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If you read the Sec 269 if the transaction was not used to evade taxes.
They may have needed the time to file and get an answer in a IRS private letter ruling to bless the transaction in the way it is being restructured
Many years ago I handled a acquisition it took three months to appraise everything for a $1.3 Billion acquisition and make the section 338 election to step up the tax basis
Thus far there has been no stock acquisition or rights acquisition to elect for these benefits either step up basis or NOL wise
Thus far this gone on so long that it is not a total liquidation as some say for $4.3M or less in consideration.
Depending on the facts there is $320M
in NOLS to preserve and maybe a $90 M possible loss in stock of BZIOamber Sarnia if in fact it is disposed of.
I think they have rearranging all of companies contracts ,assets and etc to position everything properly because the previous mgt cross pledged liabilities against other assets or stock.
They are probably do a tax free reorganization under Section 368.
And yes they will preserve the NOLS and the stock.
Yes it is in one of the preliminary monitors reports that PWC classified them as assets.
Several years ago KKR did a rights offering to preserve the NOLS of a company they were acquiring. to preserve the NOLS.
It seems like the more time it takes that the Sirector may provide more guidance and direction on what governs the IPR decisions
as it relates to patent owners
This company needs to perform as per their statements.No traction at all.
An impairment t charge is when the first market value of the goodwill is less than the carrying charge.
DOes anyone know what this charge was related to and which company?
Wrong not cancelled yet after months and months that they will be cancelled
After months and months of liquidation,bankruptcy ,conspiracy theories, PWC
narrow excerpts and redacted documents that the shares will be cancelled. BIOAQ is still trading. A simple liquidation does not take this long and the shares would not be trading.
Where is the PWC statement in the Monitors reports that the shares will be cancelled? There is none and we are still trading.
Back then everything was up in the air.Excess assets sold to start the process.KKR has now completed its acquisition of LCY. The restructure team has realigned the assets,contracts,and etc.
CAA proceeding is now about to end. LCY and VCY did not buy all the assets and plant for only $4.3Million when there is almost $80 Million in total debt and $39 M in secured debt that has to be paid off. $4.3 Mless $39 M still leaves $35 M in debt outstanding all the while the details of such are sealed otherwise the secured debtors would not go along and agree as well as the unsecured debtors.
So far a simple liquidations do not take a year
while the executives of this company resign without their shares without a whimper.
Thus far the shareholders have not been called upon to vote on anything. Shares will survive
and will not be cancelled.
Filed documents say there will be funds available for unsecured creditors. If so there will be no cancellation and shares will survive and would have been cancelled last year. SHARES WILL SURVIVE!
We will soon know after the decks has cleared and the CAA proceeding has concluded whether there will be a shareholder vote on what remains and if the shares will be cancelled or not
If you own any shares and think they are worthless Can you give them to a charity so you can get a tax writeoff?
Show us where it says the shares will be cancelled when it has still been trading since last year until now the present time and still not cancelked.
Shares will not be cancelled.
By this tiey could have applied for a IRS private letter ruling stating the facts of their restructuring transaction in order to meet the qualifications for keeping the NOLS intact
KKR is the one of the Masters of the UNiverse dealing with NOLS and their use.
They have a track record in acquiring,restructuring and sell companies to make $$$.
Does anyone think after acquiring LCY that is not a public company that they have forgotten
the detail and what is needed to use the NOLs
in the future.
PWC has been realigning all the pieces after having sold the saleable assets to raise some cash.
PWC goal now is to get out of the CAA.
After that we will see what happens as to whether a second transaction outside of the CAA comes forth such a rights offering or some sort of offering for a turn key situation
Why does it take so long to liquidate a bankrupt corp?
Why hire restructuring specialists to do what?
Many yeRs ago Ir remember ember a stock for asset acquisition that took 3 months after appraising
$1.3 Billion in assets and plant. and the last part was the making the tax election
This whole process to do a liquidation does not take months.
The restructuring experts have left the building
The secured creditors have signed of off . Acc The unsecured are not getting as much as they filed for.
Things are slowly moving forward.
ALl the pieces are being aligned.
Completion of the reorganization means that the shares will survive and not be cancelled.
