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I’ll post the PR from LCY when I’m not on mobile
Likely connected to the failed KAHC spac deal where Bowei and LCY pulled out last minute
The loan is from Carlton Holdings II in the Caymans for almost $884,000,000usd
Saw the announcement from the parent company Li Changrong Chemical for a new loan and endorsement for public offering.
2023 is our year! Lol
Nice break down IE
Pretty good for $4.3 mil
Should pick up a few more of those
and we know units are priced at $10 for SPACs
Can confirm also
LOL I wonder where he pulled that number from? Looks awfully familiar! Hahah BUSTED!!
You forgot the next paragraph lol They did not acquire the contracts licensed from third parties nor the supply agreements.
Is the board aware that LCY Biosciences has now shipped out over 52,000MT or 52,000,000kgs from Sarnia over the last 3 weeks? That is sales of approximately $100,000,000. All of the material was shipped to Mitsui in Thailand. Mitsui who was a creditor and also had security over the trademarks and ip. Quite the return on a few million dollars for LCY, no? How do you explain this?
Almost 15M shares. Equity that is valued at nearly $150M, to start. I thought the same thing. It is possible that they never got a chance to cover. It would also support and further explain the actions of some others wink wink lol Check out the SEC Failed to Deliver Chart for Bioamber.
https://sec.report/fails.php?tc=BIOAQ
Don’t forget about Visolis…
Do you own shares in any company that has recently announced a Rights Offering? Do you own CRF? Thanks!
You saw that filing under Bioamber, Jawbone? Seems like such a wacky glitch/typo to occur with the CUSIPs. Is that “2014” filing from Allison Swan new to you or is it old? Those warrants expire December 2020.
LOL Twitter pump team has insiders in the Department of Justice.
One more time for the people who still don't understand.
Ben Hackman from the Office of the US Trustee, District of Delaware, oversaw the Bioamber bankruptcy case.
He brings it to the Judge's attention during the June 20, 2018 hearing that his department received a minimum of 7 requests from shareholders to appoint an official committee of equity security holders.
After a review of the facts and circumstances of the case, he determines it is not necessary and proceeds to let us know 1 day prior to the hearing.
OF COURSE THE EQUITY WOULD HAVE BEEN CANCELLED DURING THE BANKRUPTCY, IF IT WAS THE CASE! Shareholders are parties of interest. We attended the proceedings and it was made clear that this was a complex restructuring carried out by some of the best reorganization and M&A lawyers from two different countries!
Anyone who denies the fact NDAs and CAs still apply is preposterous. Where's schedule B? Where's LCY's investment letter? Clearly there is still information not available to the public. Can't have a transaction involving the equity of Bioamber when those same securities are still part of an open class action suit.
LOL always by telephone...
GOOD THINGS COMING! I'm limited to 1 post by Ihub. Have a great weekend everyone.
SS
SHARE PURCHASE COMING!!
PwC was in a difficult position, but in the end they made it clear that more is coming outside their purview.
LOOK AT THEIR EVALUATIONS FOR OUR ASSETS!!
WE KNOW IT WAS THE LIQUIDATION OF BIOAMBER SARNIA.
I CAN'T WAIT TO SEE THE DETAILS OF THE CAPITAL RAISE COMPLETED BY VISOLIS. THAT WOULD BE "AN INVESTMENT IN BIOAMBER,INC".
THOSE SISPS WERE "FISHY"...TO SAY THE LEAST.
NOPE, NO AMENDMENTS WERE EVER MADE TO CANCEL THE EQUITY!!
THE TIME IS RIGHT!
Huge missed opportunity for you and others, unfortunately. Maybe next decade.
What are you going to do when the shares are purchased and/or there’s a stock swap? The fact you won’t even admit, at the very least, that this is a unique situation is very telling. You using that 10th report screenshot in your upcoming suit? just move on, you lost. Stop posting pic.twitter.com/ZmpwzLxpaB
— Steve S (@sorhay_posada) January 24, 2020
Yes, what a steal for LCY! It's almost like there is much more to it LOLzzzz Most of us are waiting for Visolis to merge in and go public. What did you make of the fact Visolis just updated their entire website last month but failed to mention a single word about their joint venture, LCY Biosciences? Didn’t even add LCY under their Partners section. Under the Press section, they excluded the news articles that detailed the acquisition and that named them co-owners of the Sarnia plant. LOLzzz what happened to the Visolis Transaction? I bet it's coming soon!
