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And nobody, not one single entity, submitted a bid for the company nor the shares. The assets were all that anyone were interested in, and that’s what was sold in the liquidation.
And, once again, BioAmber, Inc., that you hold shares in, is a US company in bankruptcy. The CCAA resulted in liquidation of the assets for $4.34M, so the company and its subsidiaries is now an empty shell with debt that it cannot pay. When the proceedings return to the US bankruptcy court and judge, that remaining debt will be discharged along with the equity (shares) and investors will lose 100% of their investment.
All the contractual rights were ponied up to the purchaser of the assets and if they had been willing to pay the royalties that were due, $408k, they’d own those rights by assignment of the court. There is no value there that will come even close to paying all the debt and giving shareholders a penny of recovery.
All of the accounts receivable from all 3 entities is summarized on the cash flow sheets as well as the disbursements to pay the bills and for the proceedings. It’s all there, there is no secret pot of gold that is going to pay the debt.
That simply means you didn't click the link and go to the page to read what the monitor has stated.
Let me narrow it down a little more:
PAGE 3, ITEM 10 of this report:
https://www.pwc.com/ca/en/car/bioamber/assets2/bioamber-049_020819.pdf
That is a direct answer to your question.
Here's your answer:
https://www.pwc.com/ca/en/car/bioamber/assets2/bioamber-049_020819.pdf
Section A beginning on page 3 talks all about it.
The assets were liquidated, they're gone, sold for $4.34M.
And the only payment towards any debt has been the $3.5 interim payment the judge authorized here:
https://www.pwc.com/ca/en/car/bioamber/assets2/bioamber-046_121718.pdf
As far as the accounts receivable, most every monitor's report has included a cash flow sheet showing the collection of those funds as well as the payments made which has consumed it. They've been spending about $1.5M per report. Here's a link to all of the reports, the cash flow sheets are easy to find:
https://www.pwc.com/ca/en/services/insolvency-assignments/bioamber/monitor-s-reports.html
If as much attention is paid to the detail of those cash flow sheets as has been paid trying to construct wild theories about an empty bankrupt shell company emerging from bankruptcy, I expect a light to come on that the shares are as worthless as the monitor has explained.
That summary came from the 10th monitor's report issued in February and is current. Remember? It was the one the monitor put out to squash all the BS about the company being sold or some fantasy transaction happening out of the view of the court and judge that paid off all the debt and gave shareholders a recovery.
Here's a link for anybody that wants to read about where the company is heading:
https://www.pwc.com/ca/en/car/bioamber/assets2/bioamber-049_020819.pdf
BioAmber's current status is bankrupt. There's no question. The assets were sold in liquidation for $4.34M. There are no more operations, no sources of income, to pay the debt owed.
Once the checks are written for the small recoveries of the 2 secured creditors who get anything, this returns to the US bankruptcy court for the final discharge of the remaining debt and the equity (the shares). The company disappears after that, and shareholders lose 100% of their investment in this stock.
PWC HAS STATED THE COMPANY'S ASSETS WERE SOLD IN LIQUIDATION
PWC HAS STATED THE PROCEEDS FROM THE LIQUIDATION AND ALL SOURCES WILL ONLY PROVIDE 2 SECURED CREDITORS A SMALL RECOVERY
PWC HAS STATED THE REMAINDER OF THE SECURED CREDITORS GET NOTHING
PWC HAS STATED THE UNSECURED CREDITORS GET NOTHING
PWC HAS STATED THE SHAREHOLDERS GET NOTHING
And the outcome, clearly documented in the monitor's reports and court proceedings, is item 1:
"If proceedings fail, the debtor will be liquidated in bankruptcy or otherwise."
BioAmber has been liquidated, that is an undeniable fact.
LOL - yet another OTC bagholder exchange program. They posted up an annual report that doesn't have the first bit of financial performance information in it, and somehow this i HUGE for the value of the stock.
Where are the cash flow and balance sheets that the company says were issued on April Fool's day??? No, really, they say in this report they issued the financial information on April 1, 2019, and they didn't.
Buyer beware, the stock has already been pumped once, all the way to the reverse split.