I am wondering if they can do a new IPO and a rights offering.
Let's roll!
Is this dip a buying opportunity? I see that the stock was downgraded recently and a big short interest position. Anyone have any ideas as to what Monday will brint?
Appreciate if you can cite the Interbal Revenue Code and I.R C. Regulations,tax letter rulings and case law that defines what assets and liabilities can be separated and what cannot be in preserving the NOLS .
Iam sure KKRs tax restructuring specialists
are better at preserving such intangible assets
and not physical assets and getting value.
Such NOLS are valuable to the right entity and not worthless as previously stated
I think that after the previous management cross likened everything and left a mess and left only a portion being saleable.PWC had the job or realigning and repackaging the assets and or liabilities into separate entities to get an enhanced value. A simple liquidation of assets does not take months and months.There is the plant assets,the approved expansion plans, the purchase contracts and customer lists,the assignment of the process agreements such as Cargill and the entity in which the $320 N of NOLS reside and their continued use
VCY and LCY was not yet formulated at the time of their offer and now has completed their acquisition by KKR
KKR is the master of reorganizations and NOls
and thus can use the NOLS against any operating profits they may have in this line of business.
Bioamber has been restructured to preserve some business continuity to preserve the viability of the NOLS. that pundits are sayingiare worthless
I have access to people selling tax credits and other tax advantages for cash money$$$
NOLS are not worthless. and the shares will not be cancelled for this reason
It's been months now to handle a simple liquidation that would been completed and the shares cancelled. It seems the previous management likened everything they could as collateral for their loans that Comerica would not extend any further terms.
SCared money stays scared and never wins.
A blind pig can find acorns once in a while
and not get skayghtered.
In this case there will be many acorns and the pig will not get slaughtered.
Shares are safe. If not there will be protracted class action lawsuits against everyone involved in this caper Ifor I for one will be joining as a petitioner.
To already has Susman & Godfrey.Maybe one of their partners could serve on our BOD but that maybe s conflict if I terest.
I am more interested in knowing when the PTAB will render their decision now that wddd and bungie's filings have been submitted
Wow that is a lot of reading to absorb.
What I get out of it is
Bungie says
1 ATVI is not a real party in interest
2.Wddd waived discovery
3.The provisions should apply to WDD
4.THe previous PTAB rationale should apply
.5.Bungie brought suit because WDDD threatened to sue them.
Worlds says.
1. They are time barred
.
2. The provisions should not apply and the CAFB
Solicitor guidance should be followed on the provision and discovery
3.ATVI is a RPi and not an IPR
4.The issues with each of the patent claims should be addressed
KKR is the master of NOLS for their own purposes and derive the value for their own benefit.
Now that KKR has acquired LCY who made the joint bid with Visolis why has their offering letter not yet been d ih disclosed.
Just yesterday I was offered tax benefit credits for sale $$$.$320 NOLS for free?
Someone on another confirmed the Feb 27 court
date meeting having to do with Bioamber Canada.I wonder what issue would be addressed as it was responsible for operations subsidiary unless there was an operational agreement that needs to be cancelled.
Come on Seabiscuit let all the shareholders enjoy all the wmrewards when he crosses the finish line
Crossed above the 20 day DMA New uptrend
They probably cant short anymore because everyone has put a limit sell so there is a scarcity of shares.
Please send me all of your worthless shares if you deem them worthless right now.
I fancy worthless shares with millions of dollars of NOLS attached
KkkR is the Master of the Universe in unused NOLS.
Iam sure they can find a use for them if they are almost for free.
$320 M worthless?
According to the charts as of just recently there is heightened accumulation not distribution.
Yes. Why did they file these 13g for the warrants
convertible into over 11 M shares and the other 3 M shares for a shares to be cancelled DUH .
I was looking a recent post on rumors murmurs and buzz and could not post it about bioaq being taken out
I dont know why PWC has not posted the other offers and LOIs. at this point why would it matter for these document to be under non disclosure.
Bungie I think has some majorexposure here .
Could be the reason ATVI gave them back Destiny so as not to gd et sues twice
Did anyone see a mention on the MarketWatch website?