BioAmber Inc fka BIOAQ

[Penman1]

It seems to me that it's something of a public face-saving statement. We already know that BIOA management has been cut out of the final process.

Here's only one take: Let's say Mr. Eno had a strategy: he viewed bids X and Y as "unacceptable" and wanted to work with bid "Z". But the Court would not accept bid Z, since it would have shafted equity holders. The judge gave PWC strict instructions to try to work out a solution that saves something for equity holders. They went to X or Y to work out a better deal. The Fifth Report specified that PWC was now making decisions for the company AND that the creditors were OK with its AND that the management would be gone (something I concluded when review the report).

They didn't resign earlier, because Eno thought he could ramrod his solution through the process, and he thought wrong.

Just one possible scenario that fits the facts.