So your point is Deloitte made sure the trading of XEBEQ shares were suspended on Nov 14 2022 prior to the bid submission deadline on Jan 6 2023?

Or is your point Deloitte made sure the trading of XEBEQ shares were suspended on Nov 14 2022, 3 days after the LOI deadline on Nov 11 2022?

Is there anything comparable or relevant to PWC leaking & revealing the sealed bidders' names prior to the bid submission deadline, or allowing Bioamber's shares to trade for 13+ months after Visolis & LCY were declared the purchasers?

"PTT Global only thought about buying the assets" and expressed that "thought" via PWC's sealed bid process. PWC broke the sealed bid's protocol by revealing the bidders prior to the deadline.

PTT's $USD 40-60 million bid = $CAD 53-80 million
Bioamber's Debt per PWC's creditor's list: $CAD 63,224,024 = $USD 46,861,947


Greenfield's bid of $CAD 15-30 million, if combined with $CAD 20 million from Bioamber's checking $USD 1.9 million & receiavbles $USD 14 million, would've at least satisfied the secured creditors.


Regardless PWC broke protocol, revealed two bidders prior to the bidding deadline resulting in LCY (KKR) & Visolis getting their bid in and I as other bioamber shareholders believe good things are coming & waiting.


For reference purposes only:

June 17, 2013 - June 17, 2013 - Myriant Corp., a global renewable chemicals company, has announced the successful start-up at its flagship bio-succinic acid plant located in Lake Providence, La.


August 21, 2018 - August 21, 2018 - PTT made following investments in Myriant: $60 million in 2014 and $ 6.15 million in 2017. Myriant restructured its operations beginning of 2017 from producing biosuccinic acid towards R&D. Myriant officialy changed its name to GC Innovation America on 1st August 2018.


Feb. 2, 2021 - Feb. 2, 2021 - Stepan Company reported that it has closed on the acquisition of a fermentation plant located in Lake Providence, Louisiana. Financial terms of the transaction were not disclosed. "Fermentation is a new platform technology for Stepan Company as we look to commercialize next generation surfactants. Bio-surfactants, produced via fermentation, are attractive due to their favorable biodegradability, low toxicity, and in some cases, unique antimicrobial properties," said F. Quinn Stepan Jr., Chairman and Chief Executive Officer of Stepan Company.

Let's see if & how Deloitte handles a sealed bidding process.

On another note: Ironic that 10 months after PWC leaked the sealed bidders company's names, In one of their monitor's reports PWC reveals; One of the leaked bidders offered $60 million, and the other bidder offered half that coupled with purchasing all the shares.

As a reminder;

LCY Chemical agreed with KKR to a $5 million spending cap until their deal closed in Jan 2019.

That info coupled with the info below from an article published in Sept 2018;

"In the filing, KKR said that it and the Lee family have borrowed US$870 million from banks to go with US$650 million of its own funds to carry out the deal.

KKR said that the Lee family would have to come up with another US$290 million to buy the stake in Carlton (Luxembourg) Holdings SARL via an issuance of 200 million new shares.
...
KKR said that the Carlton shares acquired following the takeover would not pay dividends and would have no liquidity in the next five years." - https://www.taipeitimes.com/News/biz/archives/2018/09/08/2003699991


Looking back at the timeline, looks like LCY Chemical really needed some additional collateral/assets as leverage for loans.


Also a reminder & to quote from DD previously posted on this board;

"Nexant appraised the 30,000 MT Sarnia Plant to be worth CAD$34.5 Million as of January 2018 in a "Orderly Liquidation" or CAD$29.3 Million in a "Distressed Liquidation". That is for the Plant alone......
The overall replacement cost to build a 30,000 MT succinic acid plant in Canada is CAD$175-185 Million as stated in the Report." - https://investorshub.advfn.com/boards/read_msg.aspx?message_id=146300809

Is it standard procedure for the monitor (PWC) to post 2 sealed bids on their website prior to the bid submission deadline ?

BioAmber Achieves Important Milestone in ($360 million) U.S. DOE Loan Guarantee Process

Bioamber/LCY Chemical 'MRO'(maintenance-repair-operations) status

Nov 2019 stock split reflected on chart & fintel's website

Suspended, not Cancelled via finra

KKR said that the Lee family would have to come up with another US$290 million to buy the stake in Carlton (Luxembourg) Holdings SARL via an issuance of 200 million new shares.