And they had those "contractual rights" all ready to go to the asset purchaser for the price of paying off the royalties that were owed, a whopping $408k. If they can rope someone in on that deal, the 2 secured creditors get a little more recovery. Shareholders still get zip.
LOL
They're not going to FS, that would be dumb after they just did a RS.
Anybody seen the cash flow and balance sheets anywhere? They were allegedly submitted on April Fool's day.
I'm not suggesting a meaning of phrase, I am proving this theory being forwarded about it meaning the secured creditors have been paid in full is absolutely false. They haven't, and because they haven't, the KERP hasn't been paid.
$40M?? Please. That's ridiculous to even suggest they'd not disclose that kind of payment very prominently, and especially when the last 2 monitor's reports contradict that any such payment has occurred or is even feasible. They just recently got an agreement from the only 2 secured creditors who get any money on how to split the small amount up.
Pony up evidence of a $40M payment for all of the secured debt, or give up this false narrative.
Show documentation, direct statements from the judge, court, or monitor, of payment of the $40M secured debt that would allow the KERP payments to be made as stipulated in the judge's order or give up this false narrative.
Yet another misrepresentation of fact.
First off, the subject of the "mystery letter" from LCY is clearly stated, namely "A letter from LCY affirming this offer is also enclosed." ALL THAT MEANS is LCY confirmed they're participating in the joint venture that made the bid on the assets, and nothing more. There's no mystery there despite attempts to stir one up.
And, most importantly, there is not one single way for the secured creditors to receive full payment without the court authorizing it and having a direct trail to the transaction which provided the proceeds, none.
Couldn't care less how many key employees stuck around, they didn't get paid the KERP.
Either pony up evidence of full payment of all the secured debt, $40M worth, a direct statement from the court, judge, or monitor that says they've paid it all off, or give up this false narrative attempting to sell stock.
Better take advantage of an exit opportunity here. There's 2 possibilities:
1. Those financial reports, if they ever actually disclose them, will likely show a company that is not quite "thriving."
2. The company is taking the steps in preparation to sell stock in the market, raise capital, and grow their "business." They did the RS for that purpose, to wipe the old equity off the books.
Just sayin'
And that still doesn't change the fact that it is Jason's burden of proof. His financial report says they have 1.5B shares, and it is up to him to prove they can't have them. No matter how much the shareholders want to shift this burden onto the Chinese company, he has to show his own statement in the company's own financial reports are wrong.
No word games. Show proof that the secured creditors have been paid in full in cash, as per the judge's order approving the KERP program. Provide that or give up this false narrative.
Nope, sorry, but this report, filed before Jason bought the shell says the Chinese have 1.5B shares:
https://backend.otcmarkets.com/otcapi/company/financial-report/184150/content
And this report for 2017, filed under Jason's signature as the CEO, also says they have 1.5B shares:
https://backend.otcmarkets.com/otcapi/company/financial-report/192431/content
The Chinese company will use these documents as their defense, if they're even asked to. Again, this is Jason's burden of proof, not theirs.
Anybody seen the financial disclosure sheets with the cash flow and balances? Anybody?
According to this filing, they were allegedly filed on April Fool's Day, which is quite fitting when you think about it.
Seriously? They documented the agreement reached in the monitor's report below, and it is a far cry from paying them in full, and in fact is a small partial payment to only 2 of them.
It is an undeniable fact the secured creditors are not being paid in full, not even remotely close.
https://www.pwc.com/ca/en/car/bioamber/assets2/bioamber-057_031419.pdf
If Jason had "solid proof," he really didn't need to engage in this lawsuit to get the shares off the books. That would have been between the company and the transfer agent. Then, after he'd "wiped" the shares off the books, the burden of proof would have shifted to anybody wanting to claim them, and they'd have to file a lawsuit to do so.
This is on Jason. The LDSR financial reports say the Chinese company has 1.5B shares, so it is up to him to prove his credible evidence and show that they don't. That's how the law works despite the desire here to shift that burden onto the Chinese company.