Why else would Visolis bring in over 20 shipments of BioSA from Bioamber's toll mfg in China in less than a year? Only 9 of the records available and just those total over 200,000kg’s.
I sure governed myself accordingly!! $$$$$$
Great posts IE! Just more coincidences lol. Nice to remind everyone of the facts, rather than the same opinions always being pushed here. We are getting close!
I keep going back to the LOI from Visolis that stated “Investment in BioAmber, Inc”. The Visolis Transaction was mentioned early in the monitor reports but it completely changed to the LCY Transaction for the tangible assets by the time the CCAA ended. Odd. Let’s look at some connections.
DSM owns the only fermentation plant (formerly Amyris) in Brazil that I know.
Reverdia (DSM/Roquette JV) and Visolis (Visolis BV created in Feb 2018) shares the same address/space at the Galeen Research Campus in the Netherlands. DSM then dissolves Reverdia last year in April 2019 with intentions to be exclusive licensor of that yeast technology.
President of Visolis/Visolis BV Deepak Dugar worked at DSM early in his career. The VP of Business Development at Visolis/BV is Erik Rutten, former Sr Investment Manager and VP of R&D at DSM where he spent 24 years. Rutten’s brother, who has patents with DSM, is a director at Visolis too. Jay Keasling, founder of Amyris, is also a Sr. Advisor for Visolis.
So in addition to the fact that Cargill’s royalties would skyrocket as new plants come online, the growing partnership between Visolis and DSM is leveraged to achieve better terms which points to Visolis and LCY (LCY Biosciences) utilizing DSM’s low pH yeast moving forward.
Recall that Bioamber and Reverdia(DSM) had a good relationship as evident by the non-assert agreement. During the CCAA, LCY Biosciences requested to be assigned the right to use the technology. It was granted pursuant to the STA agreement. Hence, why the GFive letter said the outstanding royalties were to be paid.
In my opinion, it appears DSM could end up taking an initial equity investment in Visolis. Of course we are waiting for the shares to be bought out or a merger to occur first. DSM did something very similar with Amyris in 2017 when they purchased 12% shareholding for US$50 million. DSM later bought Amyris Brasil Ltd, the entity that owns and operates the fermentation plant for US$96 million + a future value share. Sarnia is 2.5x larger by comparison.
I believe it’s just a matter of time before a transaction involving our shares is announced. Of course the first step is to have the class action closed. Let’s look how BIOAQ can act like a SPAC - special purpose acquisition company.
How does Visolis get to market right now? Traditional way is an IPO. You do a roadshow, put together a prospectus/, you do a roadshow on wall street, etc. The bank will say, ok this is what we think we can take you to market at.
Atypical way for Visolis to go public is via a reverse merger. I will admit they are usually pro-cyclical, meaning they occur more frequently at the end of big bull markets. Everyone that’s informed knows the music is going to stop pretty soon, so it’s good to get to the market ASAP (look at the ipo activity this year with Nikola, Zoom Info, Progenity, Vroom, etc). Visolis can do a reverse merger into Bioamber, acquire the remaining assets and be listed quickly and cheaply. Currently, hedge funds and private equity are focusing on ESG - Environmental, Social & Governance qualified investments. The timing is perfect for Visolis to go public.
SS
LOL I have never been wrong about my previous 33 "Q" stock investments. I predicted the outcome successfully 1000% of the time.
Good lowered, why would they cancel the shares when they are needed? Merger incoming! It will be a dream come true for Deepak Dugar when he takes Visolis public. They even got to add great tangible assets like the JV's Sarnia plant during the last 2 years. That's gotta be good for valuations!
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Time is ticking and soon the shell and its securities will no longer be involved in any legal proceedings.
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9 shipments of BioSA for Visolis since June 2019 totaling over 180,000kg's. Clearly something is consuming a lot of product!
[img]
Those holding shares will 100% be compensated.
How short selling and NAKED SHORT SELLING works. I am sure you already know this information, but if not http://www.americanmicrocaps.com/featuredcolumn2.htm
Eat My Shorts!
A Naked Shorting Primer for CEOs.Cale Smith, Senior Associate
Hawk Associates, Inc.
The drama surrounding naked shorting has all the elements of a John Grisham novel. Sly, blue blood institutions conspire with shadowy hedge fund cowboys to unmercifully assault a well-meaning but outgunned CEO in his quest for shareholder value. Offshore accounts and corrupt foreign officials veil the crimes for decades, until finally being thrust into the open through the hyper-caffeinated efforts of hundreds of message board denizens throughout cyberspace.
