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I guess now is the time to fill out a worthless stock form, take the loss and hopefully move on to the next big thing.
It has been real, but not real fun.
Good luck to all!
Just remember the old saying " I rather have a bottle in front of me than a frontal lobotomy.
I was invested in BION and followed the company for 6 years or so. They told lie after lie. The plant in Texas, plants in Florida. They would tout they were breaking ground on a plant and then would just stop in the middle and abandon the project with no explanation and move to the next town like gypsy's. They constantly changed engineering companies, bond companies that were going to sell their bonds. They always had some lame ass excuse. They hardly ever updated the shareholders and when they did they left out glaring details about the status of the projects.
Hey Gatorlady, I see this is the last time you commented on BION. I was wondering where all the cheerleaders are now. They ridiculed you back when you were trying to tell the idiots this was a scam. I guess after losing all there money they finally agree.
Thanks for all your detective work. You probably saved a lot of people from getting involved with this POS.
Your a F'in genius. People like you should be line up against the wall.
I have said the same thing over and over. They will cancel the common shares, it happens about 95% of the time when a company bankrupts. I do not know who was buying yesterday but they are throwing their money in the toilet. The only other possibility is the the fact that the stock price is so low they may keep it for the structure. If they do you can expect a 1 for 1,000 reverse split and then they will issue millions of new shares. Anyone buying shares right now in my opinion is a fool.
Well, it has been 4 months since I last posted and I see nothing has changed, still waiting for my common stock to be canceled. I am glad I only had several thousand shares. I am still asking myself why I bought into this pipe dream. I feel sorry for anyone who was gullible or stupid enough to make it a substantial part of their portfolio. In retrospect I should have seen the flags that were being raised. Changing consultants, accountants, engineering companies, underwriters, opening, closing, moving offices, announcing new sites and not following through on any of the previously announced sites or even mentioning them. Very few updates to the shareholders. The fact that they touted their technology was so great but could not even attract a single investor, not even when their life depended on it. All were signs of something that was not right. I wish BION would quit circling the toilet bowl and just go down the drain so I can write this crap off and fill out the worthless stock form.
Good luck, turn out the lights the party is over.
Entry & exit points are key and are often gotten wrong. Like musical chairs. I think there are much more predictable ways to make money. Of course there is some risk in all trades. This was by far the most risky stock I have ever invested in (very risky from day 1), so I am not that surprised with the outcome.
I totally realize that. They all say they make money but when you look at the overall picture most do not. The price will continue to drop and when the reorganization plan comes out advising that all the common shares will be canceled they will be hung along with the long time longs with there newly purchased shares. Of course they are trying to get in and out "making money on the spread" I think it will be mostly selling from here on out. I love it when they say how much they have made and some of them make some money do not get me wrong but overall the large percentage do not. They are like gamblers. Hey I won 35,000 last month. Then you hear from there brother they lost 200,000 last year and had to get a 2nd mortgage on their house.
I know they are not required to. The simple fact is they still have to pay 100% of there debts in order for it not to affect the shareholders and even if they wanted to, they can not. If they could do that they would not need to file.
Claims of people and entities that are owed money come first.
Stockholders come last if at all. Preferred Stock owners, if any, come before those who
own the common shares. The order of priority for claims is approximately as follows:
Taxes owed
Wages owed
Trade Creditors (suppliers etc., if the company is to continue operating)
Bank lenders, Commercial Paper and Bond holders (order depends on the relative
strength of covenants in each document)
Preferred stock if any
Common Stock IF AT ALL
In a very high percentage of cases (well upper 90s!) the common stock of the old
stockholders is wiped out. It is valuable only as a souvenir or as wallpaper. If the
company emerges from the bankruptcy process as a continuing going concern, it will
issue new common stock.
I can not think of one (I know there are some though) chap 11 company with the exception of Texaco in 1987 where the common shareholder was not wiped out.
I hope the best for everyone who has spent money and many hours on this stock, but I will not let myself continue to bleed over it. I will probably sell before the end of the year for a tax loss. If there is any hope I think it will come from a shareholder committee, if there is one. They might persuade the judge not to grant them the chap 11 and they can take the money they have a pay Annon. They can then look for money the same way they always have.
What a bunch of crap. "waiting for a leg up", "looking at the technicals", "not many buyers today", Are you kidding me. This stock has probably not traded $20,000 dollars since bankruptcy and then when you figure money is only being made on the spread it is a joke. Nobody including the bottom feeding technical idiots are making money off this stock. Quit wasting time and move on to the next hopeful. It is over for the common shareholder if they are granted Chap 11. I have spent years watching and hoping this POS was going to go somewhere and now they are going to Fualk everyone.
Oh I forgot to mention will the last person to leave please turn out the lights.
I do not understand why anyone is still making any encouraging comments about BION. It is over. I do not know who is buying now, you would have to be stupid and not very informed about Chapter 11. I have been involved with several Chapter 11 stocks and have yet to get anything except toilet paper out of the stock certificate. The shares will be canceled and they will issue new stock if they manage to emerge from the bankruptcy. Annon is not the only one that will lose, the shareholders will lose too. You better hope that the bankruptcy judge does not grant them 11 and that major shareholders show up and defend their position. Maybe then they could purse some other avenue to pay their debt.
If every single share sold today was one seller at .0062 for the 5,278,607 shares traded today he raised a whopping $33,237.69. If that is the case they are going to be dumping millions of additional shares to raise any real money. You might want to wait to pick some up at .0006
Yes, lets be real. Who in the hell signs off on that kind of loan? They knew what they were signing. The truth is no one would give them a loan, no money, no assets nothing but patents that are yet to be proven in the real world. No bank would touch them with a ten foot pole and if they would, they would have certainly gone that route. I agree it is robbery as far as the interest rate but they agreed to it on the front end. We have credit cards in this country that charge 25% and people are stupid enough to use them. You make the loan you pay it back. There is a stigma around them. They do not pay there debts unless forced to do so.
The bottom line is they signed off on the loan, they knew the terms no matter how bad they were. They were a huge risk and that is why the interest was high. They owed the money and were trying to screw the lender just like everybody else they deal with. The right thing to do when you borrow money is to pay it back not try and slip out of the loan on some technicality. I am sure that is what the judge thought also. Do you think anybody else will loan them money now knowing their history of trying to weasel their way out of loans? I think not. You can not trust them to do the RIGHT thing!
At best BION squeaks by and gets the EPC. They let the bonds. Do you trust BION to do the right thing by their shareholders? They may do a 1 for 100 or 300 reverse split (to get up listed right) and then turn around and issue themselves more shares through options. They may do a follow on offering further diluting the shares. This all comes down to trust. They control every decision since they can vote them up or down without any input from the shareholders.
Based on what I have seen so far it does not look good. This is a publicly traded company that does not keep the shareholders informed about anything. With all the litigation going on that could potentially bankrupt this company, you have not seen one press release from the company informing shareholders much less keeping them updated. It seems that if there are known facts that could have a material effect, the company should be legally bound to disclose it publicly. I have followed this company for about 3 years now and have a substantial investment in it that I have watched go swirling down the drain. I grow weary.
This company likes to keep people in the dark. They have hired a new PR company, where is the PR?