These comments are hilarious.
Did ANYONE on this board actually READ the lawyer's letter and look up any of the rules cited by the attorney??
Or even questioned the huge volume currently at 65M??
My guess...NO
The lawyer says..."...asked to express our opinion as to the adequacy of the Disclosures within the meaning of Rule 144(c)(2) promulgated under the Securities Act of 1933'.
Rule 144 provides an exemption and permits the public resale of restricted or control securities if a number of conditions are met, including how long the securities are held, the way in which they are sold, and the amount that can be sold at any one time.
Who does Rule 144 apply to?
Rule 144 applies if you are: a non-affiliate shareholder who wants to sell their restricted securities. an affiliate of the issuing company who wants to sell their securities (whether they are restricted or "free trading") into the public market.
This is a public disclosure merely stating that financials are:
1. "adequate current public information" within the meaning of Rule 144(c)(2)
2. The Disclosures include all of the information that a B/D would be required to obtain from the Issuer (BIEL) to publish a quotation for the Issuer's securities under Rule 15c2-11 under the Exchange Act.
FYI- Rule 15c2-11 generally prohibits broker-dealers from publishing or submitting securities of private issuers in a quotation medium other than a national securities exchange (i.e., OTC securities), unless the issuer has made current financial and other information publicly available as specified by the rule.
IN OTHER WORDS....because BIEL FAILED in producing current financials in a timely fashion, an opinion letter from their lawyer was needed by a registered broker-dealer in order for the former BIEL insider selling their restricted BIEL stock in the open marketplace.
It is my opinion that Keith is blowing out of his restricted stock because he is no longer an employee of BIEL and this letter was required by his B/D in order to facilitate the transaction. I believe he received 100M shares of stock...that will be the volume at the end of the day today and tomorrow's volume will return to its low levels.
The price is up simply because the short sellers are taking advantage of this opportunity and filling the buy order to cover.
NOTHING MORE....NOTHING LESS.
Bearish
