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I don't have to Ask the Monitor why they made an agreement with a non-priority secured claimant before paying off all the secured claimants...
I suggest consulting a professional advisor if anyone is having trouble understanding how the CCAA process works as suggested by PWC...
1)Secured
2)Unsecured
In order to pay 2), all of 1) must be settled...
Its simple stuff.
https://www.pacermonitor.com/public/filings/DZWD3X6I/BioAmber_Inc_and_BioAmber_Inc__debke-18-11291__0031.0.pdf
https://www.pwc.com/ca/en/car/bioamber/assets/bioamber-007_053118.pdf
The Monitor does not EXPECT any net proceeds to be distributable to creditors other than the secured claimants...
Nor does the Monitor ANTICIPATE any transactions involving the shares of the Company...
The thing is, by making a settlement agreement with a non-priority unsecured claimant, suggests that PWC does indeed EXPECT or ANTICIPATE net proceeds to be distributable to creditors other than the secured Claimants...
Its simple stuff...
Richard Eno is owed wages as seen in the amended court filing.
Priorty claims must be paid before non-priorty unsecured creditors like Park Avenue of Wayzata Inc. Mica Arlette and PWC made an agreement with Park Avenue of Wayzata Inc AFTER the second sales process... So PWC must be anticipating additional funds to make all creditors ranked above Park Avenue of Wayzata paid in full.
Thanks for posting that, I added some notes for clarification.
The net proceeds are distributed in this order:
1) Secured creditors ( Must be paid in full in order for others to get proceeds )
2) Priority unsecured creditors
3) Unsecured and Trade creditors
4) Equity holders (Common Shareholders)
Why did Mica Arlette and PWC make a settlement agreement with an unsecured creditor to pay $2000 to Park Avenue Of Wayzata INC...
In order for PWC to make a legally binding agreement they must anticipate another transaction where Secured Creditors are paid in full
Heres the Canadian Courts list of creditors and the US courts list of unsecured non-priority claims:
Could you please explain Why the Parent Company (BioAmber Inc) filed and reported ~$14 million in A/R due as of ~March 12th 2018...
PWC reported the consolidated financials as of December 31st 2017 in the May 22nd Motion. The "Net" AR for all 3 companies was ~$4.8 Million as of December 31st...
As of June 8th, THE COMPANY filed A/R of approx $14 Million USD in US COURT DOCUMENTS.
So where did the difference of approx $9 Million come from in 10 weeks?
What related party is BioAmber Inc (the parent company) collecting A/R on behalf of?
Remember I am simply posting these documents, I did not file them. PWC or the Company filed them. If you have any questions I suggest seeking consultation from a professional advisor since PWC does not have time to respond to the many shareholder's questions for efficiently and confidentially purposes...
PWC presented the financials from the 2017 10k at the outset of the CCAA proceedings... not current financials...
https://www.pacermonitor.com/public/filings/DISX5WBQ/BioAmber_Inc__debke-18-11078__0022.0.pdf
https://www.pwc.com/ca/en/car/bioamber/assets/bioamber-008_060618.pdf
Heres the 2017 10K PWC pulled that financial information from:
https://fintel.io/doc/sec-bioa-bioamber-10k-2018-march-29-17954
Remember PWC does not audit,review or check any of the Companies Financials...
1st Report:
1th Report:
Can you provide a link to the " $11 million AR of a related party which was one of the subsidiaries owing to the parent"
FALSE
PROVIDE A LINK OR SCREENSHOT!
WHY WAS THE "$11 million AR" of a related party not included in the 10K?
WHO IS THE RELATED PARTY BIOAMBER IS COLLECTING ACCOUNTS RECEIVABLES FROM???
These Assets were filed In US Courts on June 8th
Let me remind you that:
A/R from December 31 2017, as reported to the Canadian Courts May 22nd 2018:
https://www.pwc.com/ca/en/car/bioamber/assets/bioamber-008_060618.pdf
A/R from June 8th 2018:
https://www.pacermonitor.com/public/filings/DISX5WBQ/BioAmber_Inc__debke-18-11078__0022.0.pdf
Simple Question. If these "old documents" are meaningless, Where is the $$??
Im sure the creditors would want some of it!
Yes that paragraph refers to A/R from May until the date of that Report.. What about the A/R from January 1st 2018 until ~March 12th, 2018...
Its reported June 8th... Or is that not the amounts the Company really meant to report ?
The most recent Financials for BIOAMBER INC are from JUNE 8th 2018
The 10th report simply states the Obligations at the OUTSET of the CCAA Proceedings from May 2018. If you follow the footnote it will lead you to the May 22nd Motion. Heres a copy of it:
https://www.pwc.com/ca/en/car/bioamber/assets/bioamber-008_060618.pdf
What comes first May or June?
May, so that means that the June financials are more current...
June 8th Financials show the current A/R.
The Only A/R BioAmber reported at the OUSET of the CCAA proceedings was from their December 2017 Financials...
The documents from the December 2017 financials are meaningless at this point.
