Bioelectronics Corp (BIEL)

[4toSchool]

50% wrong!!!

IBEX (Kelly Whelan) still holds rights to 100% of BIEL assets. KW's right to 100% BIEL assets is subordinate EXIM Bank. She still has the ability to take 100% of BIEL's assets if BIEL cannot repay her ill-gotten notes. Kelly Whelan could payoff EXIM Bank and she would regain her 1st lien position.

KW has positioned herself in the catbird seat to either take over ownership of BIEL or to take 100% of BIEL's assets. Assets bought and paid for by BIEL investors. Again, according to her own testimony before the SEC KW has only contributed a "nominal, one-time investment", one that couldn't be documented (she was a licensed CPA at the time, go figure), and "never put any additional capital at risk. What's at risk? The BIEL holdings of all non-Whelan investors.