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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.
The KERP charge has not been paid. If it had been paid, there’d be a line item on the cash flow sheets, and there are none.
In order for the KERP program requirements to be met, the secured creditors and the DIP lender would have to be paid in full in cash first, and they have not. That would require the SISP to have resulted in a bid of over $40M, and they didn’t get a single bid for anything. The proceeds from the liquidation were just over a tenth of that.
Had their been a transaction so lucrative, it would be directly documented in the monitor’s reports and court motions and orders. There’s no such thing.
Give it up or show the line item for the KERP and the payment in full of the secured creditors.
Well, there was at least a few PR's touting the merger, or whatever it was. There's not a single financial report from that time frame on OTCMarkets, haven't looked for any updates to their state corporate documents to see what there might be.
I think it was a Miramar Group scam, myself, but there may be some legitimate or legitimate looking paperwork for it. There are a lot of OTC scam companies that are legal in the eyes of the law that don't do anything other than issue fluffy PR's and sell stock.
The financial reports prepared by the company do not list them as a subsidiary, so, they aren't. Were Jason to claim that, all it would take to refute would be LDSR's own documents.
Except in the financial statements prepared before Jason acquired the shell had them listed as a beneficial shareholder, as well as that horrible convertible note. If anything, Jason's due diligence was severely lacking.
I think they've been a bit "asleep at the wheel" when it comes to that decade old "merger."
I think Jason stirred things up thinking they were long gone.
I think Alessi and/or somebody in or from the Miramar group got wind of the lawsuit filed, did some quick math to figure out what 1.5B shares might get them, and decided to dredge up the "merger" company and a representative.
All just opinion, of course, but I wouldn't put it past the people mentioned in the last statement. Once thing that is true, those shares weren't harming anything, at least not in the near term. They were held by the Chinese company, so they weren't floating around in the market. That is now a near term possibility.
I know that. The minimum subscription in the S-1/A is 200 shares. That's what I'm referring to.
LOL!
The "assets" include that "estimate" the company prepared for the plant before it was liquidated with the other assets for $4.34M. Too bad it didn't work out.
There's actually way more than $80M once you add up all the obligations that are ahead of the shareholders in getting a recovery.
The excerpt I posted was from the 10th monitor's report, and is current. Y'know, the 10th monitor's report, the one the monitor prepared to address all this "shares are safe" nonsense? They directly summarized the remaining debt and obligations that would have to be paid before shareholders would get a penny, then stated that shareholders get nothing?