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Not a good idea. There are trust issues involved. They can be obtained through government and Regulators at a cost plus time, up to 4 weeks.
All loyal GG&G's have them.
Get your email addresses to me and I'll gift you the Articles of Restatement, By-Laws and Articles of Incorporation documents, but only if you want them, no purchase necessary my friend, glad to help out. but subject to my asking one of our fellow shareholders to see if it's OK. If I get the clearance to do so, they're yours. Someone was asking about the BoD?
By-Laws of BioElectronics Corporation
Article III
Board of Directors
Section 2
Number and Term:
The Board of Directors of the Corporation shall consist of three (3) directors, or such other number not more than twelve (12), as a majority of the entire Board of Directors shall determine from time to time; provided, however that so long as the Corporation has less than three stockholders, the number of Directors may be less than three but, in such case, shall not be less than the number of stockholders. Directors shall be elected at the annual meeting of stockholders and shall hold office until the next annual meeting of stockholders and until their respective successors are elected and qualify.
Just a taste of the hard work required to run down accurate DD. . . .
In case anyone still has any doubts about mundipharma's current status with BIEL . . . . no one wants to muddy the water, but there are shareholders who would like the murky water in the toilet cleansed, so ActiPatch has half a chance of succeeding. Anyone thinking this has been successful so far, ahhhh why bother, the sales and the pps say it all! It's only about firm successful deals, sales, profits and pps. Enough with the smoke and mirrors.
Go to mundipharma.com.au
All looks good. Pretty.
Go to Products, then to Drug Free Pain Relief (the link is ttps://www.mundipharma.com.au/drug-free-pain-relief/
Go to the "Visit website" hot link below the ActiPatch photo at the lower right.
Right clik on the hot link and check out the url
clik on inspect element
Right clik, copy and then outer html in html code and you're there!
<a class="btn" href="https://actipatch.com.au/" target="_blank">Visit website</a>
It's a blank baby! Goes nowhere, not even to BIEL's website, the target in the code is blank!
To test the veracity of this, clik on the hot link under the PAINmate package to the left and take the free ride to the PAINmate website!
Gonna be a boom boom blank week of ActiPatch sales at mundipharma Australia, with no product shipped and no CE Mark!
Filings....object clauses and by-laws of incorporation. From memory many years ago....BoD, minimum required 3 Directors.
It was just blind luck that I stumbled on the CE Mark expiration issue, nothing more, the math didn't add up.
First was the photo posted by a visitor to the BIEL offices of 7 pallets of devices bound for the EU, but described as "on hold". Then the label "deferred sales" put on $536K in revenue in the financials. Curiosity asked, "why would a struggling company defer anything or hold a shipment?"
One phone call to a regulatory contact in the EU revealed the BIEL CE Mark had expired the year before. Disclosing that led to trash talk for months, as everyone knows. The long kept secret was out.
The appointment of a competent, knowledgeable CEO, even on a temporary basis and a properly appointed BoD are the 2 most important events in the BIEL journey. Bigger than any FDA clearance. Bigger than any deal or event of any kind. If it's done wisely, and the company properly managed,the stock is at .03 within 45-60 days. If not, the pps stays in the .000's for another year or more. Stay tuned.
Most important, IBEX selling stock?
Incorrect. Not one shipment has been made to mundipharma Australia. Similarly, B.Braun is inactive in the EU. Reasons? No CE Mark for mundi and B.Braun has been inactive since NHS added ActiPatch to its covered list and it was pulled out of Boots retail units. No other EU Distributor has received shipments because of the CE Mark. This is not complicated, is it?
Yesterday, someone who believes he is close to the pulse of things stated, "What we need is the CE Mark and mundipharma.". Telling.
What BIEL needs is an untainted and capable CEO, a BoD that can appropriately represent the 5 Whelan family members and a slate of 6 outsiders, total 11, for balance and a plan.
Is it possible the volume yesterday was IBEX liquidating shares? Is that not concerning?
"Mundipharma CLEARLY Onboard!! Note MULTIPLE PARTNERS!!"
Clearly, our sources of DD differ. Our sources are three mundipharma sales reps in Australia? If BIEL had made any shipments to mundipharma in Australia, which they have not, it would be in contravention of the requirement for the CE Mark to do so.
