Hi, The Blues, you might be right and...
I might owe an apology to roni911 and all the others who have been sounding the alarm for quite some time.
There is only one last glimmer of hope.
The board is not required to cancel the shares and issue new ones.
Here's two possibilities:
#1 - It's possible that they care about their personal integrity and will choose to include the existing shareholders in the reorganization plan. They are well-aware that many of the shareholders are first-time investors whose priority was to support the "clean-tech" technology and "improve the world." They are aware that how they treat the existing shareholders will follow them... personally... and possibly affect the marketability of any new share issue. It's possible that they are not "greedy crooks" as they have been characterized.
#2 - There is an option that would enable them to protect the shareholders; payoff the existing debt; AND acquire the capital necessary to fund the EPC. Through a "Rights Offering," they could raise $10 million - from the present shareholders - that would not only payoff the present debt, but fund the EPC and get the bond sale moving forward. Hopefully, they will see the opportunity to establish massive, long term corporate value... in the form of Goodwill.
Yes, it's a long shot, but that's what I would be pursuing if I were a member of BION's board. Let's hope they care about their personal integrity and are investigating the merits and re-organizational benefits of a "Rights Offering."
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