You're right, but how much is much less. It's all speculation from there on.
If all assets are bought by liquidators, shareholders lose.
If some assets are bought by strategic investors, specifically Sarnia, by a company that needs a fermentation facility, shareholders win.
Looking at liabilities and assets, and the amount of strategic buyers and liquidators, odds are in our favor.
I HIGHLY doubt the entire company of BioAmber is purchased by a financial investor, this is no longer turn key operation, and it is not profitable enough for 2 to 5 years turnaround sale.
