We know from the Visolis LOI for Investment in BioAmber Inc that LCY have spent significant resources on this process...
Let's take a quote from the now pulled PR
With the rise of eco-consciousness and inevitable exhaustion of fossil fuel, the use of renewable feedstocks in place of petrochemical products to produce bioplastics or biodegradable materials is a goal the global chemical industry strives to achieve. LCY Biosciences' kick-start represents a major milestone on LCY Chemical Corp.'s path to environmental sustainability.
This statement solidifies LCY's postion that there is an inevitable exhaustion of fossil fuel. This should not be taken lightly. With the current global climate crisis LCY/KKR arr taking this issue very seriously.
At the current moment LCY relies heavily on fossil fuels to sustain their businesses across the world. A simple $4.3 million dollars is a laughable attempt to disrupt one of the world's largest markets, OIL!
One again I'll remind everyone that the complexity here cannot be compared to a simple run of the mill bankruptcy/liquidation...
This has been years in the making and significant due diligence and resources are required to complete the process.
A 3 week long "sales process in liquidation scenario" without even visiting the Sarnia facility is NOT SIGNIFICANT
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