Good post dog - I feel this may be a case of 'only a fool doesn't change his or her mind'
Even though Kelly Whelan testified, under oath before the SEC, that she had made a few million in one particular year and was severely disciplined and fined by the SEC, she has also been exposed to what was and should have been done differently at BIEL in the past and knows what the law is, with respect to her future activities. Anyone having spent years and hundreds of thousands in legal fees embroiled in an SEC investigation knows what to do and what not to do. There is little or no leeway in cases of recidivism, so we can be comfortable she knows the rules of corporate governance. She also has a great team with her and is consulting legal counsel.
So, having said that, and knowing she will have herself on a very short corporate governance leash, and with the terrific team at BIEL, I believe we can rely on the 7 step remediation plan described frequently here and in post 208513 as portraying possible ways forward and know that it has been reviewed internally at BIEL.
We also know from information published by the company that the CEO is now over half way through her self-imposed 180 day window to success from the first week of October. That timetable would seem to be sacrosanct, by its significant origin, and therefor reliable as a driving force for management. That timetable, combined with the timing of the FDA assessment of the general 510(k) (including the back) and the ongoing discussions with potential market partners should further assure us that there is a prevailing sense of urgency at BIEL.
The remedial element that will be the last gasp, screaming, kicking and whining resistance, by the Whelan family is the remedial element involving fixing the outrageous share structure. It will be hard for them to 'get' that there is less risk to them by reducing the AS and their holdings to around 7 billion shares, as described, rather than maintaing the toilet position they have with 35 billion shares potentially of the 62 billion possible, as such consideration is antithetical to the philosophy of greed prevailing at BIEL for years before October 2019. It will be a fine test of their wisdom, to see what they do. The important issue is that they are in the toilet now, have been for years, and the road to their financial success is both shorter and more substantial by fixing the share structure as suggested, when compared to leaving it in the current toxic toilet.
Remember, it was Andrew Whelan who latched onto the potentially self-serving financing revolver - the convertible Promissory Note financing model used by a couple of New York financiers who lent BIEL funds in the early 90's. He described it to me himself. It drove him nuts that the NY financiers made out like bandits and he didn't, thus the Whelan end-run on the financiers and the emergence of IBEX in their place. It was supposed to be very short term until FDA cleared ActiPatch, but here we are more than 10 years later with possibly 62 billion shares in shares and notes, ugggghhh.
Simple solution, no drama, just needs fixing, so get it done. Once done, the toxicity of the past 10 or 12 years will be partially assuaged and Kelly Whelan can then get past the emotional recent times and run the company with her head and not her heart. She stands to amass wealth in the hundreds of millions for her family if she has the talent and uses her head, but she needs to fix the share structure quickly, otherwise believability and trust will remain as her double-barreled nemesis. We will see if she has both in the next 90 days of her self-designed 180 schedule to success. Tick tock . . . . Is 90 days soon?
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