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On another message board earlier today, this was posted:
"Today the company announced a $2.5 mil refinancing...the lenders must think they've got some product sales in the pipeline. Otherwise, they wouldn't be lending to this cash-free company. "
My reply was that it would be nice to think so, on behalf of you long-suffering shareholders.
However, it's just as likely, in fact more likely, that this "new" financing from well-known providers of finance that already gets them labelled as "sewer rats" by the apologists for Natural Nano, Biophan and the rest could be even worse news for retail shareholders.
Look at this critical excerpt from the PR again:
"establish a senior convertible debt financing of up to $2.5 million for NaturalNano"
Three dangerous words or phrases:
"Senior"
These guys are the head of the line when NNAN goes bankrupt and the assets get liquidated and the procdeeds allocated to the creditors. After them comes everybody else. Then at the bottom of the pile, you ordinary shareholders. Meaning that when the final curtain comes down, as it surely will, you get nothing.
"Convertible"
These will be floorless convertibles, aka toxic financing. What that means is that the providers of this finance can make money from short selling the stock repeatedly, using their convertibles as cover (this is entirely legal, although entirely immoral).
But wait! That's not all - it's actually in their interest to drive the pps down as low as possible, because then the convertibles will be repriced and the quantity awarded increased accordingly. Hence the announcement in the last 10Q that they're going to increase the authorized float, which will lead to enormous dilution. The potential earnings from these arbitrage opportunities for the toxic financiers far exceeds the money they lend to Natural Nano - which may not be $2.5 million anyway.
If you want an illustration of what this can do to a stock, the look at the pps of Biophan at the start of every calendar month (some of you have no choice, I know, having been deceived by Weiner, Lanzafame and their message board cronies into joint ownership - you have my sympathy).
"up to $2.5 million"
After all this they may not get the full $2.5 million. Sad, huh?
The fact is, that if NNAN's Board of Directors know that NNAN will never achieve profitability, then it is their fiduciary, legal and moral responsibility to wind the company up now. SEC unfortunately don't take action as often as they should in these situations.
That's why I'm thinking about submitting a Citizen Petition to SEC to ask them to consider the cases of NNAN, BIPH and a couple of others, to investigate thoroughly and if appropriate wind them up and prosecute the offenders.
If you're interested, feel free to email me at voldemort.2001@yahoo.com.
As you may have gathered, I'm a bit of a "glass half empty" guy when it comes to penny stocks that are long on PRs and short on revenues.
I hope you'll forgive me, then, for presenting the "glass half empty" perspective on this latest piece of news.
The words that should set alarm bells ringing with curious investors are the following:
"AMHDC to Receive a Significant Equity Position in the New Company and Royalties Paid on a Per Test Basis from Breast Cancer Tests Performed"
I suspect (and would welcome a factual correction if I'm wrong) that it should read:
"AMHDC to Buy a Significant Equity Position in the New Company and Receive Royalties Paid on a Per Test Basis from Breast Cancer Tests Performed"
The deal will be set up that HDC will buy a minority equity stake in this new company for a some of money that will be unclear until the next 10Q or 10K is filed. The sum of money paid will be agreed by allegedly independent valuers, and will be justifed to shareholders by the promise of the future royalties from the breast cancer test in development.
For the cynics among us, this serves two purposes. It gives an alternate focus for the hopes and expectations of shareholders if and when the PC test does not meet expectations.
Secondly and more sinisterly it provides a ready excuse to transfer cash sums from the publicly quoted company HDC onto the balance sheet of a privately held LLC.
Those of you familiar with the skein of public companies associated with the privately held LLC, Technology Innovations (TI) will not need reminding of how the owners of that company used theit inter-company relationships to syphon off tens of millions of dollars worth of shareholders' money to a small group of private individuals.
The effect on two of the publicly held companies concerned, Biophan and Natural Nano, is as follows:
http://finance.yahoo.com/q/bc?s=BIPH.OB&t=2y&l=on&z=m&q=l&c=nnan.ob,%5EIXIC
"It is hard to call a fully reporting mico-cap a scam that is still around since 2001."
In fairness, it's not hard at all. One of the penny stock scams with which I am very familiar, Viragen, was a fully reporting company for fully twenty years before it went bankrupt last year, having rediverted at least half a billion dollars to a group of crooked managers and equally crooked "financiers". I could name half a dozen more with longer histories than FASC off the top of my head.
