia because the CE Mark expired over a year ago. Mundipharma has been demanding return of its up-front Distributor Fee for many months. Same no export status with EU and UK, putting sales in the toilet! Sadly!