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Yes, those are the ones.
Know what the restructuring fees are? That's the charges for the monitor, PWC. They don't work for free.
Nope, it's all accounted for, all that anybody needs to do is look through the cash flow documents included in the monitor's reports.
Those royalties are coming out of the proceeds of the liquidation, the accounts receivable, and the sale of the inventory. If they'd been able to pawn those off to the buyers of the assets, that money would have gone to the 2 secured creditors who receive some recovery.
In other words, nothing to see here.
And PWC thought the buyer would want the contracts for those non-assertion rights, even prepared a motion to have them assigned to that buyer, providing they'd pay the royalties that were due for the time the plant ran in 2018:
https://www.pwc.com/ca/en/car/bioamber/assets/bioamber-033_092418.pdf
Problem was, the buyer changed his mind, and elected not to take them, could have had them for just ponying up the $409k in royalties. Guess those contracts aren't such a windfall after all.
The NOL's are worthless, BioAmber has no operations, and cannot be purchased to use the NOL's.
Except when they're not:
https://investorshub.advfn.com/uimage/uploads/2019/1/21/gsrdzba13.jpg
There were no bids from the SISP process, none.
Unfortunately, this "theory" has been proven false. There were zero bids during the SISP, and the liquidation resulted in $4.34M for the assets. That's fact, despite theories and incorrect estimates/projections by the company.
I'm talking about the forecast of enough money to pay the unsecured creditors, which was the very first document in the post I replied to. That forecast was dead wrong.
This company has no operations, and the IRS will not allow NOL's that are acquired purely to avoid taxation to be utilized. BioAmber's NOL's are worthless.
The NOL's of an empty shell are worthless.
What "sealed" documents?
If I were to accept at face value the claims of that CEO and that ridiculous website being touted as proof, I'd have to conclude one of two things:
1. The CEO is the worst businessman in the history of business for giving away ownership in his thriving and growing business to the bagholders of an OTC shell, or
2. The CEO plans to wipe out the standing equity in this shell with a RS so he can sell stock and raise money.
Sorry, tossing the BS flag. There's all manner of private Chinese companies selling their wares in the US, and this company can do the same. Ever heard of Huawei or Xiaomi? Xiaomi is now public on the Hong Kong exchange, but were private until 2018.
Just watching price action day to day, seems to be a flippers paradise right now. Front loading appears to have happened around the middle of November at or below $0.0008, profits were harvested once it popped above $0.007. In a channel, now, until flippers get bored or the RS is announced.
LOL
So, now there's a "Stalking Horse" that the monitor has not disclosed to the bankruptcy court/judge?
Once again, that forecast from last May was dead wrong, nobody bid on the company, and the assets were liquidated for $4.34M. That is a documented fact. The company is now an empty shell with over $80M of debt they cannot pay.
The NOL's are worthless, the IRS will disallow their use per section 269 of the internal revenue code.
Stalking horse . . . can't make this stuff up.
Not nearly as expensive as giving away the ownership of your company to the bagholders of the shell. That is what effectively happens in these OTC RM's with a large number of shares issued and outstanding like this one. Merge in and the bagholders of the nearly 2B shares are gifted with equity in a thriving business. It is a narrative played over and over, works for those who saw it coming and buy in the trips, notsomuch for those who believe that narrative and buy in higher.
Real companies that want to go public to raise capital and/or with owners looking to sell a stake in their company will do an IPO, and they'll get the proceeds from the sale of stock to the public.
The only reason a company "goes public" is to get access to the public stock markets to raise capital and grow their business. If they don't plan to sell stock, there's not a single reason for them to go public and become accountable to shareholders, much less the bagholders of a dead penny shell. They get nothing from the stock that is in the O/S and traded back and forth today, that stock is a legacy of the prior failed/dead business of the shell, sold into the market by that failed business, and the proceeds are long gone.
So, one of two things:
This is a hoax built by someone who has stock to sell, or, the company is going to sell stock after a RS to wipe the existing equity off the books.
$1B is conservative? LOL
There's not a single independent verification available on the claims of owning 100 companies, let alone $1B in revenue. That "Made in China" site is laughable for real corporate information, and any company with $1B in revenue would have multiple independent sites with information about them.
Plus, it is ridiculous to even consider that a company with even $100M in revenue (let alone $1B) would merge themselves into a dead penny shell and effectively give away the ownership of their company to that shell's bagholders.
LOL...
So now it's a $1B (revenue) company merging in and giving away ownership to the bagholders of a dead OTC shell????
Can't make this stuff up.
I don't care. They'll never be installed, even for a capital cost of zero. They're a hoax, pure and simple. They don't save anybody anything, neither the customer nor the utility. The whole narrative is false, all that BS about "recycling wasted electricity" is for those who don't have a clue about the distribution of electricity, and utilities and industry has gobs of folks who will recognize this for what it is, just like the guys in the video from Eaton.
Except that's all baloney.
There are no savings. This is a capacitor bank, and capacitor banks have no effect on the watts/kilowatt-hours that people pay for. If a utility needs a capacitor bank for voltage support in one of their substations, they'll buy a passive one from ABB or another HV distribution equipment supplier and install it, they've been doing that for decades.
