Bioelectronics Corp (BIEL)

[Boricka]

I would suspect that the first, second, third....series of convertibles were at better terms for BIEL. As Whealan makes poor decision after poor decision, the company continues to flounder, the cost of capital rises.

At this point, it is common knowledge he is incapable of commercializing Actipatch/RX. Who would loan money knowing that he is going to continue to be involved? Someone who is getting such a high "premium" they feel that can't lose. Add this to the long list of Whealanisms (SNAFU). The terms have to be so good that you have to be able to be willing to take the stock down to sell that number of shares.