As with most Grisham novels, however, liberties may have to be taken with the original story to romanticize an otherwise bland topic. After all, it’s hard to make CUSIP numbers and stock certificates sound sexy, but that’s really the heart of the naked shorting controversy.
Due largely to concerns raised by microcap CEOs and their shareholders, naked shorting is a hot topic on message boards. Opinions range widely on how common it is. Those claiming it pervades the markets and foreshadows a systemic meltdown are met with equally fervent arguments calling it an over-hyped, isolated problem that is becoming the grassy knoll conspiracy theory of Wall Street.
Everyone agrees, however, that risks of naked shorting are heightened in the microcap world. The sheer number of small public companies, combined with high volatility and an almost inevitable need for financing, make detecting this hard-to-prove crime that much more difficult for the microcap CEO. Although the odds seem small that a particular company will be victimized, there is no authoritative data indicating how many microcaps are being naked shorted.
Keeping those odds in perspective, then, this primer is for microcap CEOs curious about the naked shorting fuss. On the off chance that a company attracts naked shorts, CEOs should recognize that there is despairingly little that can be done to stop it from occurring. Due to the nature of the crime, legal expertise may not help.
Although there seem to be few bulletproof ways to stop naked shorts, there are a handful of things a proactive CEO can do to reduce the odds of being blindsided by this notorious lot. This primer includes a rough sketch of how naked shorting works and a brief familiarization with the main players. A worst-case scenario of what it means to be targeted by naked shorts is presented, as are suggestions for wary CEOs. The final section contains a list of links with more about the intriguing world of naked shorting.
WHAT IS NAKED SHORTING, AND WHY SHOULD A CEO CARE?
In its simplest terms, naked shorting involves selling shares of stock that don’t exist. It’s performed routinely by market-makers to keep an orderly market, but it is illegal when done to manipulate a company’s stock price. Only when someone intends to drive down the stock price is naked shorting breaking the law. Throughout the rest of this overview, any reference to naked shorting will refer to the illegal variety.
It’s also worth noting the important distinction between shorting and naked shorting. The former is perfectly legal and occurs extensively as either a way for an investor to mitigate risk or as a bet that a company’s share price will decrease (i.e. the short-seller or “short” believes the company is overvalued). Despite the wary glances often cast upon them, shorts are an essential part of a robust market and are often the first to discover financial fraud, as in the case of Enron.
A short will sell borrowed shares as a bet against a company because he believes the price will eventually drop. These borrowed shares come from his broker, which loans the short a certain number of shares (not dollars). As soon as the short receives the borrowed shares in his account, he sells them immediately for cash, which goes to his brokerage account. The short still has that pesky loan to pay back, though, and does so by waiting for the price of the stock to drop. Then he buys some cheaper shares using money from the same pool of cash he received after the original sale, gives the broker his shares back, and keeps whatever cash is left in his account.
Naked shorts, in contrast, are much more manipulative – they sell short shares that don’t exist and then attempt to actively lower the company’s share price through constant short-selling pressure. By using pretend shares, of which there is an unlimited supply, naked shorts can effectively control the share price through this constant pressure, eventually driving the price of a company’s shares into the basement.
Where do these fake shares come from? Naked shorts can create them out of thin air, depending on your point of view, due to either (a) glaring inefficiencies in the back-office world of certificate transfers, or (b) institutionalized fraud on a massive scale. Either way, the effects can be disastrous for companies who are victimized.
WHO IS INVOLVED?
Naked shorting is typically done by hedge funds with arm’s length support from several other parties. The extent of active assistance provided to the fund by these related groups is unclear but hotly debated. One player is the Depository Trust & Clearing Corp. (DTCC), which tracks the stock certificates of traded shares between brokerages. When a fund sells short a share of stock, the fund’s brokerage (another prominent player) has a settlement period of three days to deliver those shares to the buyer’s broker. If the transfer doesn’t occur, the DTCC notifies the fund’s broker that it has “FTD’d” (Failed to Deliver). The DTCC is required by the SEC to enforce delivery of missing shares. While waiting to account for shares, the DTCC may charge the brokerage to borrow similar shares from its own inventory.