Viragen, like Apthon, like Ligand, like Biophan, Like Natural Nano, existed for many years by a combination of toxic financing, the engine for which was Megadilution, reverse splits and periodic PRs that promised the earth but never once delivered revenues or any type of sustainable value for its shareholders. Just like all the other companies I have mentioned and many more.
"This board has a great DD engine running with up front facts"
With respect, I beg to differ. This MB has a compensated cut and paster of company propaganda, and other posters with a proud but stubborn refusal to consider the historical record for FASC. It also has a record for censoring any posts highlighting any of the historical negatives for FASC.
This historical record demonstrates clearly that you shouldn't take any forward-looking PR or statement regarding FASC at face value until it has been recorded as sales in the SEC filings and you've run Benford's Law type calculations on the 10Qs and 10Ks to make sure they stack up. (I have - do let me know if you want the results).
Disclosure:
I have not been reimbursed by FASC, hold no position in FASC, and furthermore I hate crooks and those who work on their behalf. I am however FASCinated by the forensic examination of likely stock scams and those who perpetrate them.
Voldemort2001
Terrible post, tothe. I disagree profoundly.
Disclosure:
I have not been reimbursed by FASC, hold no position in FASC, and furthermore I hate crooks and those who work on their behalf. I am however FASCinated by the forensic examination of likely stock scams and those who perpetrate them.
Voldemort2001
"now how do I get my $20k back from Joe?"
Sadly you're unlikely to convince any lawyers to take on a "no win no fee" Class Action lawsuit, as any law firm will figure that your $20 k and everybody else's 420 k is in the Caymans by now (the bits that aren't in upstate NY, that is).
Might just be worth a try, though, if you can get any fellow investors interested. Maybe such folks could register an interest here?
Probably the best bet, but still a long shot, is to complain to SEC about this somewhat egregious company Green Energy Resources and request they take action, perhaps via a Citizen Petition (CP).
Again it's unlikely a single individual will persuade SEC out its customary torpor, but a device such as a CP, open to all, would at least require a response from SEC and might even spark them into action.
http://www.sec.gov/complaint.shtml
http://en.wikipedia.org/wiki/Right_to_petition_in_the_United_States
At the very least they'd have to open a dossier, to which others could append documents.
If you could do any or all of these, and interest your Congresswoman, Congressman or Senator in raising the issue of GRGR with SEC, then you would have a fighting chance of geting your money back - plus you'd help to ensure that at least one crook wouldn't be able to re-offend for a while.
Latest 10 Q:
The good news? It was filed on time.
The bad news? All of the rest of it.
In among other horrors, here's a taster of the further dilution the "management" are going to wreak upon their shareholders:
"The New Notes have the effect of triggering the price adjustments in all the convertible securities to the holders of the senior debt (See Note 2 to the financial statements). Consequently, the Company may not have sufficient common shares authorized for issuance in the event of the conversion of all of our outstanding convertible securities. Accordingly, we plan to increase the number of shares of common stock authorized as soon as practicable."
The current number of shares issued is a shade over 126 million. The CURRENT number of shares authorized to be issued is 300 million, already representing potential dilution of up to 130% or so.
But if they plan to increase the authorized float, then surely they will be asking for more than double the existing float. If their sister company, Biophan, BIPH, is anything to go by, looks like they'll ask for around 800 million to 1 billion.
So, the worst thing next to bankruptcy for existing shareholders is to obtain yet more toxic finance. The pps of NNAN will surely dip below 1 cent when the new shares are issued.
I sometimes think the Boards of Directors of companies such as NNAN forget they have a legal, fiduciary and moral duty to wind up the company as soon as they know they will never achieve profitability and have become technically bankrupt.
Sadly SEC rarely prosecutes the Directors of penny stock companies that fail to do so.
Perhaps the egregiousness of the maladministration of both BIPH and NNAN will persuade them to make an exception in these two cases.
The day that Joe asked you all to turn your GRGR holdings into paper certificates, you received the strongest possible indication that the correct answer is 1), Fraud.
Mind you, I think most people had cottoned on to that already, to be fair. If half the PRs were half-true, the GRGR would have audited accounts and a significant stock market presence by now.