CS
Wrong.
The Companies' Creditors Arrangement Act (commonly referred to as the "CCAA" or the "CC, double A") is the MAIN PROCEEDING.
US COURTS RECOGNIZE THE CCAA AS THE MAIN FOREIGN PROCEEDING.
Is this a Bankruptcy Proceeding, in one word, NO!
Chapter 15 is not a proceeding on its own hahaha wow
Chapter 15 simply recognizes a foreign main proceeding and allows that foreign main proceeding access to US Courts for ease of cross border proceedings.
IT CANNOT END UP IN CHAPTER 15 PROCEEDINGS BECAUSE THOSE DON'T EXIST ON THEIR OWN
The Company (BioAmber Inc, BioAmber Sarnia, and BioAmber Canada) is currently in the midst of a complex restructuring through The Companies' Creditors Arrangement Act (commonly referred to as the "CCAA" or the "CC, double A") it is a Federal Act that allows financially troubled corporations the opportunity to restructure their affairs
Actually not Bankruptcy... thanks for trying though
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html
Straight from PWC, what CCAA is
It doesn't actually mean that. THE US BANKRUPTCY LAW shown will empty this debt-ridden corn shell and cancel all the "NDA's and CAD's" you say are in force lol the judge cannot hide some crazy deal that will pay off ALL crackers of the business because of some OTC unicorn guy googled NBA's and thinks this process is governed by them hahaha what a fantasy, copy and pasted snippets.
Shares will be canceled 100% because i flipped I coin this morning
US BANKRUPTCY LAW comes first before any agreement for debt-riddled corn sludge with $800 million in debt haha
FINRA KNOWS
That's not even the real agreement PWC and Raymond Chang agreed on!
Yes that is right off PWC's site... NOT Bankruptcy or Receivership
https://www.pwc.com/ca/en/services/insolvency-assignments/ccaa-faqs.html
And what about BioAmber INC's A/R:
If as much attention is paid to the reading and comprehending the court documents as has been trying to construct wild theories about the cancellation of shares without any proof, I expect a light to come on that he shares hold value just as the monitor has explained.
If you are having a hard time grasping the difference between a company in CCAA proceedings and a Bankrupt company... I suggest consulting a professional advisor for further clarification to what PWC "means" in their court documents and Monitor Reports...
https://www.pacermonitor.com/public/case/24419228/BioAmber_Inc
https://www.pacermonitor.com/public/case/24653251/BioAmber_Inc_and_BioAmber_Inc
We own Shares in BioAmber INC which holds the contractual rights and licensing agreements... The secured debt is on BioAmber Sarnia and its assets...
Remember? lol
Thanks for the link, it's funny you never post the footnote (7) part of the page.
Since those amounts are not current and from the Outset of the CCAA proceedings, it directs you to the May 22nd Motion...
which can be found here
https://www.pwc.com/ca/en/car/bioamber/assets/bioamber-008_060618.pdf
BioAmber filed court documents on June 8th in the US claiming nearly ~$20 Million CAD in A/R... Where is that money?
$35 Million CAD is obligations for the contractual rights and licensing agreements along with the steam agreement with ARLANXEO where the Sarnia Asset is located... The purchaser must take on these obligations or variations of such in order to continue producing bio-succinic acid as they have repeatedly stated and confirmed.
Thanks for posting the debt at the OUTSET of the CCAA proceedings for the 1000th time...
What is the current debt load as of today?
How much debt can be paid off with the ~$20 million CAD in A/R as reported in US COURT filings in June 2018...
What happened to that money?
BioAmber's current status is CCAA Proceedings, Not Bankruptcy... pfft good eye though
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.htmle
No, that is not correct.
I suggest referring to the PWC BioAmber page and seek consultation from a professional advisor if you are struggling with the complex English grammar PWC uses
https://www.pwc.com/ca/en/services/insolvency-assignments/bioamber.html
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html
The common stock(equity) was part of the Initial SISP and the Second Sales process in the CCAA Proceedings...
WE ARE IN CCAA PROCEEDINGS
NOT US BANKRUPTCY PROCEEDINGS
PWC IS THE FACTUAL SOURCE OF DOCUMENTS
PWC HAS STATED "THE SALE OF THE COMPANY"
PWC HAS STATED "BUSINESS AS A WHOLE"
PWC HAS STATED "ALL AMOUNTS OWING SUBJECT TO THE KERP CHARGE HAVE BEEN PAID"
PWC HAS STATED "COMPLEX RESTRUCTURING"
Good thing this is a Foreign Main Proceeding Under the authority of the CCAA in CANADA then...
CCAA allows for companies to restructure their financial and business affairs without the pressure from creditors...
If this was a Chapter 11 Proceeding then yes you are correct, all classes of creditors must be satisfied before common shareholders...
The thing is BioAmber's Chapter 11 Proceedings were dismissed... terminated...
The current CCAA Proceedings allow for creditors and other stakeholders to be included in a Plan of arrangement or compromise which stakes how all debt and equity will be taken care of...
