Innovation Pharmaceuticals Inc (IPIX)

[wsbc]

Utterly ridiculous.

It was a debt/equity swap and ultimately not completely dissimilar to what Enron was brought down for, in a nutshell. Way smaller scale.
Leo's using IPIX as an SPV essentially and doing nothing but selling equities to do quite literally nothing more than paying himself.

To date, there are no deals and no BP interest because trials have been inconclusive due to lack of statistically significant size. He knows this and yet has continued to run statistically insignificantly sized trials, all the while diluting the living shit out of shareholders and issuing pumping PR's to artificially inflate the share price so his toxic financing buddies can sell into the bump. It's grossly transparent if you've watched it over the course of time.

Additionally, he pays himself 5x what the industry norm is for a pre-revenue BioTech, and prioritizes paying himself over running trials (see: Kevetrin, B-OM, B-IBD).

Sure it's a 'sign of confidence'. He's confident the ordinary shareholder can't figure this out (it's the OTC after all) and since it's the OTC, it's the wild west and the SEC turns a blind eye to enforcement of matters such as this.

There's a special place in hell for people like this.

This is why I maintain that 'good science dies at the hands of bad management all the time'.

Leo is the cancer.

MAYBE B-Covid is the turnaround point, but I'm not holding my breath.

I didn't read it that way. I saw it as a sign of confidence.

The debt he was owed would have taken precedence over shareholders in a bankruptcy. He traded the security of that $100K debt note in exchange for shares which are completely unsecured in a company that was heading to $0.00. It hit all time lows around this time.

At the time I was pleased by this though the amount was small.

Now, the mechanism for allowing that transaction remained a mystery to me. I'm not qualified to speculate on how it worked and if it was kosher. The end result was Leo traded secured debt in exchange for shares.

A drop in the bucket of what his salary has pulled and his overall share count but at least there is a hint of water there.