Same applies to B.Braun for the EU. Doesn't matter that ActiPatch is misrepresented over and over and over showing a photo of a B.Braun convention booth display banner from long ago with an ActiPatch package on it. B.Braun stopped playing the game after the NHS added ActiPatch to its Rx insurance covered listing, and when ActiPatch was pulled from Boots' retail shelves. BIEL did not engage UK sales reps to educate Physicians. Products on the NHS list do not sell themselves!
Same as the photo of the post-op knee surgery patient wearing an ActiPatch, over and over and over. Only thing that counts is the sales figures - mundipharma and B.Braun, zero and zero.
Just a few thoughts on a plan, which has not existed for years, other than more regulatory clearances and obfuscation. Confusion and clouded focus were the priorities, because of the lack of expertise. More important was the lack of experience in retail, effective negotiations, marketing, branding and governance. The result is seen in the lack of deals and the pps.
The info for shareholders this morning only confirmed no CE Mark, no ISO, no U.S. retail deals, no mundipharma, no B.Braun, nothing but a trail of blown deals and chronically destructive past management. Had to be a result of the thought, "we have to say something to shareholders, what should we say?". To be honest, every shareholder knows sales and pps are both in the toilet and most every detail of the BIEL debacle. To say anything else is lies. The company was a mess, but it's a new day! That's the truth!
Kelly Whelan must be wise enough to realize she, along with IBEX, was a major, if not 'the' major contributor, because of her father's now confirmed infirmities, to the abject failure of BIEL. She remains under the cloud of negative perception of the SEC investigation, decision and 1 year bar from any involvement in any penny stock. She has to know her smartest move is to have her interests represented by legal counsel, period! Question is, is she wise enough to see that inflated ego no longer has a place with BIEL.
As to governance, form a new BoD slate of Directors, 5 seats for the Whelan family, mother and 4 siblings, plus 6 outside Directors, total, 11 and be done with it. The sooner the better to end speculation and negativity.
Next, appoint a CEO, even on a temporary basis, to lead the company out of the toilet. Don't interfere and let the healing take place.
Finally, quantify how much capital, in hard cash, the Whelan family actually invested and have them disgorge a major portion of their shares, from 60% of the total shares of over 50 billion, down to 10% to 15%, to reflect the invested amount of cash. Until that happens, thus ending the smell of malfeasance and self-dealing of the past, the pps will remain in the toilet, guaranteed!
These steps plus motivating the existing BIEL team, all of whom are above reproach, and a minimal injection of capital to clean up spills, and the company will flourish! Great story, great device, great opportunity for all. Would the Whelan heirs rather own 60% of a Shole, that's what they own today, or 10% to 15% of a winner trading at >5 cents? Duh, do the math the answer and upside have never been more obvious!
QUOTE
"Yes, More Research is Needed But Just Not By Me!!
https://asatonline.org/research-treatment/interviews/interview-with-dr-stephen-barrett-quackwatch-founder/ ;
Clearly States Retired Psychiatrist. Now they do Call That a Doctor, but he is still a Psychiatrist."UNQUOTE
Wow. Yes, they do address Psychiatrists as Doctor, because they are Medical Doctors first, long before they become accredited specialists! Research is a very good thing.
QUOTE
"LMFAO, Presenting a 1995 Article From A Psychiatrist
Not Even a Medical Doctor!!"
Hmmmm. Was it not Stephen Barrett M.D.? A Psychiatrist, not even a Medical Doctor? This claim may need a little more research, IMO.
Andy Whelan deserves all the credit in the world for ramping up, redesigning and sticking to the horrible journey of financing, limited funds, fighting and scratching, and obtaining U.S. FDA regulatory clearances for what may become one of the most brilliant devices to come along for years - ActiPatch.
Strap on a $30 device for managing acute and chronic pain, reducing edema and promoting faster healing at the molecular level for 720 hours, with no drugs and no side-effects! Unheard of, impossible, can't happen! That is Andy Whelan's legacy! He did it! He, and many great people on the BIEL team, over the years, gave us all that, but Andy Whelan was the constant driving force!
Events over the last few years, management issues, stumbles, his rapidly deteriorating health, 2 previous MIs, one quite serious, his refusal to follow his Physician's recommendation of bypass surgery, driving many people crazy, reading iHUB every day :), lots of positives, a few errors, the final MI earlier this week that took his life, and all other issues are now in the past! This is the future and his family deserves only our kindness and profound respect, as does his legacy!
I choose the path of great respect for his ongoing positive legacy, ActiPatch, and for his tenacity in not quitting. He couldn't, quitting was not in him. To Andy, unfortunately, even retiring was quitting, as early as 2010 and many times since.
