Bioelectronics Corp (BIEL)

[Simpsonly]

C'mon.....the joint's been open a year and who just paid for that meal? Cardinal management rule for all Officers and Directors - never reveal what class you flew in, the hotel you stayed at or where you ate or the prices! And certainly not what wine was consumed!

From their menu:
Salt baked seabass with brussels sprouts and truffle butter $100.00


Could we come back down to earth and solve the issues of the company please? Would be a good thing to start with the 62 billion share structure. Item one on the BIEL menu! Thank you!

Post 210109 January 21, 2020
Hmmmm. A 7-step remediation plan presented here many weeks ago as post 206689 on December 6 and on numerous occasions since. That was 2 months after the former CEO term ended and its now 3 ½ months since the current CEO, Kelly Whelan, assumed that position. Much of the 7-step plan was discussed with the former CEO, over many years, and presented to him in April after HE reached out for help because he stated he wanted to retire and asked for help. It is reduced to point form below.

Post 208513, edited for size
“Only time with tell if Patricia and Kelly Whelan will do the right things, or not. It is to their direct financial benefit to just bite the imaginary bullet and protect themselves by incorporating vision, instead of remaining mired in absurd greed:

1. SHARE STRUCTURE - Immediately revise the outrageous shareholdings of the Whelan/IBEX/St. Johns on conversion of all Promissory Notes of around 62 billion shares. The Whelans would own around 35 billion of that 62 billion or 60% +-. Reducing their shares by 28 billion, to 7 billion, new total becomes around 34 billion, they would then own 25% +-. Some say it should be reduced to 3.5 billion, whatever it takes to repair the previous damage. Would you rather own 60%, 35 billion shares, of a crippled company worth nothing and going nowhere fast, or 25%, 7 billion shares of a company under restructuring, that gives a toilet dweller half a chance to scratch and claw its way out of that toilet?;

2. TRANSPARENCY - Make a commitment to absolute transparency with shareholders, who may or may not invest further funds in the restructuring. Without such openness and transparency, why would anyone consider further investment?;

3. FAIR OFFERS TO SHAREHOLDERS - In the case of potential investment by existing shareholders, put your best offer forward, so they don't feel they are still being jerked around. The toxicity of the past lingers . . .;

4. TOXICITY - Clean the house of the toxicity of the previous crippling dictatorship. There were dozens, hundreds, thousands of things done right and professionally by the collective dedicated management team of BIEL. A restructuring like this only involves those many negative aspects that put the company in the toilet and nothing else!

Take a silent back seat for a couple of years. It has and will be said, "that was him, this is us". Nonsense! You can't get rid of family name toxicity and stench with words, you have to spray the joint and then disinfect it, produce tangible results! The company was infected! It's still the Whelans!" Swallow the pride and anger, realize that successful businesses are run with heads, not hearts, and just get rid of the infection! And, the longer it is delayed, now almost 3 months,the more the infection spreads, it's what poison does. Why wait and remain in the toilet?;

5. BOARD of DIRECTORS - Increase the Board of Directors to 5 or 7, increasing it to 3, two Whelans and Keith Nalepka, makes it still a Whelan board, that makes Keith Nalepka vulnerable to the greed of the past players. Not a solution, not even close. Remember, shareholders are not stupid, as was often said at BIEL! Place trust in the new slate of Directors to make prudent decisions and manage this toilet dweller out of mushroom land. Everyone can easily imagine the decade of self-serving gymnastics that went on, past employees have shared the reluctance of management to opening up the books. Of course there were games.;

6. COMMUNICATION NALEPKA KONERU - Delegate all responsibilities of communication with the public and shareholders to Keith Nalepka and Dr. Sree Koneru. This will give them the credibility they need and deserve and help to eradicate the toxicity. Announce it today, not tomorrow, today;

7. NEGOTIATE & SIGN DEALS - Negotiate the best deals, with as many retail entities, as quickly as reasonably possible. I said to previous management a dozen times, "just make the best deal you possibly can early on. Once you are on shelves, others will come, but get the first one or two done. Retailers cannot stand that competitors have SKUs they don't have." The response? "No, why should they make all that money?" Imagine saying "no" to CVS, Dr. Scholl's and KT Tape, for thirty seconds and you will shake your head for a week, which is what I did! There is much more, not worth repeating. Keith Nalepka knows how to do it, let him do it.

SYNOPSIS OF THE 7-STEP MANAGEMENT REMEDIATION PLAN DECEMBER 2019
1. SHARE STRUCTURE
2. TRANSPARENCY
3. FAIR OFFERS TO SHAREHOLDERS
4. TOXICITY
5. BOARD of DIRECTORS
6. COMMUNICATION NALEPKA KONERU
7. NEGOTIATE & SIGN DEALS

Interesting to see Kelly Whelan Twitter below today. It illustrates a number of things:

That she is very aware of the 7-step management remediation plan discussed with her predecessor CEO and posted here numerous times, reflecting serious, mature, common sense and as recommended by numerous experienced shareholders;

Secondly, her Twitter essentially ignores items one through 6 and goes straight to #7, that which benefits her and the Whelan family the most, but without mention of other prudent management steps necessary to get there. Is this a lack of awareness? Experience? Insensitivity?;

Thirdly, there is no mention of shareholders, to whom she has a fiduciary duty; only to her own retirement; and

Lastly, there seems to be a lack of serious awareness in fulfilling her responsibilities to shareholders through mature governance. The flippant, self-serving and defiant attitude is a poor exhibit of how a qualified and competent CEO might project concern and prudence in dealing with the plight of the company, its shareholders and the share price. It is not funny and it’s not a game; many shareholders are down many millions of dollars of their investments, a condition existent for years!

Kelly Whelan Twitter January 20 2020

https://twitter.com/kel928/status/1219709223879180289?s=21
1. Sign the deal for ORTHOPEDIC
2. Sign the deal for FOOTCARE
3. Get wound care channel partner moving forward
4. Ship 1.5 million devices n 12 months
5. Ship 2.5 million devices in 2021
6. Ship 4+ million devices in 2022
7. Sell company and retire
#theonly7stepplanineed

Shareholders will be interested in pondering the type of management to best look after their investment. . . .