Instead of which, its accounts are essentially non-existent and it hires some of the penny stock MBs' foullest denizens to promote its stock.
That was an easy question. Got anything harder?
"When this stuff happens, you begin to wonder if Wiener or John Lan. are old friends with the hedge fund making money off this and wiping us shareholders out. It just don't make sense."
I began to wonder about that when Biophan first came to my attention about 6 years ago.
My sense of wonder has only been enhanced by a close examination of other TI companies, such as Natural Nano, the chart for which is a virtual tracker for the BIPH chart, and which has had some extraordinary financial restructuring recently.
Mr. Lanzafame is still a Director of Natural Nano, even though Mr. Weiner is not.
One of the interesting things about Natural Nano is that it cooperated (or indeed another c word, but ending in "onspired") with Atlas Mining by issuing a PR a couple of years ago announcing it had bought halloysite clay from Atlas, which Atlas dully booked as revenue. Turns out the sale was non-existent, and indeed judging from the past year's radio silence from Atlas (now on the pink sheets)it's likely that the actual halloysite clay itself was also non-existent in the sense it had never actually been mined.
In turn Atlas was proud to annouce it was a customer for one of First American Scientific Corporation's (FASC) legendary KDS machines (legendary in the sense that a working example may not actually exist even though their PRs suggest there are dozens - yet to show up as revenues, however, oddly enough) which apparently had been hard at work processing Atlas' mythical halloysite clay.
To tantalize the conspiracy theorist that lurks in all of us, it only remains to be noted that BIPH, NNAN, ALMI and FASC were, and indeed still are, widely hyped on stock message boards such as these by a small coterie of the very same people.
What is undeniably true is that some folk have made tens of millions of dollars from these companies, or more accurately from the mismanagement of these companies, and it ain't the shareholders.
Follow the money, and I suspect all will be revealed.
For those of you who are investors rather than day traders, this chart comparing FASC, GFET and NASDAQ tells you all you need to know:
http://finance.yahoo.com/q/bc?t=5y&s=FASC.OB&l=on&z=m&q=l&c=gfet.pk&c=%5EIXIC
The moral? Buy an index fund every time, rather than a penny stock. There's fewer crooks running nthe index funds.
PS Mr. Conflict of Interest, yes I am voldemort2001, and proud of every single one of my posts.
Conflict of interest statement: I really really hate crooks and their agents.
"Jag,
Why you wanna piss on everyones parade?"
The Jagmeister seen this parade before.
He knows, as do I, that it ends with the oh-so-enthusiatic parade leader taking the procession down a dark and dank alley, where he and his henchmen shake down his loyal followers for every penny they've got.
While one view of this whole process is that it's a form of financial Natural Selection that weeds out the unfit and unhealhy, some of us have risen above our genetic hard wiring to believe in giving a sucker an even break.
Shorts, indeed. Some of you should stop believing in the Bogeyman and start thinking for yourselves.
"People quoting Voldemort!! Wow!! that is hillarious........"
In the interest of full disclosure (if the words "full disclosure" seem strange to any of you HDC adherents, look them up, they're in common use in financial and scientific research circles) I should tell you that I am in fact one and the same as voldemort2001.
I thought folk knew that, sorry if they didn't. The voldemort2001 alias was booted from iHub for implying that penny stock fraud was a bad thing (on the BIPH MB, appropriately enough).
Won't make that mistake again, obviously.
voldemort.2001@yahoo.com
Here's one chap who understands what constitutes a conflict of interest, at least:
"FINANCIAL DISCLOSURES/CONFLICTS OF INTEREST:
Stock Ownership: Herbert Fritsche, Third Nerve LLC, Health Discovery Corp"
http://www.guideline.gov/summary/summary.aspx?doc_id=11741
I don't belong to the school of thought that says, like Marcia Angell, that all such conflicts should bar folk from publishing data favorable to their personal financial interests.
I can see why they'd get that idea, though.
I wonder when all these "should"s and "potential"s will allow this test to reach the market, anyway? This year, anybody?
"Why are you here...to save us from ourselves?"
