KW and Kelly did NOT invest millions of $$$$ -- they lent BIEL money. "Investing" would be buying stock and holding it.
When you lend someone money, you are not investing in them. You are lending them money. A mortgage bank is not investing in you or your house -- they are lending you money.
And that's not the whole story here. KW and RS and PW converted $$$ millions of loans into BILLIONS of shares at a 50% discount and dumped them. BILLIONS of shares. If they had held that stock, then yes, they would have invested their money in BIEL, but they dumped those billions of shares at an alarming rate as shown in the financial statements. Without that dumping, BIEL would be worth more today. It was that dumping that turned this stock into such a turd.
They haven't converted any more loans in the past few years. Do you know why? It's a two-part answer.
* The Whelans got scared when the SEC caught them.
* The Whelans burned up the 25 BILLION A/S -- there's only a pittance of that A/S left on the shelf -- and KW is afraid to increase the A/S again or do a R/S.
The Whelans dodged a bullet when the SEC caught them because the Lucia case happened at the same time, and a lot of lawbreakers like the Whelans got let off with a slap on the wrist. Yay for the Whelans. That didn't put those shares back on the shelf. The damage was done.
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