Twitterland fun...
Quoting from GFive's bid where they offered to collect the A/R on behalf of the company and PWC for a 15% fee plus expenses... DO THE MATH
PWC collected up all the A/R that could be. It is documented throughout their monitor's reports on the cashflow sheets that were included. It didn't come to $14M, it was about $5M less, but even if they had collected $14M, the secured creditors would have gotten ALL of it, shareholders would still get NOTHING. And... it is absurd to think there was millions in A/R left out there that the secured creditors "left on the table," is it was their money ultimately since the company had been liquidated.
When they speak of the "future operating company," they are not talking about BioAmber surviving, as they are offering to help liquidate it and pay the proceeds (minus their fees and expenses) to the creditors, handing over the assets to their buyer. In short, they're offering to pay $3.5M for all the assets, and then take over the remaining collections and disbursements from PWC.
GFive's bid was not accepted, as the secured creditors preferred LCYB's all-cash bid.
I swear I’ll never use the phrase “you can’t make this stuff up” ever again after being on the OTC. Apparently you can.