Tangible vs Intangible Assets

Visolis letter vs LCY's evasive letter

-Great DD listed & more great detailed DD not listed above provided by bioamber shareholders adding up to something real good!!

Great stuff, Thanks to you and IE for sharing

Reworded for you: The existence & intention of LCY's letter is known because of the Visolis investment letter, however the actual LCY letter & its content was never disclosed.

Exactly, PWC never disclosed LCY's letter.

For comparison purposes, Does anybody know how much Technip Energies paid to acquire DSM's bio-based succinic acid IP (production plant not included with sale) ? The sale value doesn't appear to be disclosed in the August 31, 2022 press release or anywhere else.

Technip Energies Acquires 'Biosuccinium' Technology from DSM for Bio-Sourced and Fully Biodegradable Polymers Production - August 31, 2022 press release.

OR maybe the sale value will remain undisclosed similarly to the undisclosed amount LCY Chemical paid to acquire Bridgestone (Huizhou) Synthetic Rubber Co., Ltd in December 2021

OR for relevancy to Bioamber, similarly to LCY Chemical's undisclosed letter the Visolis investment letter stated was disclosed however remains disclosed

Exactly! And thanks for all the great DD you've shared.

Check out Doc 22, 06/2018 (section 15.1) showing Bioamber claiming 100% ownership of Sinoven;
Bioamber Case 18-11078, Schedules/Statements filed: Sch A-B, Sch D, Sch E-F, Sch G, Sch H,, Sum of Assets and Liabilities, Decl Concerning Debtors Schs,. Filed by BioAmber Inc.. (Robinson, Colin) (Entered: 06/08/2018)


Also checkout Ray Balee linkedin - "Greater Philadelphia Area and Shanghai, China Sinoven Biopolymers Inc. (Acquired by BioAmber Inc.) " -
Ray Balee Linkedin

Sinoven, which has a sales office in Philadelphia and a manufacturing and formulation development facility in Shanghai, will also expand DNP's reach into China. Sinoven will also now have access to succinic acid and 1,4 butanediol produced by DNP Green; a supply arrangement it believes will drive down the cost of its modified PBS. DNP, which has offices in Princeton, NJ and Montreal, has formed a joint venture called Bioamber to scale up and commercialize its succinic acid technology. - DNP acquires Sinoven


I'm unable to confirm if Sinoven in Shanghai, China is partnered with Qingdao Great Chemical Inc in Shangdong, China.

Also unable to confirm if Bioamber retains their 100% ownership of Sinoven after LCY/Visolis' investment.

But as posted before, Qingdao Great Chemical Inc is Visolis/Rechemtex's bio-succinic acid supplier.

It also appears Sinoven (even as a Bioamber subsidiary) survives as seperate entity, per opencorporates.com

*correction feb 2016 'The CCO steps down'

feb 2017 - Quoting Article Headline: 'Babette Pettersen, Chief Commercial Officer Steps Down from BioAmber Inc' - BioAmber Inc. announced that Ms. Babette Pettersen, Chief Commercial Officer, was stepping down from her position, effective immediately. Moving forward, there will no longer be a Chief Commercial Officer position at BioAmber, and Ms. Pettersen will not be replaced. Ms. Pettersen may assist BioAmber in an advisory role going forward.

I'm confused by the statement from the article: "Moving forward, there will no longer be a Chief Commercial Officer position at BioAmber, and Ms. Pettersen will not be replaced."

Confused because according to Mr. Hitoshi Araki (linkedin page) was Bioamber Sarnia's Board Director, Chief Commercial Officer from 04/2017 - 11/2017. - Hitoshi Araki Linkedin Page

It's understood with 40% equity in Bioamber Sarnia, Mitsui would have somebody on Bioamber's BOD, and pleased Bioamber was able to fill the Chief Commercial Officer position BUT after stating the above "moving forward....." in 02/2017. It's also interesting timing for the Chief Commericial Officer because of the 08/2017 security agreement between Bioamber & Mitsui.

Maybe Bioamber's press release meant Bioamber Inc save and except Bioamber Sarnia. Or maybe the linkedin page is an unrelieable source and should just rely on Bioamber's filings, reports, company statements & press releases.


