Hey Steve - might it be best for Whelan to step aside. not down, but aside, temporarily, pending the outcomes of all legal options available to both the company and Respondents? The Chairman can easily assume the figurehead positions of President and CEO in the interim . . . .
From a PR point of view, it would seem to me that this would ring loud and clear to all that the Whelans are indeed sensitive to the BIEL shareholders, as has often been expressed by the Whelans and by Hizonor. It would follow, logically, that such an announcement would contain verbiage that in no way would they want current SEC matters to negatively affect progress, FDA, etc., etc., etc. I would want Andrew Whelan to remain deeply involved as he is a wealth of knowledge and, let's have the truth, he's not been found guilty of anything. This thing remains murky at best as to the involvement and responsibility of all parties involved
Note my earlier post #90136 that seems to indicate that Hizonor has still not found anyone, other than accountant Bedwell, guilty of anything; that the SEC allegations remain just that, allegations, Hizonor states that unequivocally, and he has ordered a hearing at which Respondents may present evidence to determine:
Section 45 – “Whether the allegations set forth in Section II hereof are true and, in connection therewith, to afford respondents an opportunity to establish any defenses to such
allegations;”;
"Section 46. What, if any, remedial action is appropriate in the public interest against
respondents Whelan and Kelly Whelan pursuant to Sections 15(b)(6) and 21B(a) of the Exchange Act, including, but not limited to, a censure, disgorgement, a civil penalty and a penny stock suspension or bar;”;
“ Section 47. Whether, pursuant to Section 8A of the Securities Act, respondents BIEL,
IBEX, St. John’s, Whelan and Kelly Whelan should be ordered to cease-and-desist from
committing or causing violations of and any future violations under . . . . . “; and
“Section 48. Whether, pursuant to Section 21C of the Exchange Act, respondents BIEL and Whelan should be ordered to cease-and-desist from committing or causing violations of and any future violations of Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and Rule 13a-1 thereunder, and whether respondents BIEL and Whelan should be ordered to pay disgorgement pursuant to Sections 21B(e) and 21C(e) of the Exchange Act;”
I only look for people to do the right thing. Whelan would be very wise to relinquish his President and CEO hats on a pending basis, but I feel adamant that his involvement continue to ensure:
(i) continuity of management at this crucial time of ongoing FDA 510(K) OTC USA clearance activities;
(ii)respect for the facts - Hizonors words "whether the allegations are true" and therefor that he has not been judged guilty of anything;
(iii)Recognition of his tremendous efforts and good works in keeping the BIEL journey going. Yes, he made errors years ago, but in my view has been the epitome of diligent management and pursuit of the mission - OYTC USA for ActiPatch; and finally
(iv) perhaps my suggestion supports Hizonor's stated sensitivity to the shareholders who have invested in the BIEL journey.
I believe I have been steadfast in respecting Hizonor and what I saw is his apparent wisdom in handling other cases. I did the work of reading a few and he is the best of the SEC judiciary, in my view. The facts that he judged no one but accountant Bedwell guilty and wants to hear more speaks volumes to me. If it were me, I would step aside temporarily, go before Hizonor, plead that years ago by signing documents put before me by my accountants and auditors I made mistakes thereby establishing the legitimacy of the revolving financing model, and place himself humbly before Hizonor.
By the way, did anyone spot the very slight but significant error in the initial judgment where the word "to" was used instead of "by"? That further exonerates the company BIEL from wrongdoing.
As I said earlier, this is far from over. But, it's not what we say and do that's often most important, it's how what we say and do is perceived by others. Next move must be the right one to engender the correct perception that the Whelans care about the shareholders. Anything else would be foolish and only a fool doesn't change his mind. Seems to me my suggestions do not cost anyone anything and they are certainly not an admission of anything, since Hizonor has not judged anyone on any allegation. Interesting developments for law students. Initial decision - I'm not deciding anything, I want to hear more. It's also clear to me that Hizonor has taken the SEC enforcement division out of the melee . . . . I see no indication he want to hear further from them. . . . unless I missed something
Go BIEL - FDA OTC USA you know when . . .
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