Intellect Neurosciences Inc. (fka ILNS)

[wEaReLeGiOn]

The registrant had 194,515,899 shares of Common Stock, par value $.001 par value per share, outstanding as of May 20, 2013.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9621617

The registrant had 317,715,676 shares of Common Stock, par value $.001 par value per share, outstanding as of November 19, 2013

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9621617

Nobody knows how many shares (preferred or otherwise) Dr.Chain owns, or any other past officer of the company (since ILNS has only a part-time CFO) ILNS for some strange reason isn't required to report insider buys/sells/holds. Preferred shares are normally voting shares, and may not be able to be sold, only voted.

The dilution at ILNS is staggering, although hardly surprising. It looks as though debt holders are converting to common en masse, and the only reasonable explanation for that is obviously to sell their stock.

ILNS will file for bankruptcy protection from creditors in my opinion, and since ILNS reports little or no assets (and since their intellectual properties are tied to other people's patents) it won't matter at all to common stock holders.

I suspect Dr.Chain has divested fully, or nearly fully, from ILNS stock ownership (common, preferred, and any voting shares) and has been divested since summer 2013.

IMHO Chain owns more then 50.1% of ILNS in preferred shares and he has never ever sold a single share and thats a fact.See part of a email he sent 2/09/13.