Make no mistake, tough, gruff, a pussycat underneath when you got past the crusty exterior, but his diseased heart gave out, he had lots of mustard left. Respect and kindness, for Mrs. Whelan, his family and for him and his legacy. Without Andy Whelan and the BIEL team and ActiPatch, many of us would be worse off!
BIEL shipments to B. Braun EU, including UK for Q's 1, 2 and 3 of this year are known - zero!
BIEL shipments to Mundipharma, Australia, same period - zero!
Shipments to any EU Distributor, same period, including UK - zero!
No CE Mark, expired a long time ago.
I agree with the kindly suggestion of an hour of respect for a man who never, ever quit and left the world his incredible legacy - ActiPatch!
Condolences to the entire Whelan family and all at BIEL, employees and shareholders alike, as we remember him with dignity.
Another chime in, ActiPatch is a disruptive technology for global pain sufferers, not all pain, but for 500 million or so! Sadly, there is a management issue keeping share price in the 000's. Go BIEL!
I'm completely confused as to how you can possibly reach that conclusion with the very limited information I provided. You don't have enough IMO.
"..I believe it will rise to a couple of cents on the announcement of a change in management and that will be the cataclysmic change need to trigger positivity for stockholders."
What I didn't share is the 'trigger positivity', the actual plan to follow the change in management, the release of which would be concurrent with the announcement of the change in management. Markets react positively to the release of forward thinking plans, then management either 'beats the street or not'. If new management beats the street, prices rise again, in anticipation of further good management and governance.
The multi-point plan designed for BIEL is a winning formula and I see no impediment to actualizing it, providing the current CBO, CEO gets out of his own way, so more competent management can get this mutt out of the toilet existent for many years.
He and his family have the most to gain, by share count, at this time, so it should not be a difficult decision, unless obstructed by Founder's Syndrome, ego, stubbornness, advancing aging issues or resistance to transparency. We will see, as things unfold, toilet or ROI.
Yes I do, by a stockholder and his wife, who reported back-channel seeing him on the cruise, I think early in 2018? Maybe he and the Mrs. were doing a trial run to Panama, pretty sure it was at least 6 months before the December 2018 SEC Settlement Order, when the Whelans were still facing fines of over a million and a half bananas, on top of huge legal fees and disbursements over many years. All that must be transparently reconciled by audit to protect stockholders, of course.
No....I believe it will rise to a couple of cents on the announcement of a change in management and that will be the cataclysmic change need to trigger positivity for stockholders.
Well, I wish someone would just pump it hard, like maybe 3 cents, so I can dump it.
It should have run to a couple of cents, just on the FDA clearance of RecoveryRx on July 1 plus the 2 FDA OTC clearances for the foot and knee in Feb 17.
If the CBO, CEO had not interfered and torpedoed the selling arrangement deals with Dr. Scholl's, KT Tape and CVS nationally (9,800 stores), I think it is not unreasonable to expect we would be at 5 to 7.5 cents right now. We remain in the toilet, awaiting positive change.
One of the issues for stockholders is a cause and effect matter, in that if something very positive does not happen quickly, the company will continue to languish with negligible sales and share price will remain in the toilet.
Another is the obvious impediment to growth and trust because of the dark cloud hanging over BIEL resulting from the charges, convictions, fines and both Whelans barred from activities involving penny stock shares, father and daughter, 5 and 1 years respectively and many hundreds of thousands in legal fees and disbursements, for which there must be a detailed disclosure as to sources of funds. Mo way those costs should be in BIEL or its stockholders, they didn't break the SEC securities laws.
Also, I'm most concerned that someone, with a very large position, may get ornery, like a major stockholder, and go after the Whelans legally, to throw them both out and seize the majority of their shares for disgorgement, as ill-gotten through self-dealing and malfeasance. I don't care how many shares they have, as long as the rest of the stockholders make a healthy return. Our job is not to police or babysit misbehaving Officers and Directors. Our only job for 10 or 12 years should have been to watch our investment grow!
Finally and perhaps the biggest issue is the customers and retailers alike demand continuity in service of supply. They want to deal with their pain, as individuals, and replenish inventories without interruptions. BIEL's many issues and management affect that negatively. Like mundipharma, wanting its up-front license fee of $350K returned because BIEL has not done what it said it would and can't return funds already spent.....on SEC legal fees or fines?
