The fact that BIEL insiders keep loaning more cash to BIEL is an indicator for me too. It indicates that they're not willing to throw in the towel and cash out yet.
But how much longer will they keep funding this company with personal loans? This is a money pit. Everyone knows it.
I don't agree with the assertion that they won't convert that debt until BIEL is profitable. WHEN THEY DECIDE TO CASH OUT:
1. They wait until one or two large loans are about to mature. They don't all mature at the same time.
2. They do a reverse split. Yes, that will be disastrous for existing shareholders, but Kelly Rick and Patty don't have much stock so it won't hurt them. They don't need a shareholder vote to do a R/S.
3. When the dust settles -- and it will -- they convert a couple of the loans and release a fluff PR or two.
4. They dump. the PPS will suffer but since they got those shares at half price they will be able to dump without losing money. If the PPS drops 50% to their conversion price, oh well, existing shareholders once again got screwed but Kelly and Rick don't care. No, they don't.
5. Wait a year. Issue themselves some small convertible loans if necessary. Why not.
6. Repeat 1-5 until all the loans are converted. This might take 3-4 years. A couple of reverse splits will whip that bloated share structure into shape and new investors will come sniffing around.
It is "laughable" to think that some do not comprehend this. This is the pinksheets. This happens all the time. I swear, the only reason the Whelans haven't done a R/S yet is because they are country bumpkins. Get a professional biotech CEO in here and that is the first thing that he or she will do. Anyone asking for new management should put THAT in their pipe and smoke it.
Kelly and Rick have already cashed out a billion shares each. Not in the past few years -- it's been awhile -- but they certainly have experience. They know that pot o' gold is sitting there waiting for them.
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