I don't mind if the completion of the turnaround of BIEL takes a year, or two years. What I mind is a self-appointed CEO prolonging the 10 years of toxicity elements associated with the company by announcing a self-declared hiatus of silence of 180 days to buy time and thus expecting to avoid shareholders demanding better management.
Who in their right mind comes up with a general hiatus of 180 days? No other well-managed company in history! The way turnarounds are structured is to make a plan, announce the intentions of management and implement it. Reverse the damages and implement change.
What happened with BIEL is that a 7-step turnaround plan was carefully designed by a number of astute and experienced business people willing to respond to the former CEO's request for help AND invest a few million dollars. That produced another erratic change of mind in April 2019, another, "No, I'll do it myself", and a self-appointed CEO 6 months later in October 2020!
Imagine what could have happened in that first 6 months! Imagine what Keith Nalepka and the terrific BIEL team could have done in that time to reverse the prior damage and remove the obvious toxicity causing the red flags! And then, the new CEO wants another 6 months to effect a turnaround? But not the one she said, "No" to. Just another 6 months of time, without fixing the share structure, without dealing with BoD issues, without dealing with the name toxicity, just another 6 months.
Red flags don't go away, on their own, they have to be fixed and the plan has to be implemented starting yesterday - but there is no plan! Just, "Call me and here's what I'll tell you......I'm doing nothing". And thus, we remain in the toilet with a share price lower than the day FDA general clearance was received, just a few weeks ago. $.0008 and it should be a few cents and climbing steadily. Swell.
