BioAmber Inc (fka BIOAQ)

[kevroc]

Thanks for that BC.

I think Mitsui is not happy with the allocation to Bioamber Inc and they are reserving their right to recover a bigger piece of the pie.

They are not seeking to block the U.S. sale, though... only asserting their right to further action if they do not like the final allocation by the Canadian court. (assuming this is why the motion states "a MINIMUM of $150,000") The Canadian court will determine the final allocation amount and Mitsui wants the U.S. court to "be consistent" with the final allocation in its order. (also assuming that is why the proposed order was posted yesterday)

Excerpt from the document:
Reservation of Rights of Mitsui & Co., Ltd. with Respect to Proposed Sale Recognition Order Related Filed by Mitsui & Co., Ltd.. (Cohen, Howard)

6. Mitsui hereby submits this limited Reservation of Rights to assert its position that it: does not agree with this estimated allocation of the Purchase Price; will continue to monitor the status of the CCAA proceedings, including the PwC’s progress in finalizing the allocation;
and reserves the right to challenge the proposed final allocation in due course, as provided in the Canadian Sale Order. Mitsui submits that this Court’s entry of the Proposed Order should be consistent with, and subject to, the Canadian Court’s final approval of the allocation.
Accordingly, Mitsui also reserves all of its rights to object to the Proposed Order to the extent it seeks to recognize and enforce the proposed Purchase Price allocation before the allocation has been approved by the Canadian Court on a final basis.