BioAmber Inc fka BIOAQ

[trader59]

Here's a good place to start, but I'd recommend reading the monitor's reports from the 5th one forward. The link is from the supplement to the 7th report of the monitor where PWC (the monitor) is documenting a response to "the Crane letter," which was a letter sent to them by an attorney representing a group of shareholders. In that response, PWC clearly spells out the equity holders/common shareholders will receive no recovery.

Each of the reports gives you a "previous episodes" section with a chronology of past events, a cashflow statement showing the balance sheet with actuals, projections, variances, a status of activity since the last report, and actions planned going forward. Everything you need to know is in those reports read directly through.

What you see in the fictitious "DD" is bits and pieces of the monitor's reports bolted to bits and pieces of past financial reports (pre-bankruptcy) and PR's to present a false narrative. The monitor's reports to the bankruptcy judge/court are very thorough and transparent, they aren't mincing words, leaving breadcrumbs or lines to read between, they're obligated to report anything and everything to the court that may affect the financial situation of this bankrupt company. So, if they haven't told that court about a share purchase in clear, direct words, it isn't true. If they haven't told the court about the company being sold in clear direct words, it isn't true. If they haven't told the court about another transaction that comes after the asset liquidation, it isn't true. And, they haven't, so none of that is true.

What's left is to rack up the books, distribute the cash to the secured creditors who receive some recovery, and the court/judge will then discharge the remaining debt and equity (aka - common shares). Once that's done, the company no longer exists.

Does it really make any sense whatsoever to be invested in a bankrupt company whose assets were completely sold off and will still be over $50M in debt after the proceeds from the sale have been distributed? Really?

https://www.pwc.com/ca/en/car/bioamber/assets/bioamber-041_102618.pdf

https://www.pwc.com/ca/en/services/insolvency-assignments/bioamber/monitor-s-reports.html