Guessing i'll be labelled as a conspiracy theorist if i mention together - Ms. Babette Pettersen now VP Europe at Lanzatech and quote the following 04/2011 article LanzaTech and LCY to Target Bio-based Chemicals Market ;

"'LanzaTech and LCY to Target Bio-based Chemicals Market - Mr Bowei Lee, CEO and Chairman of LCY, says it is a proudly strategic intellection for LCY to pursue advanced technology. “The benefits may expand far beyond the impact on company revenue in this case,” Mr Lee says. “We value this opportunity as the essential step to a future with unlimited potential as we again fulfill our promise of effectuating green technology and being a resident of global village.”

Mr Lee says LCY plans to investigate alternative bio-C2 to C5 feedstock as raw materials, replacing petroleum oil for LCY’s current portfolio of products such as TPE, PP, solvents, and methanol derivatives. LCY is also looking to further developments in bio green products including bio-plastics and bio-fuels."

At what point & how did Qingdao Great Chemical Inc enter ther bio-succinic acid business?

"How" meaning; Bioamber & other competitors spent millions building bio-succinic acid plants, PTTMCC is or has spent millions building a "bio-bdo" plant in Thailand with plenty of articles documenting their construction completion & cost estimates & partnerships.

But somehow without any articles published anywhere (that i can find) Qingdao Great Chemical Inc just splashed onto the scene and started fufilling Visolis/Rechemtex's bio-succinic acid needs.


**Relevance to this board - Visolis invested in Bioamber.**

Thanks for sharing your eye-opening research. As a bioamber shareholder & i'm sure many other bioamber shareholders reading this board would agree, your posts are appreciated.

Thanks, just asking questions and sharing my thoughts. I don't know anything more than any other bioamber shareholder, i probably know less than others.

June 08, 2018 - Bioamber claimed to own 100% interest in Sinoven totalling $usd 1,005,020.00
- Bioamber also claimed to own 6% interest in Comet Biorefining $usd 412,434.00

On the same June 08, 2018 filing, Bioamber claimed to owe Delaware's division of revenue a total of $usd 49,548.39 categorized as 'Taxes'.

I'm unsure or able to verify if PWC claimed to "liquidate" Bioamber's interests in Sinoven & Comet Biorefining.

feb 2016 - mitsui invests a additional $cdn 25 million or $usd 17.9 million for a extra 10% equity stake totalling 40% ownership of bioamber sarnia

aug 2017 - one month before eno is hired as ceo, the chief operations officer acting as ceo - a security agreement popped up granting mitsui bioamber sarnia's operations and ip including patents (save and except patents with Cargill) and trademarks. All if bioamber declares bankruptcy. Mitsui gave up 40% ownership in the Sarnia plant for this security agreement.

may 2018 - bioamber files for bankruptcy
- listed as a secured creditor Mitsui - $cdn 4,416,203 or $usd 5,735,328.57


July - sept 2018 - kkr proposes to acquire lcy chemical for $usd 1.56 billion, however lcy chemical was not allowed to spend over $usd 5 million until kkr closes the deal according to their acquisition agreement. The kkr-lcy deal closed jan-feb 2019 with kkr 55% lcy 45% ownership in Carlton (Luxembourg) Holdings SARL.

Quoting taipeitimes.com article titled 'LCY Chemical sheds light on takeover by KKR & Co': "In the filing, KKR said that it and the Lee family have borrowed US$870 million from banks to go with US$650 million of its own funds to carry out the deal.

KKR said that the Lee family would have to come up with another US$290 million to buy the stake in Carlton via an issuance of 200 million new shares.......

.......KKR said that the Carlton shares acquired following the takeover would not pay dividends and would have no liquidity in the next five years."

October 22, 2018 - pwc, lcy & visolis agree on $usd 4.3 million "investment" for bioamber's tangible assets.


my takeaway is;

-secured creditor mitsui put a price on their 9 month old security agreement $cdn 4.4 million or $usd 5.7 million.
-lcy "invested" $usd 4.3 million and in return gained the rights to use bioamber's tangible assets.

anybody else thinking lcy agreed with the secured creditors to use bioamber's assets as (or part of) loan leverage for either the $usd 870 million required to take their company private or $usd 290 million for 200 million shares in Carlton (Luxembourg) Holdings.