BioNitrogen Holdings Corp. (BIONQ)

[LongRun8]

FlaFlyersFan and/or NoDummy, please read and comment.

Regarding this post http://investorshub.advfn.com/boards/read_msg.aspx?message_id=77832479, which leads to a lot of other helpful posts, I have some things to discuss.

First, to recap, based on http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=70746 there was a $150,000 debt Note between Claude Eldridge and BION. NoDummy pointed out that after going through all the financials and paperwork of HIDE prior to 12/14/11, there was no debt Note of this $150,000 ever mentioned. Furthermore, since Eldridge and Jarvis did not take over the HIDE shell until 2009, there is no way a debt Note dated February, 2007 could exist. It would appear that the debt Note was completely fake. It seems as though the Note was "created" by them to obtain free trading shares to make themselves rich at the expense of us shareholders. Then, Eldridge, who apparently owned 50% of BION with his 100 million shares of the outstanding 200.5 million shares, did not have to register or claim ownership of those shares b/c he smartly split the shares up between 8 foreign entities, using Regulation S to avoid registering the shares and keeping them free trading. Splitting those shares up b/w 8 different owners in the amount of presumably 12,500,000 shares would keep the ownership for each of those entities under 10% (i.e. approx 6.2%) and thus not make them claim ownership of those shares keeping them available to be free traded. They could sell their shares and make a boat load of money.

That info really started eating at me lately. Anyway, I wanted to check into it some more, so I emailed BION’s Investor Relations to ask him about it.

I was pointed to the website about the scammer Claude Eldridge http://claudeeldridge.com/ which I had already seen. Adam told me that Eldridge was no longer affiliated with BION. I kept pressing on it to get more info, though. Then, I was told that:

1). Eldridge owns an insignificant number of shares in the company, actually less than 25,000 shares.

2). Eldridge sold the shell and a promissory note to another promoter out of Canada, via Diane Dalmy (a former lawyer of the company and shell guys who is black listed by the OTC Markets). The promoters received 100 million shares in November / December 2011. The stock was run up, they could not raise capital, etc. Eldridge and Dalmy are both no longer related or affiliated to the company. They collectively own approximately 50,000 shares in the company.

I have some questions for NoDummy and FlaFlyersFan if they can help:

1. Does that seem true? I thought the shares were sold to eight entities, not just one in Canada.

2. If all (or most) of the shares that the scammers (or promoters) held were sold during the pump and dump, does that mean that we could finally be left with a company who is free of crooked people? Is it possible that BioNitrogen is finally rid of those people that were in the middle of the reverse merger between HIDE and BIO-SNG Technologies, which formed BioNitrogen as we know it?

Your thoughts would be appreciated.