You are absolutely correct in the theory!
"If IBEX Had Not Funded Biel, Someone Else Would Have Had To.
Does It Matter Which Pocket The Funding Comes From, Well NO, But
Since IBEX funded they Have Added Incentive To Grow This Company."
BUT - IBEX did not fund Biel, someone else did!
BUT it didn't come from IBEX or Whelan pockets!
IBEX did NOT fund BIEL - the former CEO learned how to create 10's of billions of shares from thin air using a scheme a couple of financial guys from NYC shared with him on a BIEL loan they made and cleaned up on.
He adopted it using IBEX, instead of them, rolled it out and the rest is known. Wow, did he have added incentive to grow this company. It's called printing free shares!
Is it plausible, to anyone with a curious mind, to think that that testimony under oath before the SEC that no one could remember how much money IBEX originally loaned to BIEL, was anything but systemic avoidance?
Nope, can't remember! Nope, sorry, dog ate my homework. Not my fault, I was just following orders. Must have been someone else. My sister broke that.
Two smart people, one a CPA, can't recall or satisfy any SEC questions as to the amount, or lack of amount of the principal of the first IBEX revolver loan? Absurd! And there's no paper? No bank record? Absurd! Wish others had been asked...
Here's an area the SEC should have probed. If not one witness, "hmmmm, nope, can't remember", produced answers, how about questioning others at BIEL AND IBEX with knowledge, AND THE LAWYERS AND THE TRANSFER AGENT?
Might that not reveal all the information and paperwork concerning IBEX/BIEL loans and Promissory Notes and shares? Without such proof, how can IBEX own even one note or share, at all? As I said, wish others had been asked... And they know to this day.
As previously stated, a number of people discussed the IBEX/BIEL revolver scheme with the former CEO. A number of them know exactly how and what transpired. What I have done is try to give the current CEO the opportunity to create a lot of wealth for her family AND, well, the rest is very clear.
If it were me, I would do whatever is right to raise the company out of the toilet of the 000's AND apply some air freshener to clean out the former antics, at the same time. The very cool thing is that not knowing how to do the right thing can never be an honest answer if more questions arise.
