$ grep -ire 'bleed' .
./default_config.php: $this->bleed_time = '-1'; // This allows events past midnight to just be displayed on the starting date, only good up to 24 hours. Range from '0000' to '2359', or '-1' for no bleed time.
./functions/parse/end_vevent.php: $bleed_check = (($start_unixtime - $end_unixtime) <= (60*60*24)) ? '-1' : '0';
./functions/parse/end_vevent.php: $bleed_check = 0;
./README: -Added ability to set 'bleed time' for events that run past midnight.
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'$this->bleed_time' from default_config.php is never used.
'$bleed_check' in end_vevent.php is also never used.
yes... blush... I never figured out exactly what it's supposed to do...
I need the bleed time as well.