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I can’t believe there are still people who ignore countless court documents and filings detailing BioAmber’s complex restructuring under the CCAA. Instead, they would rather believe the emerging billion dollar company is liquidating for $4.3M?! Hilarious!
They built the plant barely 3 years ago to achieve exactly what has occurred, successful commercialization of bio-SA. They completed lab scale and pilot scale previously. Next, is global commercialization scale.
What about the fact that PwC and all parties involved are bound by non disclosures and confidentiality agreements? Is that really hard to believe? It’s been obvious since last summer that the stock is/was heavily manipulated. No one should have to mentiom how market sensitive the unreleased information is. How on earth could PwC, acting as both trustee and monitor, maximize the value of this deal?! Think people!
Where is the greed? The volume? Look at a 12 month chart for f sakes. Look at the accumulation spikes. Do some research and see who and what still own shares. Look into their past actions and why they would still be holding. I know a dozen or so savvy investors that have accumulated tens of millions of shares since July/August and continue to do so. I’m talking just under filing status. It’s not their fault the public can’t see past a simple “q” and a few posters who adamantly believe shares are being cancelled without any sort of proof. They negative people are here every minute of everyday. Think about why anyone would spend time doing that. People should be more respectful to those who spent so much time, energy and resources into figuring out almost exactly how this restructuring is being carried out. The information is out there if you know where to look. Rather than ask where or how to conduct this research, they ask about pps. I mean they can’t even tell you who Mitsui or Sofinnova are. Did you really invest in a company without learning its history?
It is clear to those investors who have been involved or following BioAmber for the last 18+ months, that Eno and the former BoD intentionally devalued their own company to sweeten the tax attributes in order to attract buyers/investors and carry out a tax-free reorganization. I would speculate that the stalking horse bidder was in negotiations with BioAmber beginning in the fall of 2017. Eno was hired to sell the company. Go look at his experience.
For those who have conducted countless hours or research and reading, as well as spent hard earned money on professional advisory services and flights to the proceedings, they will ultimately reap the benefits of a once in a generation type investment.
SS
Documents > opinions, Ty!
Soon, the curtain will open and reveal a world class performance, almost 2 years in the making, on creating value beyond the deal. After the shock wears off, people will cheer loudly for years to come.
Ronald did a great job starting a community where BioAmber shareholders could go for accurate information and honest discussion. It didn’t last as long as it could have but I appreciate his efforts
Each case is different and unique. Nortel isn’t a great example either except that they also carried out a similar process to BioAmber. Nortel’s monitor, Ernst & Young, took advantage of restructuring under the CCAA to conduct a similar auction for the “majority of their assets” that resulted in pennies on the dollar. Shit for a company that was in debt over $4B. That is, until later when they sold their IP/contracts portfolio for over $7B. I can’t recall all the details but it took like 8 years! Haha
The point is that BioAmber is currently restructuring its Sarnia business under the CCAA. This is the best way to preserve their business as a going concern and to maximize and preserve the jobs of the employees. In the Nortel case, the court reaffirmed the broad remedial purposes of the CCAA and stated that the CCAA was intended to avoid liquidation of the company and allow the company to continue in business to the benefit of the whole economic community, including the shareholders, the creditors and the employees.
http://www.blakesfiles.com/pdf/ri/paper154.pdf
Bullshit!! Orbite filed for official receivership pursuant to the BIA, the Bankruptcy and Insolvency Act. That was their initial order and it was never restructuring under the CCAA. Anyone can go and read this information online. The differences between the two cases are vast. This is much more like Nortel.
It has been BioAmber since 2008. You know what occurred before that?
$11.3M in commissions? Lol this is going to shock a lot of people. It really was an impressive display of creating value beyond the deal by PwC. Bravo you f**kers
Where are the buyers? Accumulation has been occurring since July. Tens of millions of shares have been acquired by strong hands and the float is tightly locked. Daytraders and flippers do not posses the time and patience to go back 10+ months to better understand this transaction. It’s unfortunate that some who were here in June and July got shook, but investing in q plays is not easy.
Regarding a price target, take a look back at the LCY and KKR deal and follow the filings. It looks like it will be around $500-$600M for the entire company, which includes over $320M in NOLs and over $3B in take or pay contracts.
Once in a lifetime investment opportunity that has taken 18 months to completely understand due to the complexity of the transaction and significant misconception by the parties involved. Welcome to the big fat money bags club.
LOL your opinion backed by no facts. Tthanks for the continued warnings, I’ll keep buying. I’m looking forward to the proceedings next week.
Right on. The Feb update consisting of facts supported by documents was done by the other mods, CS, BC and Ringer.
Can’t make it any clearer. #dosomeresearch #notselling
Yes, the Canadian Sales Order is real, just like the French Sales Order. We agree
FALSE. The document is not fake. It is available for purchase on Pacer as part of the chapter 15 proceedings.
LOL c’mon, at least provide proof for your bogus claim. I live in Canada and you’re completely wrong. BC already proved your claim false.
Haha I’ll take them. BUY BUY BUY
Nobody is selling. New investors visiting this page should read all of the documents and conduct their own research. There are informative posts that include public documents at the top of the board, as well as “stickied”. BIG $$ coming soon longs
It’s Canadian Creditors Arrangement Act. It’s used by complex companies to restructure while protecting them from its creditors.
