Bioelectronics Corp (BIEL)

[Simpsonly]

Any competent law firm would advise that the courts would throw out the pledging of BIEL's assets, the IP being the only real asset, to IBEX as self-dealing and lay down some serious charges. Incredible when one recalls that the former CEO was CEO, CBO, CFO and Chairman at the time the assets were pledged, of course making the act an outrageous case of breach of fiduciary duty.

The idea of the revolver financing scheme was generated as a result of some lenders from New York who loaned the company money, got bonus shares, then sold them during a run and made a few million. The former CEO was angry they had done that and not him, so he slipped IBEX into position and the self-dealing was the result. Thus 35 billion potential shares in the hands of IBEX and St. Johns, out of a total potential of 62 billion shares, or so. And the remediation suggestion as to revising the absurd share structure, as contained in the list of 7 step remediation plan suggested. Main reason BIEL remains in the toilet.

IBEX had no legitimate right to any compensation above what other arms-length lenders would receive under the revolver lending scheme put into place by the former CEO. Its churning would be a subject of interest too. It would be said that the pledging of the IP was to protect the company from other creditors. Nonsense, it was highly conflicted self-dealing, about which he was warned a number of times.