Never happened. . . .would have been a great idea. How this has been manipulated is this. During said discussion, on March 13, 2019, being referred to, a discussion between 2 people, I stated that many people had pleaded with the former CEO, unsuccessfully to date, that he simply retire. The other person on that call had no idea of that.
Before that time, the CEO made the call we all know about, then the management remediation plan was designed and sent to the CEO. No one was told when the former CEO made the call, other than March of 2019, it was not March of 2019. Or the accurate date of when the plan was prepared or presented, to see who claimed to know what, who embellished, who corrected, no one did, accurately . . . . It was a great plan. In a very short period of time after presentation, 4 hours, to be precise, it was rejected, indicating the CEO had changed his mind, yet again. I won't say more of the details of that or what transpired immediately after that, other than to say that a number of very serious people prepared to invest and use their talents and experience to manage BIEL out of the toilet, decided collectively, "This guy just said "No" again, "No" to a lifeline that will make him and his family well over $100 million."
When someone reacted with "You can't fix stupid", I responded with, "He's not stupid, he's unwell and all the personality traits are exacerbated by the illness." and we all walked away. A list of prospective names for election to a new and invigorating BoD was prepared, I have that list. Names were removed by the group, forming a short list, I have that list. There were conditions of serving and reasons for removing names discussed. They remain confidential..
After the last "No", by the former CEO, a memorandum was drafted. I have that. It contained, rather prophetically, a caution of concern regarding the rapidly declining health of the former CEO placing him in real jeopardy, in very humanistic terms, and expressing the opinion that there was a strong likelihood that he would not be able to continue at the pace required to navigate the firm through the next six months. It went on to say that the firm needed a succession plan in place, a strategic plan in place to turn events around, and access to new capital. All sadly very accurate and none of it needed to happen, the source of much head shaking. . . . . I'm not going to say again exactly what must be done to save this company from itself, tired of doing that. Maybe the man who said, "You can't fix stupid" was right, I was hoping that not to be the case. In any event, no personal comments or insults, just the share price. I'm done trying to help.
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