Ya, I am in wait and see mode as well.
How i see it now, PWC has done its job (poorly) and the assets have been liquidated for a purchase price far below even their distressed and scrap value. Common sense would have me believe that the creditors couldn't be happy with that outcome, so either they will see additional recoveries from the selling off of the remaining inventory, or there will be an equity raise to come. Essentially LCY Biotech has now stripped BIOAQ of all their assets and all that remains is a somewhat clean, empty shell. As it pertains to the court during liquidation under CCAA, shareholder interest is zero, however the shares have not been cancelled. At least not yet. PWC is no longer needed now. As far as they are concerned, the transaction is complete.
I do find it odd that PWC did withhold certain documents (i.e. LCY Chemical's letter) and possibly details about an equity raise. That said, they are not obligated to reveal anything as it does not pertain to the selling of the assets in liquidation under CCAA. What we can't confirm, is if LCYB plans to r/m into the shell they just created. This would be completely separate from PWC and the asset transaction. If we are going to hear anything about a r/m, it will come from LCYB, not PWC. What we need to do now, is carefully look at the shell and determine if it would be an ideal r/m candidate. We know the significant benefits compared to an IPO, so no need to discuss that. We also know they are continuing operations and that would allow them to utilize the NOLs. That said, just how bad are the liabilities?
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