Bioelectronics Corp (BIEL)

[Simpsonly]

The issuance price of the half-price bonus shares on the stock was determined at the time the loans were made, not converted. So, loan day cut in half.

Therefore, the higher the trading price on day of conversion, the bigger the bonus.... IF..... holder wanted to sell shares, IF they even could, which was proven virtually impossible, without a 50% haircut! Only winner was the company.

So, noteholders lost if trading price on conversion day was lower AND lost by the 50% haircut.