Vicious circle with no solution in sight, except to step aside and let competent management quickly repair the damages, expand the BoD to 5 or 7, generate sales and grow the company/share price. Why so glum? It's not so hard if management has the aptitude and experience.
Oh, and we are all bored and tired of opposing forces advocating positive change for stockholders through competent management versus, let's keep things the way they are, in the toilet that has been created. Development companies like BIEL do not achieve success by pulling rabbits out of hats, to meet rent and payroll month to month, or hoping for a miracle next week, month or quarter. They do it with a plan, strategies and competence.
38 Distributors? Is that a current number and, is it accurate? In approx 2010-2012, BIEL's website had a page listing approx 50 Distributors globally. I recall that not one of them in the EU could import and sell any ActiPatch devices, without a CE Mark. BIEL quickly obtained that CE Mark very quickly, but none of the Distributors did anything except Boots in England.
A year or so ago, the current CBO, CEO bungled the renewal process, leading to the laughable bookkeeping label "Deferred Sales" as 7 pallets of ActiPatch devices sat gathering dust at BIEL. The amount? $536K.
Then the second laughable label, $536K in substantive sales awaiting regulatory approval". That would be the CE Mark! Easy to understand why it is a sensitive issue now, we already have the 'BIEL CE Mark snafu T-Shirt'!
The attitude first time around was, "nah, we don't need it, we'll just ship the goods." No rules for Whelans. Right.
They didn't get off anything, at all. The procedural technicality only reduced the huge fines to <$200,000, but added a lot more to legal costs. The company and all its stockholders were severly damaged by the SEC fiasco.
The Whelans were still charged, tried, convicted and sentenced to fines and being SEC barred from any involvement in penny stock shares - 5 years for the CBO, CEO and 1 year for the CPA daughter. Just what every tiny public company needs.
I'm also interested in who and how the huge legal fees and disbursement were paid for years. Also, stockholders will never recoup the thousands of hours of distractions, when growing the business was critical.
I'm sure Northwest Specialty Hospital, with it's fine reputation, is the finest of it's kind in Idaho and surrounds with 34 staffed hospital beds and Annual Net Income (or Loss) of $2,531,305.
It's a wonderful start and every client user is critical, but I would hope BIEL could also focus on the million or so hospital beds nearer to home and the VA? Why Post Falls Idaho with its population of around 34,000? Just curious. Think I would have worked harder on saying yes to supply arrangements with Dr. Scholl's, KT Tape and CVS.
Really?
Well, I liked it too and I'm glad you copied it because when I went back to read it again, it was gone. Thank you.
If you get a chance, don't pass it up!
Informative post Jimzin, thank you. But, I make this observation. I very much doubt there are 2 other people with the prerequisite experience and wisdom necessary to contribute to the important position of director of a public company, reckless as to their personal liability, given that both Whelans, who have been running the company all on their own, have been fined after their SEC convictions and barred from any involvement in activities relating to shares of penny stock companies. BIEL is a penny stock company.
We would be better off had the company been placed in the custody of a trustee of some sort. Perhaps ActiPatch would be selling now in Dr. Scholl's and KT Tape SKU line-ups and in CVS stores across the US.
Also, I doubt any D&O liability insurer would write BIEL, without firstly an audit and full analysis or requiring a huge premium for coverage. When the conduct of a CBO, CEO becomes a distraction, it's time for a change......without drama.
B. Plus personal issues often described
How many times did I, and those who now know, react in varying levels of shock, "How can this be? Are you sure? Have you verified this? Impossible! Can't be! How the --could this happen? You're full of it!"
Only ones who had zero reaction, except, "Doesn't surprise us.", were those who have dealt with both the Whelans before for a number of years. No need for my long posts now, much of what could be said here (perhaps 60% of what I would like to say), maybe 30% of the total evidence; stockholders are now aware of. Tip of the iceberg, stay tuned.
Psssst time to go quietly Andy, you could be wealthy and it sure beats the alternative!
Honest, accurate, understandable post Patient and I respect your reactions.
Might it be better to delay liquidating your position a little while, just until we determine if there is a definitive change for the better? Not in Whelan's behavior, that's not going to change, it's genetic and exacerbated by the serious aging issues I've been repeating for some time.
I mean in circumstances? Knowing there are several tangents at work, avenues being pursued. I apologize for my vagueness, but it would be both inappropriate and really stupid for me to say more. Trust me that everyone who should know about this debacle knows. . . .