Awaiting the financial statements that were allegedly filed on April Fool's day and are "incorporated by reference." They're not appearing on OTC Markets.
Assemble as many dictionaries as you want to address this requirement from the program as ordered by the judge:
That means the KERP program payments can't be paid until the secured creditors (and the others listed) get paid in full.
Unless evidence can be provided that is a direct statement from the monitor or the court that the secured creditors have been paid in full, then give this false narrative up.
Here, I'll save the trouble of looking for that elusive $40M payment. It hasn't happened per the monitor:
The illusions and delusions of a stinky pink CEO. Must not think much of the OTC investors putting out stuff like that.
To be specific, I know that it absolutely does not mean the secured creditors have been paid in full in cash allowing the KERP program payments to be made. That is an undeniable fact that particular misleading theory is completely false.
I've said numerous times that I don't know what the monitor means by "amounts owing that are subject to the KERP charge" means. What I do know is that it doesn't mean what is being suggested, the the KERP charge has been paid and, by extension, the secured creditors have been paid in full in cash like the requirement of the program in the judge's order says. That's fact. There's no payment for the KERP, and the secured creditors have not been paid, and it is absolutely undeniable. Your theory/misrepresentation is proven false.
No, there's no spin whatsoever. While there may be multiple theories about what the statement made means, the one that has been posted (that the secured creditors have been paid in full allowing the KERP program to be paid) is proven false.
No, they'll be awarded shares of stock.
The company has 1B shares to sell @ $0.005. No reason to "slap the ask."
1B is about 5X the current O/S - aka massive dilution for any company.
LOL - stock promotion site:
This theory (and that is a stretch, it is simply a misrepresentation to support a stock sale) about what the statement means is easily proven to be completely false.
Here's the requirements of the KERP payment to be made as ordered by the judge:
https://www.pwc.com/ca/en/car/bioamber/assets/bioamber-019_071918.pdf
And here is the order for the only payments to creditors the judge has authorized thus far:
https://www.pwc.com/ca/en/car/bioamber/assets2/bioamber-046_121718.pdf
Secured creditors have been paid a total of $3.5M thus far, and that's less than 1/10th of the amount the secured creditors are owed. Unless some documentation appears where the monitor says they stumbled upon $40M and are requesting authorization to pay off the remainder of the secured credit, this theory/misrepresentation is patently false. Give it up.
They have a hill to climb to get the shares cancelled now that a representative of the company has appeared with a lawyer.
Want all the cash flow sheets posted up here? That can be done. They show the payments that have gone to the 2 secured creditors that were authorized by the judge of $3.5M total. They show no payments, not a penny, for the KERP program, and there won’t be a payment until all of the secured creditors are paid in full.
It’s laughable that a vague statement is all there is to cling to, and the misrepresentation of its meaning is directly contradicted by all of the documentation of the program requirements and the cash flows of the proceedings. Gotta move the bags somehow.
It is fact the KERP payments have not been made, and that is because the secured creditors have not been paid in full as required by the KERP program. Either show the full payment made to the secured creditors and a line item on the cash flow sheets in the monitor’s reports for the KERP payment or give it up.
You can do a direct public offering and avoid those sort of costs and fees. Of course, you lose the direct access to the underwriter’s customers and connections. Regardless, if you decide to RM, there are shells that don’t have a mysterious 1.5B shares and toxic notes that convert into 2.5B (in addition to whatever the O/S already is) out there. Jason screwed the pooch on this one.
Given the shares appear on the company’s financial reports, the burden of proof is on Jason to show they do not own the shares. In short, the company has said they do own the shares, so that has to be undone.
Like it or not, if the secured creditors had been paid in full allowing the KERP to be paid, it would be prominently and directly stated in the monitor’s reports. That hasn’t happened, instead the 2 secured creditors who receive a small partial recovery were arguing over the details of their distributions up until a couple weeks ago.
Or, instead of looking for words and phrases that can be misrepresented, a direct statement or line item on the cash flow sheets showing the full payment to the secured creditors, $40M over and above the DIP loan, would suffice to make the case. Otherwise, it’s yet another misleading construction to sell bags to others.