Great work LR8. Now you're getting the bigger picture and the interesting history of this company. The Canadian Group still have "issues" with BION on several fronts. It seemed messy and this is in part why we backed off in a hurry a few months ago. Read between the lines and keep doing your DD and you'll begin to better understand the bigger picture of this "company"
Here are those thoughts about BION that you asked for
Yes, I mentioned the Canadian promoters that got involved in this shell along with banned attorney, Diane Dalmy. You'll see in the post you linked I said (Claude Eldridge, Jay Almieda, and Michael Strizzi)
"John Jarvis and Claude Eldridge (the insiders that control this hijacked shell) hired banned SEC attorney, Diane Dalmy, to help Jarvis and Eldridge "pass off" the shell to bring it back to life"
"Could that be the same Michael Strizzi that has a history with such names as Tony Papa, Eric Van Nguyen, Tony Gallo, The Rizzuto crime family, Jean-Francois Amyot, Gerald Parkin, and countless other characters out of the Montreal area? Dalmy has a little history with some members of that group."
Yes probably Eldridge did sell $10,000 of his $150,000 debt Note to the promoter/scammers out of Canada (Strizzi, Almeida, and others), but that doesn't make things any better.
BION management still allowed that $10,000 to be converted into 100,000,000 shares at $.0001/share right after the reverse split at a time when BION was trading well above $1.00/share.
If I was one of the BION management people I would have paid off that $10,000 debt in cash if for no other reason to avoid it becoming 100,000,000 free trading shares thus knocking the BION share price down from well over $1.00/share to well under $.10/share and crushing the value of the stock making it over 10 times harder to raise capital to execute the "business plan".
BION management didn't do that. That wasn't what they were brought on board to run this shell for. BION management instead facilitated a pump&dump manipulation scheme working hand and hand with known promoters by allowing the whole thing to happen and issuing timely press releases to support the dumping. BION management is just as guilty as anybody for the ugly pump&dump that took place with this stock.
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Later BION management mentioned the intent to reverse split all the outstanding stock still remaining that was issued for that $10,000 conversion, but if you read the last quarterly report that never happened. More garbage from the BION management team which has been facilitating this dirty insider enrichment scam from day one.
The quarterly report also tells us that not only was $67,766,000 still due on the Note, but that the Note had accumulated $102,415 in interest for a grand total due of $170,181. According to the quarterly report that $170,181 can be converted into shares at $.0001/share.
BION also mentions in the quarterly report that the Note was sold on June 27, 2012. What was aren't told is who owns the Note now. But judging on how it was passed from crook to crook in the past it probably isn't anybody of high character not that it really matters if it can still convert into shares at $.0001/share.
$170,181 = 1,701,810,000 shares
It is possible that the Note was replaced by the new $400,000 debt Note that BION signed on June 28, 2012. The filing is not completely clear on this. We'll probably have to wait for the next quarterly report for more details.
Either way debt Notes = lots of future dilution
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Who do you think was here first? The dirty Canadian promoters or the current management team? Here was the order:
#1) Jarvis/Eldridge hijacked the shell
#2) Jarvis/Eldridge ran a disgusting pump&dump with the shell using fake agreements and misleading statements
#3) Jarvis/Eldridge sold the shell to Markle/Beyers
#4) Markle/Beyers failed to do anything positive with the shell
#5) Jarvis/Eldridge took the shell back from Markle/Beyers
#6) Jarvis/Eldridge hired Diane Dalmy to help cure the corporate filings and to help orchestrate the next pump&dump phase of the shell which included created a fake debt Note
#7) Diane Dalmy brought in some of her dirty Canadian associates/promoter buddies (of which she has many) to purchase the shell form Jarvis/Eldridge (I'm sure Jarvis/Eldridge made out just find in the agreement money-wise in the end). The debt Note was split among all parties involved.
#8) The dirty Canadian promoters and Dalmy brought in the current BION management team.
#9) The debt Note was converted into free trading stock at super discounted prices. What attorney signed the legal opinion to remove the legends on the shares issued for that fake debt Note?
#10) The current management team played their part perfectly issuing press releases to support the pump&dump while the Canadian promoters promoted the ticker through their stock promotion sites and everybody sold their free trading shares they got from that fake debt Note
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With or without the extremely dirty fake debt Note in the picture there are still other things that should not go unnoticed.
BION management has a history of working with shady characters and facilitating their insider enrichment schemes.
BION management makes $380,000/year in salaries.
BION makes no revenues to pay those salaries.
BION has very little cash.
What cash BION gets they have to borrow.
BION has an accumulated deficit of over $13 million.
BION is an illegally hijacked shell with a dirty past.
I see that BION uses wet-nosed Colorado attorney, Ken Bart. Look at what other tickers he has been involved with since making his debut with CRWV and ABOT (lots of non-SEC reporting pump&dump tickers)
In order for BION to execute their "business plan" they have to raise $70,000,000 or more. That is never going to happen no matter what the BION management team leads you to believe in forward looking press releases.
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Who knows at this point who owns what debt Notes. The filings tell me that BION is cash poor and completely incapable of ever executing their business plan.
I predict that this shell will never generate a penny in revenues. The debts and liabilities and accumulated deficit will continue to grow. As debt Notes mature and get converted into more free trading stock the outstanding share price will grow and the share price will drop.
Like with all dirty penny stocks, there will be periodic pump&dumps run on the ticker so the opportunity will be there to make money for people that are not naive and understand that you should never ever believe anything a non-SEC reporting pinky says, never fall in love with a stock, and know that 99% of pinks lose a large majority of their value over the long term. If you still want to risk money in the pink sheets knowing all that then learn to flip for quick profits
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