As you say, your father is a CEO, it's a positive in your genetic makeup. That's part of you, your message is fine and exemplary proof of who you are. And I noticed in 7 minutes, you reversed your thought of divesting. That's your character and filter system functioning. Thankfully you have it.
CBO, CEO Whelan's genetic makeup is evident too, he doesn't have those traits, had few filters during his life and less filters now. That's the aging process he's in, but it's also who he was/is. Blunt is OK and we never know what the person next to us may be going through. But, Whelans behavior is not and it's inappropriate when dealing with others and other people's money. Tip of the iceberg. Be well.
Very kind message believer and appreciated by yankee, I'm sure. But Whelan's response wasn't an information release to everyone, including detractors, it was a single response to an individual who wrote him a letter of genuine concern. An individual who clearly took it public, because he is shocked too. I don't think we can explain this management style away any longer. And this is how he treats everyone and it's become worse over time. And no one is exempt.
Believe me when I say our due diligence has been very thorough and again opine that this CBO, CEO has singlhandedley managed this company into the toilet. He has a well developed aptitude for insulting and abusing others, not for managing a public company.
Seems to me - a very, very bad response - just doesn't quite cover it.
Response from Andy: "I do not need or want lectures from you. Who the hell are you to lecture me? Go away."
It will be interesting to read justifications attempting to explain away this bizarre, gutter, behavior. Keeping it somewhat businesslike, is this the tenor of management style stockholders want running their company? I have found, in life, that how people do one thing is pretty much how they do everything.
Investors and customers provide money to public companies. See above as a guideline on how this CBO, CEO treats pretty much everyone. People are just now seeing the tip of the iceberg, a most unpleasant situation. Lifetime habits, like spots, don't change. Dementia's a bitch, biggest trouble is, you often don't know what you're going to get on any given day. With this curmudgeon, you more often do. This is not the first, nor the last. As I said, just the tip of the iceberg and getting worse every month.
You see, this isn't funny or entertaining or the writer of the well-meaning letter deserved such a response. This is the buffoon managing your money today, your investment, people, and there has been 10's of millions invested. Potential, no, the real life tragedy, playing out in real time, is that BIEL has the potential of selling hundreds of millions of Actipatches, do the math! Is this really the level of style, wisdom, decorum, sophistication, people-skills investors want running their company? Into the toilet? Keeping it in the toilet?
Too funny....there were no board meetings, no agendas, no minutes and certainly no information presented at them from which Whelan made decisions.
He is the President, CBO, CEO, CFO and sole Director on a one Director BoD of a publicly traded US company.
A little DD goes a long way. A lot of DD and you have the whole picture. It will not be revealed here. Again, it is not who is right, it's what is right and stockholders have been wronged in many ways.
If stockholders put it all together, in a businesslike way, assuming for 60 seconds that right thinking stockholders are right, instead of arguing incessantly, the conclusion will be reached that it's a bizarre one of a kind cluster.
That's a guess and it is wrong. The precise details and figures will not be revealed here. Wrong venue, wrong time.
Yes! He, the lightweight CBO, CEO, unquestionably agreed to the CVS deal and then reneged. That is why Protex and CVS were and remain livid! None of this is speculation, opinions or hope, just hard facts.
Oh, and all stockholders are out millions in potential CVS sales. It's so deranged that it makes it difficult, if not impossible, to believe and why those who know the truth are so calm and proactive in simply saying, it is time to resolve these bizarre circumstances and move forward toward success, instead of remaining in the toilet.
Noooo, they don't have a lot of their own money invested here.....
They have a lot of 'our' money invested here.
I see from a post a few minutes ago that the current CBO, CEO purveyor of Kool-aid has spoken, calling.... hmmmm, was it Dr. Scholl's and CVS and stockholders who believe he should have done those deals stupid? Wow! Seems as if a number of stockholders are vindicated.
The CBO, CEO has now confirmed his incredibly limiting skillset, as a business executive, leader and and certainly as not a fully competent person suited to manage BIEL going forward at all. It will be interesting to see if he, or anyone else close to him, can get through the obvious fog and convince him there is only one stupid person involved in those emails. That it is time, and if he can even grasp that he needs to find the good sense to get out of his own way and become rich.
Never seen anything like this management chit show. I underestimated how bad it is and I've just seen the proof. Who talks to a loyal stockholder this way? It's indecent is what it is and, worse, it's harmful to all stockholders. Sad at one level, but out of control harmful to everyone involved.
I have read yankee's posts for years and believe in the information posted, without reservation.