No. I've explained many times that I enjoy studying probable penny stock scams. That's why you will see me post on the MBs of several companies who represent themselves as operating in the biotech and alt-energy fields, both latter day virtual Klondikes where the innocent and greedy (sourdoughs) can be sold the modern day equivalents of a stake in phantom gold mining rights. Message Boards like this are one of the very best places to see these scams in action, and often some of the principals or their agents post on them -Michael Weiner being a case in point in a series of FD-busting actions that surely will be the subject of SEC enquiry one day.
By posting here, you open the door to off-MB private communications from concerned parties scared of the consequences of posting a negative opinion or fact on an MB like things. From these folk you can sometimes learn all sorts of interesting things (voldemort.2001@yahoo.com if you want to chat).
The fact that I have received several emails and other acknowledgements from various folk for helping to save them in some cases substantial sums of money by encouraging them to do their own thorough DD is merely a happy side effect:
http://ragingbull.quote.com/mboard/boards.cgi?board=BIPH&read=104737
"Last time I looked we are free to choose in America."
Correct. Last time I looked we also had a Constitution with a First Amendment in America.
There's certainly the right within that Constitution to suggest there might be a fire in a theater when you see smoke and flames coming from behind the stage.
"Only a fool would not lower their basis...given the PIPE financing."
I'd respectfully disagree with that. A PIPE financing is almost invariably a sure sign you should sell everything immediately and walk away - unless you're a day trader with an exquisite sense of timing and more than your fair share of luck.
While people will sometimes drag up retrospective examples where that has not been the case, 99 out of a hundred it is. And you can only tell the 1% after the event.
Dear Bub:
You say:
"I have never sold my core position, in BIPH since my first purchase in January 2004. Over that period, I have reluctantly sold Biophan and other companies shares to meet liabilities, taxes, medical expenses and such, as required."
The reason I was confused, and indeed remain confused, is because you said the opposite about selling your core position in November last year:
"I rolled out of my higher priced shares long ago and have replaced a core position with much lower priced shares."
http://ragingbull.quote.com/mboard/boards.cgi?board=BIPH&read=103630
I'm sure you can see why I was confused, and perhaps you can see why I remain confused. Sorry for that.
Dear Bub,
I see that you appear to remain generally optimistic about the prospects for Biophan, for reasons that I can't even begin to understand, I'm afraid.
Specifically, though, what is your view on the proposal being put to the vote at BIPH's September 12 AGM, to increase the authorized float of shares from the curent 250 million (almost all of which, in fact probably all of which, will have been issued by September) to 800 million?
Do you think this is a good thing or a bad thing?
And assuming that this is one of the times you are still holding Biophan shares (ole Bub has admitted flipping his "core" BIPH holdings in the past) will you be voting for or against this proposal?
Thanks in advance for your answer.
"That would mean that the total number of shares outstanding would now be near 200,000,000. The Market Capitalization would be near $2m. Next month there will be a quarterly interest payment due as well as the principal monthly payment, both of which are expected to be paid in BIPH shares."
Indeed. Hence the need for the September 12 AGM where Biophan's fine upstanding management will ask, and almost certainly receive, authorization to increase the float to 800 million shares:
"FOR the approval of an amendment to our Amended Certificate of Incorporation to increase the number of authorized shares of our common stock from 250,000,000 to 800,000,000"
By the time that September payment is made, the whole quarter billion float currently authorized will be out there, the latest shares in the hands of folk who you know sell just as soon as they get them.
Shocking.
And utterly unnecessary unless you think the so-called sewer rat needs feeding and feeding till he's big, plump, bloated even.
Why use money, even when you have it, when you can pay in shares, and provide unlimited (legal) arbitrage opportunities for your "financier" friends?
The only thing you need is a supply of folk willing to give you the benefit of the doubt and hold onto their shares or even buy more, and you can play this game for years (just like Viragen and Aphton did).
So, are you folks happy to give them these unlimited arbitrage opportunities, or are you going to say:
"Enough is enough"?
Because this is surely enough. More than enough, some would say.
"tried to alert you to some big flapping red flags... "
Unlike me. Obviously I've kept a discreet but somewhat craven silence on my own misgivings about the Biophan pps for several years now, and it's only by the good offices of posters such as b9molecule that people have been alerted to the dangers associated with "investing" in Biophan.
And he's performed this selfless public service in spite of all the personal abuse he endured because of his principled stand. Bravo!
