If the twitter images are true, someone submitted a form to Canada Corporations “on behalf of BioAmber Inc shareholders,” and Canada recorded it. My “stance” is that nobody has the legal authority to do that. The corporate charter is revoked in Delaware for failure to pay taxes and file annual reports (during the bankruptcy), so there are really no legal actions that can be taken until that is resolved. Plus, in order for the “shareholders” to take any action, someone would have to announce a meeting publicly (and file a 14C proxy) so that all shareholders with a vote could take part.
The corporate entities in Canada are separate, wholly owned subsidiaries of BioAmber, Inc., in the US, there are no shareholders other than BioAmber, Inc. They’re also delinquent in Canada. BioAmber, Inc., in the US is the corporation the common shares are equity in.
The whole of the corporation has no business operations, no assets, no employees, and the bulk of the debt remained attached. It is truly a dead, empty, debt ridden, revoked shell. I’d expect most of the unsecured creditors couldn’t care less, but those with an 8 figure unpaid debt would probably be interested in collecting something.
“Shareholders” filing forms is a form of admission there’s nobody else to do so, isn’t it?
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.