PWC has repeatedly stated that there are a few remaining matters before the CONCLUSION of the CCAA proceedings....
As usual posting no documents, making the post meaningless as much has transpired since the beginning of the Ccaa proceedings.
In the 9th, 10th and 11th Monitor's Report - they state that the Monitor is working to realize value on behalf of the contractual rights and licensing agreements the Company retained following the Visolis Transaction...
CS
Have you seen the GFive LOI and process letter?
PWC had specific conditions for any bids in the form of Investment.
I'll believe what the monitor says, all amounts subject to the Kerp Charge have been paid.
PWC is currently in discussions with 2 parties regarding the contractual rights and licensing agreements
What specific Law states Bioamber shares will be canceled?
I'm trying to locate it myself.
I usually consult the Monitor's Reports and Court documents but if they are wrong oh boy are we in a pickle!
Someone needs to let the courts know they don't mean what they say
I didn't write the docs...
PWC and Visolis wrote them.
I didn't approve of the plan...
The Court Approved the Key Employee Retention Plan.
I would suggest seeking consultation from a professional advisor since PWC cant answer the many questions from BioAmber shareholders due to efficiency and confidentiality purposes.
Where is this???
There are actually a lot of ways that the creditors could be paid in full in cash as per the bid criteria for LOI for Investments in BioAmber...
Let's not forget that a Plan of Arrangement has yet to be filed and voted on by the different classes of creditors... That's how CCAA works since it is the MAIN proceeding...
We have yet to see the entire LOI for Investment in BioAmber along with the attached LCY Letter (Critical Document)...
The attached OFFER(not LOI) for the ASSETS is in regards to the LOI for Investment in BioAmber Inc...
The LCY Letter or their LOI for Investment in BioAmber that would state how debt and stakeholders will be dealt with is not a public document.
But what is public is the Monitor's Report that states ALL amounts SUBJECT to the KERP CHARGE have been paid as of December 2018...
KEY EMPLOYEES stayed with the company through the proceedings for a proper commercial transition to new OWNERSHIP.
A 3 week Sales process does not allow to commit significant resources to the sale process or Allow the President of Visolis and CEO of LCY to discuss this opportunity in detail...
Since we are in CCAA which of the 3 ways is BioAmber going to conclude the CCAA proceedings...? BioAmber is not in Bankruptcy proceedings in Canada! CCAA Proceedings are still ongoing and HAVE NOT FAILED!
COMPLEX RESTRUCTURING
BID CRITERIA
KERP Payment...?
But no KERP Payment can be made without the secured creditors getting paid in full as per the Third Amended and Reinstated Initial Order...
This order is from After the initial SISP, so the KERP charge is still valid after the initial SISP "failed"...
Do you think Paul was a Key Employee...
Keep up the shareholder advocate card for a company you hold zero ownership in...
Thanks for posting that!
Is "Sale of Assets"or"shares canceled" the same as "Sale of the Company"...?
BTW Paul was never employed by BioAmber Sarnia...
From the same 9TH Report PWC mentions the contractual rights and an acceptable acquierer...
As of the 11TH Report PWC mentions discussions with 1 party purtaining to the contracutal rights continues...
SO what would that be worth...?
Complete lack of understanding.... Explain why Paul stayed with BioAmber throughout the proceedings to ensure proper commercial transition to new Ownership(Visolis/LCYB)...
Volunteered? Why did Paul stay with BioAmber until March 2019...
Explain why Rick Eno said, "ultimate sale of the company" on his LinkedIn... Are both these men lying?
Is PWC lying?
Are some trying to distort the situation for what it is!
https://www.linkedin.com/in/paul-petersen-8004a025/
https://www.linkedin.com/in/rickeno/
What can 1manband say about "Business as a whole"...
It should say "all of the Business's assets" if the cancellation Fantasy was true...
The Chapter 15 filing confuses no one who does a basic google search, it simply allows the CCAA proceeding to be the main proceeding and gives the CCAA proceedings access to the US Courts to allow transactions involving the US assets... Its all in the US court docs if you pay for them.
Why did the US Judge dismiss and terminate the Chapter 11 Proceedings...
Why did PWC mention all amount owing subject to the KERP charge have been paid December 13th...Visolis Sale closed October....
Why are the Financials filed for BioAmber Inc June 8th different than the original Chapter 11 filing or the CCAA filing....? SUBSTANTIALLY HIGHER
US BANKRUPTCY LAW
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Why would PWC tell the judge in court to his face that this is a complex restructuring on March 15th...?
You still can't explain this...
Business as a Whole....
https://www.pwc.com/ca/en/car/bioamber/assets/bioamber-022_021419.pdf
https://www.pwc.com/ca/en/car/bioamber/assets2/bioamber-043_120718.pdf
Well, actually this paragraph is right on the money...
Unless you were hidden in the Courtroom on March 15th and prove otherwise...
Christian Bourque from PWC stated that this is a Complex Restructuring...
Was PWC lying to the Judge On March 15th?