AI
Tuesday, March 12, 2019 10:49:55 AM
The 11th Monitors Report
https://www.pwc.com/ca/en/car/bioamber/assets2/bioamber-053_031119a.pdf
Lets go through what is in this report and what it means...
Start with PWC's boilerplate disclaimer that has been included in every Monitors Report for BioAmber...
PWC's activities since the Ninth Report...
The Interim distributions which totaled $3.5 million CAD have been made to the Comerica Syndicate.
Why is it that PWC responds separately to quires from
1) Company Creditors
2) Shareholders of BioAmber Inc
3) Company Lenders
PWC informed stakeholders that the JV with NatureWorks, AmberWorks has dissolved and BioAmber Inc has received a small amount ($33,000) from the wind-up.
For BioAmber Sarnia the forecasted legal fees of the Monitor and its legal counsel of approx $105,000 represented amounts owing and the remaining estimated fees relating to complete the CCAA proceedings.
Comerica Syndicate and Mitsui are hopeful that a consensual resolution can be reached for the allocation of the Visolis proceeds... PWC is prepared to proceed with the hearing on the allocation of the Visolis transaction on March 15th, 2019 regardless if a resolution has been made.
PWC will report to the court by way of a supplementary report on this issue PRIOR to the March 15th hearing.
As for Bridging's claim and the allocation with Mitsui..
PWC wants to facilitate the COMPLETION OF THE CCAA!
Other Matters....
PWC has finally informed ALL Stakeholders that Preliminary discussions with one party on the front of the agreements with Cargill, Reverdia and MCC.
PWC and the purchaser filed a motion for assignment of the Reverdia STA in September 2018. DSM has since announced the Reverdia JV will be no more starting April 1st 2019.
If the talks with one party are preliminary we can take Reverdia out of the options because filing a motion for the assignment of the STA is not preliminary...
That leaves only Cargill whos IP and yeast can be replaced or MCC which could be a strategic investor...
PWC wants to complete the CCAA yet are still continuing preliminary talks about contracts not included in the Visolis Transaction...
A party can obtain those contracts outside of the CCAA through a merger...
PWC makes no mention of notifying FINRA that shares will be cancelled...
PWC mentions the wind-up of AmberWorks... Why dont they mention the wind-up of BioAmber if that is what is happening...
PWC has reverted back to "no net proceeds to be distributable to creditors other than the secured claimants".
No mention of sale of BioAmber Shares anymore.... In the 10th Report PWC mentions it does not anticipate a sale of the shares in the CCAA...
That wording is notably absent from the 11th Report
The BioAmber Inc (US) forecast includes legal fees related to IP/patent services...
Those fees are on the cash flow forecast for the end of March... What IP/Patent fees are they anticipating...?
BioAmber US Legal counsel is completing wrap-up/closing matters at the end of April...
OH YA SHARES ARE SAFE!!!
CCAA and US Chapter 15 Ending SOON
BioAmber is NOT BANKRUPT in the US OR CANADA
Chapter 15 is not bankruptcy proceedings, instead recognizes a foreign main proceeding.
SHARES ARE SAFE!!!!!
IGNORE the Motion filed by Crane and Ronald.... The Judge will laugh at them and through it out!
Who do they think they are claiming to represent shareholders....
Ronald holds $50 in shares!!!
https://www.pwc.com/ca/en/car/bioamber/assets2/bioamber-053_031119a.pdf
Lets go through what is in this report and what it means...
Start with PWC's boilerplate disclaimer that has been included in every Monitors Report for BioAmber...
PWC's activities since the Ninth Report...
The Interim distributions which totaled $3.5 million CAD have been made to the Comerica Syndicate.
Why is it that PWC responds separately to quires from
1) Company Creditors
2) Shareholders of BioAmber Inc
3) Company Lenders
PWC informed stakeholders that the JV with NatureWorks, AmberWorks has dissolved and BioAmber Inc has received a small amount ($33,000) from the wind-up.
For BioAmber Sarnia the forecasted legal fees of the Monitor and its legal counsel of approx $105,000 represented amounts owing and the remaining estimated fees relating to complete the CCAA proceedings.
Comerica Syndicate and Mitsui are hopeful that a consensual resolution can be reached for the allocation of the Visolis proceeds... PWC is prepared to proceed with the hearing on the allocation of the Visolis transaction on March 15th, 2019 regardless if a resolution has been made.
PWC will report to the court by way of a supplementary report on this issue PRIOR to the March 15th hearing.
As for Bridging's claim and the allocation with Mitsui..
PWC wants to facilitate the COMPLETION OF THE CCAA!
Other Matters....
PWC has finally informed ALL Stakeholders that Preliminary discussions with one party on the front of the agreements with Cargill, Reverdia and MCC.
PWC and the purchaser filed a motion for assignment of the Reverdia STA in September 2018. DSM has since announced the Reverdia JV will be no more starting April 1st 2019.
If the talks with one party are preliminary we can take Reverdia out of the options because filing a motion for the assignment of the STA is not preliminary...
That leaves only Cargill whos IP and yeast can be replaced or MCC which could be a strategic investor...
PWC wants to complete the CCAA yet are still continuing preliminary talks about contracts not included in the Visolis Transaction...
A party can obtain those contracts outside of the CCAA through a merger...
PWC makes no mention of notifying FINRA that shares will be cancelled...
PWC mentions the wind-up of AmberWorks... Why dont they mention the wind-up of BioAmber if that is what is happening...
PWC has reverted back to "no net proceeds to be distributable to creditors other than the secured claimants".
No mention of sale of BioAmber Shares anymore.... In the 10th Report PWC mentions it does not anticipate a sale of the shares in the CCAA...
That wording is notably absent from the 11th Report
The BioAmber Inc (US) forecast includes legal fees related to IP/patent services...
Those fees are on the cash flow forecast for the end of March... What IP/Patent fees are they anticipating...?
BioAmber US Legal counsel is completing wrap-up/closing matters at the end of April...
OH YA SHARES ARE SAFE!!!
CCAA and US Chapter 15 Ending SOON
BioAmber is NOT BANKRUPT in the US OR CANADA
Chapter 15 is not bankruptcy proceedings, instead recognizes a foreign main proceeding.
SHARES ARE SAFE!!!!!
IGNORE the Motion filed by Crane and Ronald.... The Judge will laugh at them and through it out!
Who do they think they are claiming to represent shareholders....
Ronald holds $50 in shares!!!
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