Wonder what b9molecule is forecasting for Natural Nano?
b9, sell, hold or buy NNAN? Whaddya think?
Good finds, longerdon0.
Just out of interest, how'd you stumble across these? I tried all sorts of combinations of key words on a coupla different search engines, but didn't turn any of these up.
Is there some secret Ad Agency/Marketing/PR agency trick for being so successful in effectively searching and locating the forthcoming speaking engagements of past clients?
"all that will do is make it harder to sell quickly, if this ever pops."
At least equally to the point, it will make it harder to sell quickly (or at all) when the pps drops precipitously when the orchestrated pump is either deliberately stopped or is no longer sustainable. At that stage, the pump and dump artists want to make sure they can get to the exits before the Mom and Pop investors are able to sell their shares and drop the price even further.
Hence the existence of the organisation NCANS that operates as front for some of these penny stock scammers behind outfits such as Green Energy Resources, and who are currently pushing to get their so-called online petition widely publicised.
"How many ports does that give him, now? 10?"
I think you'll find the correct answer is none. Nil. Zippo. Rien.
Still, there's always that agreement with WTF (Wood to Fuel - I kid you not) to fall back on.
WTF - you have to admit Joe's got a great sense of humor. Mind you, the money he's suckered out of folks, he can afford to smile. Laugh, even.
"all they have to do is sign a contract with a hospital organization and this equipment will be all over the place!"
If by "this equipment", you mean the Myotech CSS, there's the small matters of human studies and FDA approval to deal with before such a desirable state of affairs comes to pass.
Having said that, I share the common bemusement that in all the years that Biophan have been associated with Myotech CSS, and after all the millions of dollars they've raised ostensibly to develop this product (including a $1 million grant of taxpayers' money arranged by Louise Slaughter) they haven't begun such studies yet.
If this device is half as valuable as is claimed by Biophan and its supporters, then it's really just too bad that they haven't pushed ahead much more aggressively with its development. Instead, every time there's an announcement about the timelines for Myotech CSS, it gets pushed back so that it's permanently 2 to 3 years in the future.
In that context the reported salaries paid to Messrs Weiner and Lanzafame are difficult to understand (even discountiong the underwater options), particularly when you consider the repeated voluntary feeding of the so-called sewer rats by these fine gentlemen.
In fairness the compensation figures given include a notional valuation of the options that Messrs Weiner and Lanzafame were awarded, and assuming that those options remain underwater, (a reasonable assumption in my book!),then their compensation will not be as large as the headline numbers given in their filings and reproduced in the RBJ.
Having said that, as some of you may recall, I commented that the $100,000 bonus payments made to Mr. Lanzafame were teribly difficult to justify, and I also believe that both his and Mr. Weiner's base salaries are way too high given the damage they've inflicted on you poor shareholders.
"Would we even be having a stockholders meeting if there wasn't a HUGE ANNOUNCEMENT in the works?!"
Yes. They have to hold an AGM in order to gain approval for their plan to dilute by 357%.
If they were planning to pay off the so-called rat, they wouldn't need to dilute. Why don't they use cash - of which they claim to have plenty - to pay their interest payments, or even better, the principal?
As it happens, Biophan have a history of announcing AGMS, then re-scheduling them, and finally cancelling them. As a shareholder, you will doubtless be well aware of this.
While I suspect they'll actually hold this particular AGM because they want to be able to issue up to 800 million - 800,000,000 (it's a number that bears repetition) -shares, there's nothing specific either in the 10K or in Biophan's history that suggest your confidence in a favorable outcome is at all justified.
Just to clarify.
The current float is a shade under 175 million. An authorised float of 800 million represents dilution of 357%.
Another way of expressing this is that if the fair value of a Biophan share is 1.5 cents today, if all these extra shares are issued, it should be worth 0.32 cents, or less than half a cent, all other things being equal.
The increase in float over the past few months has shown that Biophan is not afraid to use its authorised shares, even though it's a cruel and unusual punishment to inflict upon its long suffering shareholders.
And again, with all that Medtronic money, I fail to see why they should need to dilute - or MegaDilute, more accurately.
Unless they positively want to feed their pet rat to make him or her big, sleek and glossy of course. But why should they want to do that, I wonder?
I found the news article at the link posted by b9molecule both touching and inspirational.