The obvious conflict of interest here is that DTCC is policing its own customers - the brokerages. In response to complaints, the SEC required all exchanges to comply with Regulation SHO in January of 2005. Reg SHO establishes several requirements aimed at broker-dealers, but it does not specifically address the manipulative aspects of naked shorting, which fall under existing securities law.
Regulation SHO specifically requires the major exchanges to provide a daily list of Threshold Securities, defined as those that (1) have an aggregate fail to deliver position of over 10,000 shares (2) equal to 0.5% of the issuer’s total shares outstanding for (3) greater than five days. Reg SHO also requires a broker-dealer to close out any “open fail” position once it has been included on an exchange’s Threshold Security list for 13 consecutive days. The ironic effect of this policy, as noted by its detractors, is that it effectively requires shorts to cover (buy back shares) after they’ve had two weeks to drive the price down - meaning they profit from the trade. Needless to say, the effectiveness of such a regulation is often called into question among the cyberspace crowd.
Links to the Threshold Security list for each primary exchange are included at the conclusion of this article. It’s important to remember that seeing a company included on the Threshold Securities list does not mean that company is being naked shorted nor that its share price is artificially depressed. It means shares in that company are failing to deliver on time for what may be legitimate reasons, including simple human error. Even shares bought long could FTD and show up on the Threshold list. A daily presence on the Threshold list for more than 13 days at a time, however, might signal the need for deeper digging.
HOW DOES NAKED SHORTING ACTUALLY WORK?
Based on the accounts of CEOs who believe they have been the target of naked shorts, here is how the worst-case scenario might play out using an ill-intentioned hedge fund (“Fund Malicious”) as an example.
Fund Malicious first identifies a target in the microcap world for naked shorting, most likely an obscure company in the development stage or having otherwise questionable fundamentals. The hedge fund gets that firm listed on a foreign exchange in, say, Berlin, via a request funneled through a complicit broker or official in that country. Malicious then sells short shares it doesn’t have (naked shorts them), waits three days for the DTCC to call and ask for the shares, and then replies either, “I borrowed them on the Berlin exchange, and they’ll take some time to get here,” or “I’m a market-maker for that company’s shares in Berlin and naked shorting rules don’t apply there.” The DTCC then loans the fund shares from its inventory and charges the broker a fee until the stock loan is repaid. Malicious, in the meantime, continues to drive the price of the target’s shares down as long and as aggressively as possible. In the event the fund does cover to pay off the stock loan, it doesn’t take much effort to begin the naked shorting cycle again.
Other theories exist as to how the hedge fund might skirt additional rules. To prevent “piling on,” exchange rules mandate that a stock cannot be shorted on a downtick or decrease in stock price. In other words, Malicious must wait for the stock price to increase briefly before shorting the company. Rather than wait passively for an uptick, though, Fund Malicious can create an uptick in the stock itself by purchasing a few shares through a small offshore account. The hedge fund is then free to short (or naked short) the company with both barrels at home.
Malicious may get additional leverage out of the original naked short by choosing to target an ugly, obscure microcap company. By driving the price down, the fund hopes to scare existing shareholders into selling their shares, too, out of fear that something is going on that they don’t know about (i.e. the fund can “paint the tape”). This, of course, drives the price even lower while further obscuring the role of Fund Malicious.
There is plenty of room for additional mischief in the above scenario. According to the most vocal critics of naked shorting, funds like Malicious have relationships with reporters and/or message board regulars who are compensated to distribute negative news about the company in order to exaggerate the selling. There is also plenty of irony possible, in that a CEO can be her shareholders’ worst enemy by merely uttering the words “naked shorting.” Investors may panic, the stock might dive further and legitimate short-sellers could begin to circle.
KEEPING THINGS IN PERSPECTIVE
Given the mysterious nature of hedge funds and the convoluted nature of this crime, it’s easy to get carried away with paranoid scenarios regarding naked shorting. The skeptics, however, have some unanswered questions of their own. For instance:
• What’s in it for the brokerages? Are they supposed to take all the risk just to get a few more commissions or under-the-table money? Since when have they been that desperate?
• Has anyone ever been found guilty of naked shorting?
• Where is the proof? Are there other pieces of evidence that would suggest a crime is being committed?
• Why aren’t more companies making noise about it? Where are the whistleblowers?
• Wouldn’t the unintentional buyers of naked-shorted shares voice their concerns when they did not receive proxy votes?
• Why is there no outrage from legitimate funds and brokerages?
