BioAmber Inc fka BIOAQ

[BearcatJohnnie]

I agree tomorrow should shed a lot more light on this PR lthat seemed out of control. this is the link I just found but there’s another one I was trying to locate too but this sums up the law requiring the monitor having the statutory requirement for monitor and reporting asset sale activities. So the ceo was acting out of control imo. Why he would do this makes no sense to me other than to get last minute buyout increases or to drive down pps or both. Based on this link below the monitors are the only ones who can officially report on this type of information in a ccaa.

https://www.lexology.com/library/detail.aspx?g=7df8207c-7736-4267-9198-08f3768c2068

control and monitoring

The Monitor has certain statutory monitoring and reporting activities in relation to the business and financial affairs of the debtor and relating to certain activities proposed by the debtor, such as interim financing, termination and assignment of contracts and out of the ordinary course of business asset sales. The Monitor is required to publish notice of the CCAA proceeding in one or more newspapers in Canada and make the Initial Order and a list of creditors, with the estimated amount of their claims, publicly available, to review and report on the reasonableness of the debtor's cash-flow statement and other amounts prescribed by the CCAA or as ordered by the Court, and to attend court proceedings and meetings of creditors. Court orders will often direct the Monitor to provide information to secured lenders, supervise a sales process, assist the debtor with the development of a plan and related negotiations with stakeholders, supervise and assist with a claims filing and resolution process and oversee the calling and administering of meeting(s) of creditors to vote on a Plan. While there currently is no electronic database maintained by the Court, the Monitor maintains a public website where case information, proceedings and reports are posted.