Thank heavens for the companies making such technology, and for the surgeons and others who make these advances possible.
Techisbest, it may be that the "CSS is a short-term, easy to implant device."
However, ever since it's been in Myotech's and now Biophan's hands, it hasn't been near a human being's chest cavity in all those years, whether it's easy to implant or not.
Given the relative ease of investigating medical devices (compared to drugs, at least), the demand which we all believe to be out there, and the countless millions that have been raised by Biophan (including a $1 million grant of taxpayers' money arranged with the help of Louise Slaughter a couple years back now)to pay for clinical research and human studies for the Myotech CSS device, I will confess to being completely baffled as to why it's taken so long to start human studies.
Anybody have a plausible explanation for that?
HCS Holdings, did you ask them about that during your call, assuming it's taken place already?
"I think people were waiting to get some official confirmation before having a knee jerk reaction. Rather wise, IMO."
Yeah, right, no knee jerk reactions here:
"L. Michael Hone has taken over as CEO of Biophan according to the Rochester Business Journal. Mike is a good family friend of ours going back to his PSC Inc. days. He is a wonderful guy and incredibly knowledgeable. Here is his biography: http://www.tempuspartners.com/bios.htm . I think this is great news for us...everyone hold on tight!"
"looks like a biphin haymaker!"
"Once again thanks for your insite on this NEW development."
My knee jerk reaction?
The truth:
"Hone has not been appointed CEO of Biophan"
Talking about facts, neither has Margaret V. Russell left fer current position at Insero to become CFO of Biophan, as some have claimed.
I determined that fact by one simple phone call to Insero last week, after there was some discussion of this possibility on this very message board.
Rather important, I'm sure you'd agree. As people have remarked, it would have been rather significant if she had left a partner's job at Insero to join Biophan.
She hasn't, and therefore that may be significant too.
No doubt the DD aficianados here will wish to check my statement with a third party before making any knee jerk reaction. I'm sure they'll post the true situation when they've researched it properly.
PS Any chance our moderator or his deputies will strike the post with a personal ad hopminem attack on Gates from this MB? TIA.
If three other people saw it, then it must originally have been a mistake, (when I checked at about 5.10 pm EST it was correct in attributing Hone's move to American Aerogel Corp) and I should apologise for thinking otherwise.
Sorry.
That said, I'm still slightly surprised that the apparent appointment of a new CEO and the summary disappearance of John Lanzafame was met with uncritical approval on this and other MBs concerned with Biophan. No expression of surprise or regret at his apparent dismissal, and no analysis as to what such a sudden switch of CEO might signify.
And I also think it's mildly ironic that I'm the only one who is accused of "obfustication" when I was the first and only poster to note and remark that the story as told on this message board was factually incorrect.
Funny old world, really.
The link always referred to American Aerogel Corporation. Nickygee got the information by conflating two different stories, the Hone story, and the Biophan headline, in a piece of what we should call wishful thinking. When you clicked onto the RBJ site, you saw what you expected to see - even though it wasn't there.
I'm also surprised that the immediate reaction to this piece of (mis)information was to turn it into a good news story, even though it would have meant the unscheduled and sudden departure of Biophan's existing CEO, John Lanzafame.
I stand by my original comment about the importance of DD, which was supported in my post by an accurate quote from the article in question. You will find that no one else read anything about Hone replacing Lanzafame at Biophan, because that was never posted at the RBJ site.
All this did was illustrate that some folk will attempt to interpret every thing they see about Biophan as good news.
That's uncritical thinking, (again to be charitable) and therefore bad DD.
This excitement is all very well, except that Hone has not been appointed CEO of Biophan, as the link you gave makes clear:
"Firm taps former PSC Inc. head Hone as its CEO
Michael Hone, whose ability to grow companies was once compared by a local broker to that of Thomas Golisano and Bill Gates, is back in town as CEO of American Aerogel Corp."
Unless, that is, Biophan has changed its name to American Aerosol Corp.
Proper Due Diligence is so important when you're looking at penny stocks, don't you think?
Poor John Lanzafame. He'll think you don't love him any more.
And after everything he's done for you BIPH shareholders.
So the general consensus is that if a company claims something that is untrue on their corporate website it must be a scam.
Correct in all cases?
Just so I understand the analysis of why New Environmental Solutions is a scam. TIA.
