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The sad thing is the guy who panic sold kept asking others in the chat room about what George Sharp had tweeted - he said he had been blocked by George on twitter, so he couldn’t see George’s tweets. So he panic sold 8.5M shares based on a tweet he couldn’t even see, but heard about from a 3rd party in a chat room...
I can confirm that it was someone panic selling 8.5 million shares when George Sharp tweeted about GRDO that caused the drop from the high .03s. I was in a chat room with the person at the time. He stated “I’m out” and his 8.5 million shares were immediately dumped into the bid.
If the individual hadn’t panic sold, RDGL would have likely closed over .038 as there was very little selling pressure the entire day and the float seemed locked.
That fact, combined with the huge AH news will make Monday very interesting.
Awesome AH news! Thank you to everyone who posts DD here and congratulations to all RDGL shareholders!
No, he retweeted the tweet from the company. Some people who follow him may not follow the company so they may not have seen the company’s tweet. That is the reason for retweeting something.
I don’t see any tweets from George Sharp today. Just a retweet of the RadioGel tweet yesterday.
I see someone is desperate for shares. It is going to be a great week!
I’ve never seen this much interest in a company, and word isn’t even fully out yet.
They just cured cancer in a dog, and people are arguing over the location of the office?
Next thing you know they are going to claim they cured cancer in a dog. Oh that’s right, they DID cure cancer in a dog. And the company is trading at a $6M market cap? That won’t last long, IMO
The market cap is ridiculously low for a company with a cancer cure. The vast majority of investors are just finding out about this company.
Wow, what a great day. Feels like this is just getting started.
Unbelievable upside here... current market cap is only 3.29M!
Incredibly strong close today, and with multiple imminent PRs, this is just getting started.
You may want to search the Motion for the issuance of an Approval and Vesting Order:
https://www.pwc.com/ca/en/car/bioamber/assets/bioamber-030_091418.pdf
29 (e) the consideration to be received for Purchased Assets is fair and reasonable taking into account their market value.
“The term "fair market value" was NEVER used in the most recent documents.”
Your statement above has been proven to be incorrect, and you are now arguing that fair market value can be below liquidation value?
From the Motion for the issuance of an Approval and Vesting Order:
29 (d) "The Monitor believes that the Proposed Transaction is in the best interest of all of the Petitioners' stakeholders and is the best option available..."
29 (e) the consideration to be received for Purchased Assets is fair and reasonable taking into account their market value.
So according to the Canadian court that approved the strategic bid:
1) it is in the best interest of ALL stakeholders (and shareholders are stakeholders). As has been discussed, the CCAA is known for looking out for shareholders as well as creditors.
2) the consideration to be received for purchased assets is FAIR based on MARKET VALUE.
These statements from the Canadian court make it clear that the accepted offer will benefit shareholders.
The Canadian court document gave the court’s blessing on the deal and said the Canadian court needed no further involvement. That indicates the terms of the deal have already been finalized.
I believe the new company is just waiting for the US court to sign off on the US asset deal on 9/27 before announcing the complete terms of the deal.
PWC stated the accepted bid represented fair market value. Interestingly, the value of the US Bioamber assets (patents and a R&D facility) was roughly $4.2M. Obviously that number is a small fraction the fair market value of the Canadian assets (including the plant).
Are you saying if the majority of creditors agreed to, for example, $40M total repayment, and the total revised offer was $100M, shareholders would not receive the remainder of the proceeds?
“That cannot happen as it would violate the LAW.”
Are you saying it is illegal for creditors to agree to accept less than the full amount owed to them, as part of a proposed buyout offer?
Correct. There were two strategic bidders. Both received a request to adjust its bid. One strategic bidder adjusted its bid to match the guidelines given for an acceptable offer, and that offer was accepted.
“Ok all but 2 . But only one was willing to pay upfront .”
That statement is just speculation, Bruce.
We can all speculate. For example, what if the judge was very shareholder friendly and said to the two strategic bidders “In order for this court to approve your bid, you would need to pay an additional $80M up front, rather than your proposed $120 million over time, which would be evenly distributed between shareholders and creditors.” And as you mentioned only a majority of creditors needed to sign off on it.
“They said the all the other bids they recieved were more in line with straight up liquidation.”
That is not true. Check the report - it states there were two strategic bids.
PWC said the final bid was representative of fair market value. If PWC facilitated the sale of BIOAQ for $4M and called that fair market value, good luck to them in getting clients in the future... they would have been better off pushing for liquidation so they could save their reputation.
Logically, there is no way they would allow a $4M bid to even be considered.
As I see it, the worst case scenario is a 100% return from the current PPS. And with the blanks still left to be filled in, huge upside above that...
I like how this is progressing... Looking forward to next week!
Fidelity doesn’t allow buying for securities that aren’t current on reporting. No issues buying BIOAQ through TDA, E-trade, etc.
Perfect bounce off .025.
Enjoy your 40 ouncers tonight guys - it’s looking like you’ve won September! October will likely be a different story, so enjoy this while it lasts...
A few years ago I used an “asset purchase agreement” to sell a business.
The buyer wanted to keep operating the business as a going concern, but there were some legal implications with keeping the name. So instead of selling the “business” I sold the “assets.” Which had no impact on the value of the business or the sale price I received.
So all that matters is what the perceived value was to BASF.
Exciting to see the MMEX progress!!
Nice to see MMEX waking up!
Well if the outlook for shareholders is gloomy, it’s kind of odd that the PPS is up over 300% from where it was three weeks ago...
Fidelity hasn’t allowed customers to buy BIOAQ since early July, because it requires current earnings reporting and obviously BIOAQ is not current in reporting (no need with a buyout deal in place). Buying of BIOAQ has never been restricted for Fidelity, E*trade, etc.
I’ve got a good feeling about this, kid.
Yes, the old management seems to like to sent out a “sky is falling” PR on the last day of every month...
I agree. Surprised they didn’t put it in all caps lol.
Any bidding way has already taken place. There were two strategic bids. They are working on finalizing a deal with the highest bidder. The details of the court granted stay state they will have the sale completed on or before 9/18.
*Except those who are aware a deal with a strategic buyer is imminent. 100% of those people will be holding over the weekend.
BIOAQ was @ .008 less than two weeks ago. Up over 100% in two weeks... Two strategic buyers announced yesterday. How is this a bad investment?
I’m not selling one share. They expect to have the sale completed by the 18th. I can wait two weeks