BioAmber Inc fka BIOAQ

[Inertech]

Ok so you have to read this the right way the PWC report is tricky worded but on page 15, item number 58 and 60 I was like they contradict each other. The reason is item number 58 is saying that Visolis bid maximizes the secured creditors recovery as opposed to the other bids basically. The next part is basically saying the other bids were not sufficient to cover the creditors only enough to cover the secured creditors. That part of item 58 is not even talking about Visolis if you read it, its reffering to the other bidders. Item 60 also clearly states that the Visolis transaction offers immediate recovery for creditors not secured creditors only but CREDITORS on the sale of the companies assets. I had to reread this several times till I understood what it meant. A lot of people are reading it as Visolis only covered the secured debt but that line refers to the alternate bidders not Visolis. Item 60 is clear as day they say that Visolis transaction offers immediate recovery to creditors based on the asset sales, not just "secured creditors" but all creditors. If it only covered secured they would have worded it that way.