"That company is a scam, IMO."
Just out of idle curiousity, what are the signs that lead you to this conclusion?
"I can't imagine a CPA partner with an investment financial services firm, leaving that firm to join a "sinking" ship. Our new CFO Meg Russell, portends a bountiful future."
She may not have left Insero to join Biophan.
The other possibilities include:
She is still employed by Inserro and is named as CFO by Biophan. It's not unusual for arrangements like this. For example, Atlas Mining, currently being sued for allegedly creating a false market in their shares by colluding with Natural Nano to book a non-existent sale of halloysite clay, has just appointed a new CEO, who remains an employee of a different company:
http://app.quotemedia.com/quotetools/showFiling.go?name=ATLAS MINING CO: 8-K, Sub-Doc
Alternatively, she may already have left Insero before joining Biophan.
I note she is still listed as a partner on the Insero website, so I suspect the former:
http://www.inserocpa.com/contact.html
I would have thought it was worth asking what their current cash position is after making payments for the controlling interest in Myotech in April 2008, and for an undetermined amount to Nanoset for their IP in May 2008.
If that cash position is satisfactory, then we've already established that many people wonder why Biophan's management don't use good old fashioned greenbacks to pay off their "sewer rat" interest payments, rather than newly-minted shares. Or even buy off the underlying debt.
The combination of dilution followed by massive amounts of shares hitting the market (and I would guess that their toxic finance buddies are playing both ends and shorting as well) is in no one's interest except the toxic financiers - and anyone they happen to be rewarding for perpetuating this risk free, guaranteed-to-win, arbitrage situation for them.
What plans do they have to stop this?
I'd also be curious to know if they anticipate filing their next 10Q on schedule, as it will be interesting to examine their balance sheet properly (including the Nanoset and Myotech payments). It should be filed at the very end of July, I believe, 60 days after the end of the relevant quarter.
Although even if BIPH say they're going to file it on time, as we know from the 10K experience, we shouldn't necessarily believe them. If they fail to do so again, the chance of pink sheet status increases (automatic if they're more than 15 days late).
Good luck with your call.
"Utah would be Atlas Mining."
Ah, yes, Atlas Mining, where the KDS machine was claimed to have been used to process halloysite clay.
Sadly that so-called halloysite clay turned out to be entirely fictitious, just like the sales that both Atlas and Natural Nano announced in separate Press Releases.
Atlas are currently being sued by numerous disgruntled investors, and their insurance company is trying to bale out:
http://www.idahobusiness.net/archive.htm/2008/05/26/Mining-companys-legal-bills-continue-to-mount
How does that work, by the way? I mean, why would Atlas claim to have used a KDS machine when that wasn't true?
http://findarticles.com/p/articles/mi_m0EIN/is_2004_Feb_24/ai_113572238
Almost makes one want to question other pieces of information that Atlas' highly engaged parners, FASC claim.
Obviously the history of this fine stock and its keen supporters would prove such a lack of faith to be a serious mistake.
Why, some long-term investors are probably less than 90% down now, as long as they've been cost-averaging down like crazy for the past few years.
Here's a genuine question I'd like a Biophan-atic to answer:
I've been assured on several occasions by Biophan supporters that even after the payments for a "controling" share in Myotech, and the so far undisclosed payment for the Nanoset IP, there's plenty of the $11 million that Medtronic paid BIPH back at the tail-end of 2007.
That being the case, why don't Biophan use that cash to pay of some, or all, of their so-called "sewer rat" debt?
After all, it seems we are all agreed that the monthly sell-off of the shares granted in lieu of cash to these "sewer rats" is extremely bad for the pps. It also gives the impression of a management that doesn't care about the investments of its ordinary retail sharholders.
Surely Biophan should have two priorities right now.
Firstly to pay off the toxic financiers (and apologise to you guys for doing this to you in the first place).
Secondly to get the Myotech CSS device into human trials under an FDA-approved protocol now.
The Medtronic money should be enough to do both of these things.
So why doesn't BIPH do either?
They talk about the latter but don't do it, and the former is simply unmentioned in their communications.
I find it all very odd.
Can some one please enlighten me? What am I missing?
I am indeed voldemort2001. I cannot post as such because that ID was removed for a post much less offensive than the one of yours I'm replying to.
