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Friday, April 14, 2023 10:43:10 AM
The Whelans don't own a voting majority of common stock -- not even remotely close. Since BIEL has no Preferred Class shares, there's no way for the Three Bears (Kelly, Patty, and Rick) to transfer ownership to a buyer unless they sell the "POISON PILL" to an entity, and that would wipe out their huge future payday.
The "poison pill," of course, is the stack of convertible debt -- the only thing preventing a hostile takeover. If a buyer accumulated 51% of common stock in a hostile takeover attempt, The Three Bears could demand repayment of those loans over 12 months as the loans matured, requiring the buyer to come up with a lot of cash over a period of about 12 months OR do a R/S and issue stock to the Three Bears, which of course they would dump, causing chaos.
I welcome anyone who disagrees to explain how Kelly could sell this company. I guess she could sell the patents, but EVERYONE, including Kelly, would lose in that scenario.
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