• How much regulatory burden should the SEC and other publicly traded companies have to bear to resolve the questionable problems of a few companies?
Both camps raise legitimate issues that simply cannot be addressed definitively yet. Reg SHO is not the deterrent the problem seems to demand. There have been numerous calls on the SEC to increase the scope of data provided in the daily Threshold Securities lists, which may help better gauge the seriousness of this problem. Until those issues are resolved, the SEC continues to consider the surveillance and enforcement of trading activity as the primary responsibility of the markets and exchanges. The DTCC considers its role to be reporting the FTDs. Brokerages are doing all they can to win commissions from hedge funds. Detection is difficult, accusations are nearly impossible to prove, and nobody has figured out a foolproof way to stop this crime.
So what’s all that mean for the microcap CEO? When it comes to naked shorting, you are your own best watchdog.
WHAT TO DO IF YOU THINK YOU MAY BE TARGETED
Above all else, be discrete with your public accusations.
A well-intentioned CEO can fulfill his own prophecy by going public with accusations of naked shorting. Investors may flee the stock, further lowering the share price. Meanwhile, other funds may hover, waiting for an uptick to begin shorting your company themselves.
Watch your trading volume.
If you’re seeing four or five times your company’s float trade hands in an otherwise ordinary day, and you have no large share overhangs, pay attention. Start documenting those patterns.
Keep your focus on operations.
Your stock price is not declining exclusively due to naked shorting. Weakness in the business, industry, model, communications or management team exists well before naked shorting begins and allows it to continue. In most cases, the best deterrent for shorts of any kind is consistent execution and credible communications with your shareholders.
Always surprise on the upside.
By maintaining absolute secrecy before good news, you give yourself the best chance to catch the shorts off guard and maybe even squeeze them. Be conscious of unintended signals you may send when in public appearances, conference calls and analyst meetings before a particularly good quarter or other surprising good news. Keep your cards close to your chest and save those glowing press releases for the middle of the trading day.
Maintain a steady stream of news.
By communicating with your investors as often as possible, you remove some of the mystery surrounding a company that a naked shorter typically targets. In the absence of any company news, a continuously dropping stock price is the only communication your investors are hearing. Sales of stock by legitimate owners are sure to follow.
Put floors on your convertibles.
A floorless convertible bond (also known as a “convertible death spiral”) is an open invitation for its owners to short the stock as aggressively as possible. A constant decline in share price means the convertible owners will get more shares because the initial rate of conversion will change. While the original shareholders may very well lose their entire stake in the company, the convertible owners can continue to short the stock until they can effectively cover the original short with new shares created by a new rate. Should those convertibles be held offshore where naked shorting is not illegal, the potential for price depression becomes even greater. Ensuring you have a floor on those converts will prevent the worst case scenario.
Monitor small international exchanges.
If your firm unexpectedly turns up on the Berlin-Bremen stock exchange and you, the CEO, did not request a listing there, that might be a sign of a problem. Request the removal of your company from that exchange immediately, and keep asking until it’s done.
Realize your choice of financing vehicle may attract naked shorting interest.
In addition to floorless convertibles, PIPEs may also attract undue attention from potential funders. Since shares in a PIPE are sold for below market price, the provider could short the stock down to that level with no risk of capital loss on his part. When issuing warrants with the deal, you’re also effectively pushing the price lower through increased dilution of existing shareholders. While it’s true that sometimes beggars can’t be choosers when it comes to raising funds, go into those negotiations with your eyes wide open.
Check the Threshold Security lists.
Links to the lists at each exchange are below. Keep in mind that inclusion on that list does not mean naked shorting or any other improper activity is occurring, just that some shares meet the three requirements mentioned above. An extended presence on the Threshold list, however, in combination with other signals may be an important sign.
Don’t read the message boards.
You’ll drive yourself nuts, waste a ton of time and eventually convince yourself you’re a victim of someone’s ill wishes, naked shorts or otherwise. If you’re that compelled to monitor the boards, ask your IR team to send you weekly summaries of any cogent posts.
Know your IR company.
Consider your choice of an investor relations firm as your first line of defense. Does the company have expertise in dealing with naked shorting? Does the price of your stock mysteriously rise or fall between the time you send your draft press releases and when they hit the wires? Do they have long-term clients willing to vouch for their integrity? And do they have processes in place to handle sensitive information?
Know your transfer agent.
