If the contract was worth 3 billion plus why did not one single company want the contract during the SISP? Could it be because it wasn’t a good deal? Let’s face it BioAmber was losing money hand over fist. I mean BioAmber in and of itself was a huge money pit year after year going further and further in the red.
The company was sold in a sense. The plant and land all of the patents 137 of them, trademarks, trade names, R&D breakthroughs, IP and about 100 pages of items sold to LCYB. The only things that didn’t sell are the shares, cash, AR, inventory, the contracts and some office furniture in MN. So saying the company sold is not a stretch in a sense. Could they say the assets were sold in a liquidation and go through all that sure but it’s easier and looks better for them if they say they helped the company sell. I mean PWC called it the company as well when speaking about all 3 BioAmbers that were involved.
What does it matter what LCYB made over a few months? That was gross sales. How much did they actually make? In comparison BioAmber supposedly had their best quarter ever before it was liquidated but in the end that best quarter they still lost money at the end of the day for that time period. Makes no difference what the gross sales were if you don’t look at all the liabilities that offset the money that came in.
This isn’t rocket science and it’s not some huge conspiracy to try and keep shareholders from getting their fair share. It’s a hope to sell as a whole but had Zero takers. Yes some interest but not one single company actually turned in a bid and deposit. In the end the company was liquidated and approved in front of 2 federal judges from 2 countries all of the creditors and the lawyers.
Just because it’s a shitty end doesn’t mean it’s some huge conspiracy to defraud shareholders. End of the day bankruptcy and liquidations are very straight forward. This was documented extremely well and to put BS to bed the 10th report comes out and then the lawyers letters come out stating again nothing more is coming.
There are numerous bankrupt companies out there with their shares still existing in folks accounts. I have some in my own account lol. There are also boards that go on for years with folks still saying good things are coming lol
