With respect to the IP, the list of patents that were purchased in the liquidation begins on page 77 of the 6th monitor's report. There are 19 pages of them, so the JV owns just about all of it and certainly enough to make corn sludge, since they're preparing to do so. With respect to NOL's and aside from them being worthless, if the IRS turned a blind eye to the tax returns of a "buyer," the corporate tax rate in the USA is 21%. That means the real live tax avoidance possible is about $60-65M for the $300+M of NOL's. That's less than the debt that the new company would be responsible for, much less whatever it would cost to acquire BioAmber, and that's why it hasn't and will not sell. With respect to the Vinmar contract, it is worthless. If it had any value whatsoever, those secured creditors who took a total of just over $5M as a partial recovery would have objected and pushed for a completely different approach to this bankruptcy, might have even taken possession of the company themselves. You have to have a plant to fulfill BioAmber's end of that contract, anyway, and nobody is going to provide funding to this company to build one after it tanked.
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