I do not work for a hedge fund. I suspect someone who alternates between the extremes of optimism and pessimism as you do, urging people to buy predicting wonderful highs and the very next day saying the opposite is a better candidate for being behind the pump and dump operations that allow the toxic financiers behind companies such as BIPH, freely invited in, I might remind you by your management, to turn a regular profit from terminal cases such as BIPH.
I'm here because I make a forensic study of likely stock frauds and BIPH is an excellent candidate. Other likely candidates include BIPH's sister company, NNAN, Atlas Mining, Intrepid, AGEN, IMM, ABPI/BVTI, GRGR, HDVY, NEOL and NTEC.
One of the pleasant side-effects of my little hobby is that some investors have been prompted by my comments to do their own DD and hence avoid the extreme losses in stocks I have warned about previously such as Viragen, Sciclone and Aptheon. And BIPH and NNAN, come to think of it.
"We don't need any FOREIGNER given us investing advice!
B9/mommasaid time for sunspotter to DISAPPEAR!! MBD"
I'm making observations, not giving you advice.
Just because I live in England doesn't make me a furriner, difficult though the concept of ex-patriate might be for you to grasp.
At least I honor the Constitution, including the First Amendment. You don't seem to be very keen on it, for some reason.
I hope you're in a minority.
"The FDA should fast track this technology to help save the lives of sudden cardiac arrest patients...now...how many must die needlessly while they procrastinate?"
I'm not sure it's entirely fair to accuse the FDA of procrastination. After all, as far as we know, Biophan have not made any kind of approach to FDA to discuss approval, nor have they even started the process of generating the human clinical studies data that would allow them to contemplate asking FDA for approval, let alone fast-track status.
No, while doubtless FDA has its flaws, it seems somewhat harsh to castigate them for their failure to divine, presumably by telepathy,that there exists a large and needy group who would benefit from marketing approval for Myotech CSS. I'm referring to the group who are dying .......
to make a quick buck out of this whole sad affair, that would of course be the long-suffering shareholders.
The good news is that it's entirely within BIPH's control to get approval for this device, which should be a Class III medical device, best as I can determine:
"STEP ONE in the marketing process is to make absolutely sure that the product that you wish to market is a medical device, that is, does it meet the definition of a medical device in section 201(h) of the FD&C Act. For example, the product may be a drug or biological product that is regulated by a component in the FDA other than the Center for Devices and Radiological Health (CDRH) and for which there are different provisions in the FD&C Act. Or your product may be a medical device and is also an electronic radiation emitting product with additional requirements.
Classify Your Device
STEP TWO is to determine how FDA may classify your device - which one of the three classes the device may fall into. Unless exempt, FDA will classify your device. Classification identifies the level of regulatory control that is necessary to assure the safety and effectiveness of a medical device. Most importantly, the classification of the device will identify, unless exempt, the marketing process (either premarket notification [510(k)] or premarket approval (PMA)) the manufacturer must complete in order to obtain FDA clearance/approval for marketing.
Selecting the Appropriate Marketing Application
STEP THREEis the development of data and/or information necessary to submit a marketing application, and to obtain FDA clearance to market. For some [510(k)] submissions and most PMA applications, clinical performance data is required to obtain clearance to market. In these cases, conduct of the trial must be done in accord with FDA's Investigational Device Exemption (IDE) regulation, in additon to marketing clearance."
http://www.fda.gov/cdrh/devadvice/3122.html
Step 1 and 2 are very straightforward. It's step 3, particularly the generation of "clinical performance data" that seems to be the hold-up. I will confess to not understanding why this should be, given that they've talked about it for years, they raised millions of dollars in the past to pay for this specifically, and they had all the Medtronic money. And yet ever since BIPH got involved, the technology hasn't been near a human (I am beginning to feel sorry for all those poor dogs, although at least their deaths have generated a few puff PRs for BIPH).
Why don't they "just do it"?
Answers on a postcard please to SEC.
I can see that with line up you'll have two of the three monkeys you need:
hear no evil
speak no evil
where "evil" is anything mildly critical of Biophan, the stock that has declined by more than 99% in recent years, and has never tested Myotech CSS in spite of years of promises,
but can you rely on b9 to
see no evil?
I guess we'll see by how long this post stays up.