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I honestly don’t recollect Cargill being on that list before, but I don’t have an old list saved to compare. Could definitely be a nugget.
Which all ties back to us already having an offer since the board voluntarily resigned.
Thanks for that, appreciate you keeping an eye on it. Tic toc lets go!
Thanks for that. Do you or could you link the webpage for their court filings?
We should hear something from pwc first. Though it’s possible we could see something released by the courts first on pacer.
This isn’t a liquidation..
If that Pr scares anyone they should stick to powerball tickets instead of trading.
Pwc runs this process now. I’m guessing they requested a court hearing already to get the judges blessing if they’re not already in court right now.
Only formality we had any concern with was buyout/acquisition or liquidation. With the entire board resigned there is no possibility of liquidation now. Expecting the buyout Pr sometime this week, and as early as today.
Not in the least. It’s just a Pr waiting game at this point. Tic toc..
It’s a material event, which an 8k is due for in 4 trading days. Goes to show pwc was being honest when they said that they didn’t need until the 18th to complete this deal.
I’d bet they’re in communication with the court today if they haven’t already Scheduled/discussed/finalized the outcome with the judge.
So, with the 8k released it’s exactly the same scenario that I mentioned on Friday coming to fruition.
If we were liquidating the BOD we would still include have eno and the cto employed at 50% salary as disclosed in the pwc report. Notice how they didn’t resign until the 31st? They waited until the deal was completed to resign.
#knowwhatyouown
Yea exactly, with the board’s voluntary resignation that leaves pwc to finish up the sale process.
Been saying it since the first round wasn’t a success, but I’m still thinking .20-.50 for shareholders is what I’m expecting. If we get more then no complaints here.
Anything is possible, but it doesn’t fit Cargill Motis operandi. I’m still rooting for Mitsui/Toray. At the end of the day though I honestly care less as long as this puppy is sold to the highest bidder.
Cargill will NEVER go public. They don’t need to.
Thanks for reiterating this, all the crumbs add up to a big ole slice of that sweet apple pie we’re all about to enjoy.
Looks like that handle is about to rip to the moon
It said in the Pr pwc is in charge. That’s their job.
They do, I thought the same but was corrected by a Canadian here on the board.
I doubt there is another monitors report. The next thing we’ll hear is the buyout.
Also, we as shareholders aren’t given up to the minute updates. It takes 1-3 days for the information to be disseminated down to us in the traditional fashion (excluding the email updates persistent Longs have recieved from pwc employees).
My opinion is this deal was already finalized with the exception of the boards severance, simply because they were unsure of what the winning bidder’s requirements were to agree to the acquisition.
I’d agree, only reason to report their resignations Friday is because they finalized a deal for the buyout that included their resignations to proceed.
The Longs knew this to be the outcome after the July deadline not panning out for a turnkey acquisition.
I wouldn’t be the least bit surprised to see a premarket Pr Tuesday, as they wouldn’t of resigned (that’s their paycheck afterall) without the deal being finished and approved.
It’s approximately .50 when figured on a PPS basis, but the majority of it is long term debt to the government not short term/in default.
They’d be sol and have to cover when it starts trading again at whatever price it’s at.
The tail number alone tells you it’s a privately owned plane
You must really want some shares here Tuesday. I hope that works out for you.
Was waiting for someone else to notice this. Bravo nest egg.
Here’s hoping for a premarket Pr Tuesday so no one has a chance
I can’t tuck you in at night and tell you everything will be ok. I slept like a baby last night though, not losing any sleep over this outcome.
I don’t think they can legally sell in open market until this is 8k’d with their resignations.
You could always refer to the several mentions throughout this entire process how they’ve mentioned that they will act in the best interest for all shareholders.
Then there’s the fact that the judge is for preserving shareholders when applicable (such as this instance where they are not insolvent).
Or the fact bioamber has final say in this, and they wouldn’t of resigned unless a deal has been reached.
Oh and with eno owning 260k worth of commons at .26 average, he’s not just gonna kiss his money goodbye.
I trust my DD, and I’ve been here since the beginning.
They got 4 business days to release it, you know that.
To add to this..
Look at this paragraph from the 5th PWC report, bottom of page 20.
“Employee payroll is based on the forecasted head count and actual salaries assuming layoffs of unecessary employees in a liquidation scenario. Only Richard Eno and Jim Millis at 50% of their current salary would be kept in a liquidation scenario which will be reconsidered as the outcome of the offers are still under review.”
If this were “liquidating” in the true sense of the word dick any the cto would still be on board.
Like I said, a buyout has been reached that didn’t include current management, therefore they’re gone. Doesn’t get much more cut and dry than that.
https://www.pwc.com/ca/en/car/bioamber/assets/bioamber-026_082918.pdf
The enclosed Pr says different. You’re referring to legally binding documentation that requires specific verbiage.
When you look at a Pr that isn’t held to a requirement of lawyer speak it says “sale” which, for all intensive purposes is what liquidation means, the sale of assets.
“The extension was sought for a couple of reasons, including in order to complete the sale process in respect of the Sarnia property,” said Mica Arlette, a senior vice-president with Price Waterhouse Coopers, the court-appointed monitor in the company’s creditor protection.
https://www.theobserver.ca/news/local-news/bioamber-creditor-protection-extended
I’m not gonna beat a dead horse all weekend, i know what I own, and no one on a forum is going to convince me otherwise. I’ll let the market speak for itself when the PR comes out regarding the buyout, probably next week imo. Then we’ll see who’s right.
The fact this plant is literally the biggest and best of its kind with plenty of money left on the table after Debts are paid, coupled with Canada’s shareholder preservation philosophy in CCAA proceedings tells me we’re fine here.
Exactly, first round was turn key retaining current board/management. This round was about going to the highest bidder, be it strategic or liquidation, without current management. No liquidator is going to outbid a strategic buyer.
Worst case scenarios? Did you even read any of the most recent reports/prs?
3 employees per the last pwc report, excluding the board
Exactly, someone else that gets it. Only thing left now is how much and when.
The 18th was just the day that the creditor protection was extended to. Since pwc is in charge now they can request a court hearing at anytime to iron out the final details and get the judges blessing. I’m expecting the buyout announcement at some point next week.