Too funny for words. The only goal of any stockholder is self-enrichment . . . .and the sooner the better!
No it's not, but, ok, you're right.
Hold it, hold it, hold it. Andy and the company have at no time invested a small fortune in this company called BIEL. That claim is misleading and untrue.
The Whelans originally issued themselves shares, as they should have and were entitled to do. Since then they adopted a scheme used by a couple of New York brokers who lent the company money, received convertible Promissory Notes, then when the price rose significantly, converted the notes into stock at incredibly low prices, including bonus shares and interest shares and sold them all making millions.
Whelan was furious, so he copied that scheme, inserted himself and his daughter and IBEX, under the guise of arms-length, wink, wink and has amassed a stock position of approx 25 Billion shares. I used to believe it was done for reasons of keeping the company going, but if that were the case, the Whelans wouldn't still have 25 Billion shares, right?
Patient Investor - I had more patience than Job for many years. Even wrote about it trying to encourage fellow stockholders when they were down. Positive and accurate assess.ents and criticism will produce positive changes, given that change is the only substantive constant in life.
BIEL has not got it right so far and positive results IMO have taken far too long. I only want to fix the problems, not the blame.
In trying to quantify the problems, the causes and viable solutions became glaringly evident. It's BIEL's time, but, without changes, success, at any level, is far from assured. I don't like the odds, the risks or the likely outcome of protracted failure.
I want to know how you really feel!
My goal, having been enlightened by the hard work and intelligence gathering of numerous stockholders loyal only to ActiPatch, a truly magical drug-free pain management device, and the truth, is being able to take an instantaneous snap-shot report card on company progress, based only upon 5 issues; share price, deals, sales, effective management and trustworthiness. Only then will stockholders and pain sufferers be well served. Anything else lacks reality.
I sipped lightly because of expectations, on the BIEL Kool-aid for years in supporting the arduous journey of ActiPatch through FDA clearance processes and blindly trusting management.
And in support of the current CBO, CEO Whelan, without much factual knowledge of whether he was capable as an effective business leader and administrator. Anyone doubting these supportive efforts, for years, has an agenda.
I changed my opinions as to the effectiveness of the CBO, CEO in Q1 of 2017, when there was no immediate announcement of retail deals. Effective management would have had his team working hard 2015 and 2016 on deals "conditional upon receiving the foot and knee FDA OTC clearances." Whelan gave stockholders zilch.
The CBO, CEO, as final decision maker, said "no" to Dr. Scholl's, KT Tape and CVS and allowed the CE Mark to expire, which led directly to non-shipment of devices to the EU and deferred sales of $531K and non-shipment of other than samples to mundipharma for Australia.
Sales by B.Braun are minimal or nil, it's suspected there is no deal with B.Braun because of the CE Mark preventing shipments into the EU. The 7 pallets of hung devices may have included B.Braun destined devices. B.Braun would have no patience or second chances for sloppiness.
Let's let the market determine, through share price, if it has confidence in the current CBO, CEO to manage the company going forward or not. My opinion is it does not, since the share price has not reflected such confidence since July 1, when BIEL received FDA all-body clearance, the biggest FDA clearance in company history. Such confidence would have been reflected in a huge run.
Combine proposed tactical changes in the senior management of BIEL, with an expanded BoD and refocused mandates and energies toward creating retail deals and other pressing issues, not to be disclosed here, and stockholders will be very happy.
Most of all, companies judged well-managed are because of effective management teams, not ineffective emotional rhetoric. BIEL must be transparently and successfully managed by common sense, not emotions. Anything else is totally counterproductive to stockholder interests. Check the share price, deals and sales; they are the ultimate report cards.
Dilution, discounted shares, convertible loan instruments, interest, keep whole clauses, drag along and tag along terms are just a few of the absolutely normal and acceptable, every day of the week hundred financing wrinkles for private and public companies.
What should be stuck in the cereal is the malfeasance and self-dealing of the Whelans using the 50% conversion bonus plus trading upticks to hit the revolver a 1,000 times to accumulate 25 Billion shares for themselves. That's where the massive dilution is and what the SEC was after.
Not hard to grasp with a little reading. And, it was how the Whelans attracted numerous investors over the years to invest in a long shot, when conventional financing was impossible.
What is perhaps difficult to grasp is that even with a 50% share bonus, a lender can easily end up losing his shirt, if the share price drops substantially, as has been the case. Sorry, can't spend more time on this, particularly if the earphones are off.