Given that the process of naked shorting begins at the brokerage level, there’s not much your company’s transfer agent can do with regards to those shares. The responsibility for tracking them lies with the brokerage. It is theoretically possible, however, for a corrupt transfer agent to conceal the true float and otherwise manipulate the shares themselves.
Both your transfer agent and IR firm should be able to advise you on the effectiveness of combating naked shorts by changing CUSIP numbers, reverse mergers, and/or reverse splits. Although the long-term effectiveness of these strategies is questionable, it may be useful as part of a larger strategy to deter naked shorting. After changing your company’s CUSIP number, for instance, all existing stock certificates must be exchanged for new ones. All issued and outstanding certificates from old shares will no longer represent an interest in the company until exchanged. This may be more trouble than it’s worth, however. Once the new shares are in circulation, there’s nothing to stop a new round of naked shorting by determined parties. Such tactics may represent a small part of an overall strategy to reduce naked shorting interest in your company.
More resources.
https://smithonstocks.com/illegal-naked-short-selling-appears-to-lie-at-the-heart-of-an-extensive-stock-manipulation-scheme/
What do you make of the fact Visolis just updated their entire website this week but failed to mention a single word about their joint venture, LCY Biosciences? Didn’t even add LCY under their Partners section. Under the Press section, they excluded the news articles that detailed the acquisition and that named them co-owners of the Sarnia plant. LOL what happened to the Visolis Transaction?
You think everything has been disclosed? Get real.
Just going by the 1:1 split and BIOAQ/LCYGF chart mirroring we all witnessed, in addition to the premature and accidental distribution a shareholder received, I’m speculating LCYBT will merge in and be taken public. I’d bet the offering price and valuation for LCY Biotechnology Holding Corp is going to be $4.16USD per share and will be listed on the NASDAQ. To me, it would make sense that any legal matters involving the securities of Bioamber Inc would have to be officially completed. That entire class action case was strategically used by the parties during the CCAA, in my opinion.
Restricted to 1 post per day.
SS
Good reminder for BioAmber Inc. shareholders! I can't believe all of the attention the company Bioamber is still getting. It looks like it has attracted a lot of new eyeballs/investors that were not even aware of Bioamber during the proceedings! Makes ya think...
I hope everyone is staying safe. I believe this moment in time is exactly why we will continue to see even more investment in sustainable chemistry/green energy. We can no longer afford to subsidize dirty oil jobs that are completely susceptible to these huge market swings. Even before the pandemic hit and oil prices collapsed, it was no coincidence that financing for new pipelines and oil projects were drying up. Private equity, like BlackRock, has been pulling back investment from the sector for years now. That forced these oil & petrochemical companies to rely on debt to achieve growth instead, as they tried to take advantage of historically low interest rates. Thanks to the Trump admin and their goal of being energy independent, U.S. shale oil production had single-handedly been satisfying the increase in global oil demand over the past 3 years, but that trend is all but dead now. The sharp drop in drilling activity and capital discipline seen in the oil industry this year means producers will not be able to break even with today’s oil prices. To think, even with investors fed up with all the capital destruction in the sector, Trump’s stimulus packages will once again provide the hefty credit lines these companies need to survive this market.
We may or may not have hit the very bottom with consumption slowing globally due to the virus, but I have no doubts oil will once again rise to $70/80+ in the medium term. It could be that with the US economy on the brink of collapse, Putin saw a price war as an opportunity to make a power play against the global reserve currency. But with the Fed’s printing presses running on overdrive, can Russia afford to keep losing $100-$150m everyday? I also wouldn’t be surprised if we see geopolitical tensions increase between the US and Iran very soon, unfortunately. Any sort of dramatic escalation between the founding OPEC member and the US will most likely result in an oil supply shortage in the Middle East and drive prices to a more stable level.
Governments all over the World have increased regulations in the oil & petrochem industry and have started to transition to cleaner energy. The oil & gas sector will continue to come under scrutiny on the basis of environmental issues like air and water quality, offshore regulation, and chemical management. This intense focus has occurred in conjunction with other measures used to encourage alternative energy production and establishing renewable chemistry infrastructure. LCY’s diversification and green makeover is a smart and timely strategy. I believe that KKR will be highly motivated to take LCYBT public by merging in once things settle down. The need for drastic economical and structural change has never been more evident than now.
PS: all you renewable energy/green chemistry investors who vote for Trump are contradicting yourselves.
PPS: 1 post per day.
Stay well longs.
