Originally, when the former CEO adopted lending instrument known as the Convertible Promissory Note, it had actually been used by a couple of slick promoters from NYC who lent him/BIEL funds and made a ton of $$$ on the conversion of the debt to shares, including bonus shares. It infuriated the former CEO beyond description, so he grabbed onto the idea and did it again, himself, using IBEX. And time moved on without regulatory clearance for ActiPatch, but with the ever hopeful former CEO thinking, a few months more, for more than 10 years.....
Then, what was supposed to be a quick play, by necessity of more than 10 years of regulatory delay and bumbling, the Revolver financing play rolled over and over and over many times, to the point of absurdity, looking more and more like a share scam every time. Knowing the level of insight of the former CEO and his strong belief of despair, with that FDA success always around the next corner or contained in the next fax, that never came, the Revolver Loan became a toxic load of tens of billions of shares on a tiny company. And it looked like a well designed share scam. I say it was never intended in the first place.
So, if it was not a share scam, and I know for a fact that was not the original intent, and if that last paragraph misstates the original intent of the former CEO, and I hope the current CEO, would it not be in her best interest and that of the shareholders for her and IBEX to convert all the current IBEX debt that can be converted into shares with a share bonus into conventional debt instruments with simple interest only?
The switching of debt should not apply to other holders of convertible promissory notes, as they invested real dollars and are at arms-length, without the toxicity hanging over them. They made simple investments.
The current CEO could immediately convert the current IBEX debt, with a gracious explanation that after much reflection, the convertible loans were intended as a short-term lending facility to assist the company, while it was waiting for regulatory clearance of the ActiPatch. That would be a substantial and wise step in lightening the share load on the company, which will mostly benefit the Whelans and remove all toxicity directed at the current CEO and reveal good character. Not an apology, an explanation of the truth and how time, 10 useless and wasted years, severely crippled BIEL. Only fools don't change their minds. . . .
Could also kick the sp into the mid-double-zero range, now there's a plan!
