All that nonsense falsely creates confusion and misleads.
""Kelly Whelan formed IBEX, LLC in 2005 and is its sole member. Kelly Whelan initially capitalized IBEX with assets of her own and those of her former husband, Robert Lorenz. These assets included personal savings, a home equity loan, credit card advances, and withdrawals from an ERISA 401 K retirement account. IBEX was formed to invest in small capitalization companies after Kelly Whelan learned from her father how such companies were forced to seek capital from lenders at extraordinarily high rates of return. K. Whelan Deel., ifl69."
The questions the SEC then asked related to how much IBEX initially loaned to BIEL, not how IBEX was capitalized! Perfect memory on the 4 specific sources of funds to capitalize IBEX, when it was incorporated, but instant and total amnesia when asked how much the initial loan was to BIEL! Nope, can't remember and have no records whatsoever - absurdity in the extreme, that should satisfy any curious minds. . . .
Doing the right thing to rectify the absurd share structure BIEL is weighed down by removes the stench remaining from the former regime. There were many, many victims of that regime. Fixing the share structure now, before any deals are announced, is a once in a lifetime huge opportunity to do the right thing and become very, very wealthy! Who in their right mind would miss that? Doing the right thing will be well remembered, not doing it will never be forgotten. We're talking lifetime legacy stuff here. . . . you know when. . . .
