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Re: art2426 post# 234884

Wednesday, 09/09/2020 1:32:34 PM

Wednesday, September 09, 2020 1:32:34 PM

Post# of 330252
The numbers and loan structure are common, even considered typical, like it or not. Remember, the former management was bizarre, at best, something else, in the eyes of many. Compare the results, then, for >12 years and now, <1year! Actually, to be fair, since Jan 1 - 8 months!

Some have opined that it would be wonderful, desirable, for a financier with deep pockets to step up and fund BIEL to success. No problem. I asked someone I've been in deals with who knows the BIEL history a little.

"If it were me, even with better management now, I would put up $5 million, after reverse splits, down to 1 million shares, then I would want 2 million new shares for a total of $3.0 and 4 of 5 seats on the BoD."

So, the best way forward, in my humble opinion, remembering opinions can't be criticized or insulted, is to restructure just the Whelan debt deals to conventional, create a Strat Alliance to protect voting control, reduce the burden of the bizarre, stupid share structure foisted on the CEO, by the past ineptness and watch the sp rise. How so and why, one might ask?

Let the Whelans give themselves 5-7 billion shares. Why change the Whelan et al convertible notes and not the arms-length conv. noteholders? Because it is highly doubtful the clan put up anything much originally, other than phantom dough, and SEC testimony, undet oath, revealed they had extracted at least $3.5M in cash. Was it closer to or more than $5.0M? We'll never know. But do consider the former CEO may have shared how things were done......

On the other hand, all other convertible note holders, who received their conv. notes, in lieu of salaries or in payment for services, PLUS the few investors, who put up real cash, hard cash, to help BIEL, are under water AND have great difficulty or impossibility in selling shares without a 50% haircut.

All facts! And why, in my opinion, it would be best to avoid very costly conflict for the Whelans to do the right thing and keep everyone happy. And, given all the prevailing factors of the former regime.

Should be abundantly clear now why there was never a thought of a hostile or friendly takeover? It was all too absurd an atmosphere to consider such a thing, or anything for that matter, and the former regime wouldn't even consider a real BoD or doing 3 really great deals with Dr. Scholl's, CVS or KT Tape. Remember?

As I've said, company is being very well managed today, just have to fix the share structure, to do the right thing, for all shareholders, given the cash already extracted and avoid a cluster, seems to me. Don't ask if I care, I'll just watch, with interest, as things evolve, as they surely will.