BioAmber and PwC used a stalking horse bidding process that saw LCY win out over Greenfield and PTT. After the successful $600M bid, they then were able to, with extended powers from the monitor, take BioAmber into liquidation where they can acquire the assets for cheap and save tens of millions on taxes. The entire company was sold via a carve out acquisition by KKR/LCY. Successful CCAA restructuring to say the least! #dosomeresearch
Crane lawyers are privy to the transaction taking place, so of course they were trying to be compensated with as many shares as possible. Just a dozen or so shareholders retained Crane though. The rest of us are continuing to buy and hold. Nobody is selling. Period.
Shareholders are 100% safe. I’m fact, they are going to be rewarded substantially for their patience and perseverance over the last 12 months.
Nobody is selling. Period.
FALSE
The entire company has been sold. It’s a carve out acquisition by KKR/LCY, something they are obviously well versed in. The buyer and seller are utilizing an IRC election under section 363 to save tens of millions, while assuming certain contracts and not liabilities. We are waiting on the share purchase, in which estimates range from $2-$5+.
DISCLAIMER
Shareholders should do their own reading and DD.
Bioamber is not Bankrupt.
Bioamber is not in Liquidation.
Bioamber is in CCAA proceedings to restructure.
Bioamber is in Chapter 15 Proceedings in the US that recognize the Canadian CCAA proceedings as the Foreign Main Proceedings.
Bioamber sold its assets in a SISP in Liquidation scenario.
LCY and KKR will acquire Bioamber shares.
LCY and KKR can utilize the $320,000,000 + in NOL's.
NOL's are a valuable asset.
https://finance.yahoo.com/news/going-public-tax-twist-investors-170826850.html
Green 4/4. Monday is MLK Day so markets are closed.
Key dates coming up:
January 31st - KKR acquisition of LCY Chemical Corp closes.
February 27th - BioAmber/PwC back in Montreal courtroom.
CS, where is that meetings of shareholders exerpt from? Thanks in advanve
Great stuff today CS, thanks!
That proceeding says it’s for a deadline extension. Question is, what deadline...?
Adios
HM, nice work in the trenches the last couple months. I’ve noticed you keep mentioning a reverse merger. Just an FYI, it’s not a r/m. The documents are indicating that BioAmber was purchased via a two step transaction, specifically called a section 338h10 election. We have seen the APA and are still awaiting the details pertaining to the share purchase.
Happy New Year everyone. Thank you to those who have selflessly shared and contributed all of the excellent DD over the past year. I eagerly await for the second part of this transaction to be revealed. It’s going to SHOCK people. To quote a wise man, “do some research”.
Smooth as silk? Lol with all due respect, where have you been the last 8 months? Nothing about investing in BioAmber or this restructuring/sale process has been smooth for retail investors. The good news for the few longs that have held on throughout this crazy, turbulent ride is that they will soon be rewarded. An announcement is imminent. Good fortune to all longs.
SS
it was just for people who chose to be represented by Crane LLP. the go fund me was for helping with some legal expenses. judging by recent news events, things are starting to fall into place. lots going on for bioaq/lcyb longs.
Judging by that article in the Sarnia Observer, retaining a lawyer has just put a little pressure on the situation. Maybe LCY will release something. It's not a coincidence imo that institutions in the Netherlands and Taiwan have tens of millions of shares. I didn't think of the Williams Act and putting it together. too inexperienced. bid reveal may have been their final card for a shake, who knows. i'm feeling good over here
The total is still $14.5M.
Oh wow, my brain is fried from this bullshit. Well the sentiment is the same.
Hey All,
I hope everyone has held on strong. I am in the lab at work so I will get right to it. Did you guys and gals have a chance to review the Monitor`s 6th report including the previously sealed appendices? Were you all surprised to see that PWC and the creditors passed on Fairwind Farms bid that would have totaled $31M? They were the leading bidders that included an equity raise and future earnings payments. If you can recall, PWC requested they increase their upfront payment, which they did not, and ultimately lost the auction.
Just from a logical standpoint, I couldn`t believe the monitor would choose a few million more up front in exchange for an additional $27M. Fairwind Farms is a fairly large, private agricultural company here in Ontario with land and partnerships all over Canada, Michigan and South America. They are based in Sarnia and specialize in soybean, beet and corn crops.
I decided to see if I could contact the president of Fairwind Farms, Mark Lumley. After I received his cell number from a receptionist, I spoke to him. I explained to him my reason for contacting him and he was kind and courteous. He was extremely disappointed they lost out on all of the assets of BioAmber and claimed Visolis utilized backroom deals and Chinese interference to win the assets. NO SURPRISE. He mentioned they did argue the fairness of the bidding process and received a letter back from pwc explaining the outcome. He is going to send it to me and I will share it. Apparently, pwc said that because their bid and upfront purchase price did not cover the DIP lending, it was deemed inferior and not in the best interest of the creditors. Total nonsense, we know.
Anyway, this reinforces that there is likely more to this deal and that Visolis/LCY had been planning a move for BioAmber for months now, if not as early as fall 2017. Unfortunately, nothing will likely be released until the end of the CCAA process.
SS
Can you take a photo please if you dont mind? i honestly believe you because i know you live in sarnia but i want to see the design of the name and wahtnot. it`s exciting lol
Did you go by there? I was going to take a drive that way after I leave work.
Doesn`t make sense. PWC was approved for those powers by the court when the BOD resigned. This was an asset purchase under CCAA, not a share purchase. Our shares have nothing to do with the transaction. BIOAQ will be here months from now regardless if they are merging or not.
SS
Re: filings, I assumed the same thing. Thanks for making it easier to understand ringer. patience will pay
That