SS
https://www.oilprice.com/Energy/Energy-General/Why-BlackRock-Is-Going-Green.amp.html
https://www.forbes.com/sites/kenrapoza/2020/03/08/russia-seen-losing-at-least-100-million-per-day-thanks-to-opec-disagreement/amp/
https://theintercept.com/2020/03/30/trump-iran-war-coronavirus/
Lol you slept on it and that’s the response back? You guys are losing steam. What are you going to say if they merge LCYBT in and go public? Our shares certainly wouldn’t be worthless hahaha
Do these guys know why there were no offers in the liquidation plan of BioAmber Sarnia in the CCAA for more than a few million? These guys on this board may be unaware, or simply won’t acknowledge, the FACT that PwC provided strict guidelines to bidders. Those strict bidding guidelines included a limit to offers of $3.5m cash upfront. So we are to believe that PwC told prospective bidders in a silent auction that they were only allowed to bid $3.5m and then proceeded to sell the assets for just that, pennies on the dollar, but we are stupid to think more is coming? The opinion more is coming is also supported by the overwhelming amount of evidence, including the SEC filings, bankruptcy filings, reorganization lawyers, Eno and BoDs accumulating shares, lcygf/bioaq mirroring and 1:1 split, etc. Only get one post...SS
Explain to us why the production patents, the land registry and plant title are all still in BioAmber’s name? That’s despite the fact that the APA closed October 22nd, 2018 and chapter 15 bankruptcy closed (with all equity intact) 3 weeks ago.
Yes, they are closed permanently but still own all of their assets. What could that mean?
Explain why everything is still in BioAmber’s name, despite the FACT bankruptcy/CCAA closed?
Notice it was 5 days before they voluntarily filed for bankruptcy...lol Don’t forget about currency exchange
Holy fffffffff I can’t believe this is trading!!! Distributions have been made to some Canadian shareholders already!!! We did it!!! Here’s a hint: what is the weighted average exercise price of the outstanding options, warrants and rights? Happy Canadian Thanksgiving to all the longs!!!! I’ll save the congratulations until all the distributions have been made and the security is cancelled for everyone!!! :))))))))
This is a simple recognition and discharge order. There is no mention of expunging debt and there still isn’t a discharge certificate filed. In laments terms, PwC has submitted a final order to the Delaware bankruptcy court for it to recognize and approve of everything that occurred in the CCAA. There is no mention of shares or equity being cancelled. Nothing new. Objections can be heard until November 4th. This seems to be the standard next step in the legal process.
It’s tricky not to have recency bias or even let emotion cloud one’s judgement throughout this process. Let’s not forget, the non disclosure and confidentiality agreements are still in place from May 2018. At that time, they already had a buyer for the business - LCY/KKR is the stalking horse. Then BioAmber/PwC carried out their strategy of a SISP Sales and Investor Solicitation Plan in the CCAA to find a purchaser for the company. That was when they leaked two bidders, PTT and Greenfield, who happen to have very close connections and relations with BioAmber and its leadership. Of course, we know it was all a setup and they never were going to be sold to anyone but LCY. I met with GFive in Sarnia and obtained physical evidence of gross negligence and fraud by PwC and BioAmber’s BoD. I have shared this evidence with other key stakeholders. In Mark Lumley’s words, “it was a backdoor deal with the Chinese”. The transaction is designed to make it appear as if it was a worthless, distressed entity that had the majority of its assets sold for 4.3M upfront. There is much more to come to this story.
IMO, PwC filing this recognition order to the Delaware court doesn’t mean we don’t hear of something before November 4, especially when LCY plans to start production this month.
SS
Yes but at least he took the initiative to call and get confirmation that they are receiving money $$$$.
Nice of you to lay it out for everyone, thanks. People will still have the opinion that this has nothing to do with BioAmber LOL. It is my opinion that LCYB has purchased all of the shares. Please don’t ask what monitors report that is stated in. As the court documents detail, everything is under CA/NDA. Be patient and they will reveal all of the sale terms any day now. Great post!
You should have attended the court proceedings
We know the class action term sheet will be made public any day now. I believe after that case officially closes, LCY can complete the acquisition. Expect it to be bang-bang, asset note cancellation followed by tender offer.
Nice find on the warehousing CS! More evidence that the sale of the company was negotiated prior to filing for CCAA/chapter 11. The terms of the sale must be really good for BioAmber’s management to conduct some grey area/shady stuff like that.