This is a warmed over hoax. Power up a motor with no load on the shaft (a very reactive load, terrible power factor), measure the amps, then hook up a capacitor bank and voila, the amps go down. Unfortunately, it's all VARs/KVARs, and you don't pay for them, watts/kwh remain unchanged. But this "demonstration" gets foisted on folks with no sort of electrical background or understanding, and they are led to believe there are savings (this company's claim of 40% wasted electricity is pure BS), and they either buy one or invest in a company making one. This hoax has been around a long time, and all this company has done is add a computer to control the capacitor bank.
Here's a single phase demonstration of the hoax by a major electrical equipment supplier. The company's version is 3-phase, but this mock up shows exactly what the company is doing and wants people to believe:
"Less expensive" to merge into a shell with 2/3's of the equity issued and outstanding? "Less expensive" to give ownership to the bagholders of the dead shell?
LOL. Can't make this stuff up.
Question: Now that we're delaying into April and the fiscal quarter ends tomorrow, will the S-1 need to be updated with audited Q1 financials?
I guess that since the merger isn't complete yet, we'll have to wait for Q2 for a consolidated financial report. That may be "convenient."
Of course it is. Real companies don't merge into dead penny shells and give ownership away to the bagholders of the dead business. It's ridiculous to even consider a legit company would do that.
You want shares @ $0.005? The CEO is selling 1B at that price.
No payments were made for the KERP because the program requirements were not met. This motion describes and requested the KERP:
https://www.pwc.com/ca/en/car/bioamber/assets/bioamber-015_071818.pdf
The KERP was to be paid out of the proceeds of the SISP. Payments were subordinated to repaying the DIP lender in full and the secured creditors in full from the successful SISP proceeds. The program was requested and approved on that basis, the employees would help sell the company and/or plant, everybody with a secured claim gets paid, and the employees get their KERP bonuses from the leftovers.
Problem was the SISP didn't get a single bid, much less one that paid the secured creditors in full. The requirements of the KERP were not met.
As further proof, every monitor's report has a cash flow report in it, and there have been no payments made for the KERP program.
Couple posts about this Chinese company holding the shares. LDSR did state they merged with them a long time ago, and if Chiguan can produce the legal details of said merger, meaning if they can show they received the shares as part of the merger deal, they might just be hitting the float. All the PR's around that time look like a typical scam merger, but even those sometimes have real looking paperwork and contracts and stuff filed to help the pump. Wonder if the Miramar group (who had the shell back then and did the "merger") got wind of the lawsuit and is helping their former partners out?
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=147137086
Last minute $50 trades to paint the tape, desperate times.
Looks like the narrative of a big Chinese company giving their ownership to the bagholders of KRFG isn't holding up too well.
10Q will be due in mid-May, not April.
LOL. That site is nothing. Revenues aren't verified.
No company that "owns" 100 companies with plans to "own" 1000 is going to merge into a stinky pinky shell with 2/3's of the shares issued and outstaning - ie - giving away the ownership of their company to bagholders of a dead business. That's nothing more than fluff like the CEO's other adventures.
LOL. “Pink Current,” meaningless, of course.
“They made filings!!!!” Yeah, they filed a couple years of financials for the dead business confirming that it has done absolutely nothing.
“Wow, an attorney letter!!” Laughable it took 4 tries for the attorney, who merely writes that he read the financials of the dead business and believes (based on multiple caveats) they were prepared correctly. The attorney who can’t even prepare a brief letter correctly believes the financials of the dead business were done correctly.
Big deal.
Form filed in May says "Debtor's estimate of available funds"
That's from May before the SISP process failed to get a bid. Guess the estimate was way off, huh?
Here’s an update:
After that was filed in May of last year, the company went through the SISP seeking a buy-out, financing, investment, reorganization, restructuring, but failed to get a single bid. Then the assets were liquidated for $4.34M. Those proceeds and income from the sale of remaining inventory and accounts receivable only provide a small partial recovery to 2 of the secured creditors, nothing for the rest, and nothing for the unsecured creditors and shareholders. There’s over $80M of debt, and recoveries will be about 5-6% of that. The company is going to disappear once the bankruptcy proceedings are complete.
So, the assets have been sold, but it is not a shell? How’s that work?
A paper company with no assets and no operation, let alone no board, no executives, no employees, is a shell. This one is in debt over $80M and it can’t pay that debt. It’s going to disappear.
Of course he wants a buyout, that's how he gets paid. With 3.8M, he'd probably love to get $5 per share if someone would buy the company right now for $60-70M.
Those market makers are a busy lot, they manipulate every single stock on the OTC and are the sole reason none of them make it big.
What, exactly, do we think happens to a company that is an empty shell with no remaining operations (assets were liquidated, an undeniable fact) that has $80M of debt that it cannot repay and is in bankruptcy proceedings?
What will happen is the judge will discharge the remaining debt and the equity (the shares) and the company will cease to exist. That's how it works. Every time.
And he also gave himself millions of shares to acquire his own company back in the American Idol days when it had done nothing, and exercised warrants he awarded himself for about $1.80 ($0.12 pre-split). He and the other insiders would also have to file before he sold, which would be a clear signal for everyone else to.
Sheesh. Read the 7th monitor’s report, clearly and undeniably the assets were liquidated for $4.34 M.
Except that BIOAQ is an empty shell with no operations and $80M of debt that it cannot pay. Once that debt is discharged with the equity (shares), the company will no longer exist.