I might be wrong about this, trader, but two things come to mind, given your comment.
1. As I recall, noting that (due to an international dispute involving whether to adjust the system of international trade payments ... uh .. involving the "petro-dollar") the price of oil -- for which BioAmber's technology is a substitute -- rose. The price was not a "natural" rise. It was an anomaly. Given this fact, one of the main creditors, a bank headquartered in Dallas, push the "pay me" button. Lotta oil companies HQ'd in Texas. Given BIOA's reduced revenues, the Board deduced in 2016-17 that they could not deal with their debt.
However 2. ... given the international political movements regarding sustainability and climate change, governments had an interest in "saving" BioAmber's technology. Big Corporations would not get away with just squashing it ... this time. In fact, the U.S. Energy Dept. and the government of Canada had sponsored BioAmber's technology. They knew its value. They weren't going to let BioAmber's technology die.
One of the facts of life with competition by companies trying to bring new technological products to market is the fact that "Bigger Fish" eat the "smaller fish" ... oooops, I mean larger, well-financed "old-technology" corporations often buy up new potentially competing companies ... JUST SO they can eliminate the new technology. A study of the dot.com era will show this. Indeed, the battle between Thomas Edison and Nikolai Tesla is another classic case in point: Those companies funding Edison who saw profit-making in electricity had no interest in promoting Tesla, who believed in "free energy." They saw to it that he didn't get funding once they know what he was up to.
So the first thing to comprehend is that contemporary political interests favor saving BioAmber's technology. It's technology covers a lot of territory.
Now ... let's say that shareholders were scammed and lost their invests in the manner's in which the naysayers here often elude to. Would that slow down or speed up the adoption of the technology? We want folks to invest in new technologies in the coming years, not hold on to their money, because they expect to be scammed. (I know Gen David Patreaus (Ret.), now a KKR partner, is a forward thinking strategist. And we know KKR is in the thick of what's going on with BioAmber's technology.)
Doesn't matter what opinion you have, time have changed. Governments today are criticized for wasting taxpayers' monies on losing technologies, often promoted by their friends. Obama suffered some of this, since he was a stooge of sorts. My point here: the U.S. Government and the Canadian government has a vested interest in ensuring that BioAmber's technology is a success. In addition, given the struggle for new technologies by countries that lack energy resources (and given the decline in U.S. moral high ground in recent years for stupid foreign policy decisions), other countries -- China, Japan, Europe (yeah, I know Europe is not a country) -- have an interest in developing and controlling a technology like BioAmber's. They want more people not less people to invest in it.
If you're aware of the "Big Picture" and given the Due Diligence of several BioAmber shareholders in recent years, there is reason to give credence to those who have argued that what's going on is a 363 Stalking Horse merger, with the shares of shareholders receiving future value. Let' call it a Reasonable Hypothesis. Then, given all the small, unusual details we know about ... calling, then cancelling a shareholder meeting to discuss the future, secret bidders revealed; the CEO purchasing supposedly defunct shares; apparent questionable activities by PWC; and several other unexpected events that slowed down the process -- given all these things, it would have been foolish for shareholders to have sold all their shares in the summer of 2018.
Nothing occurred "as usual" when BioAmber was forced to re-structure its finances.
You can disagree with this all you want. Consider famous plays in NFL Football History -- "The Catch," "The Immaculate Receptions," "The Music City Miracle." Things happen that change the outcome of the game.
You cannot judge the Fate of BioAmber with the eyes of traditional stock market experience. If you take a look at anomalies, it may make better sense. This is my view. So I still have my shares. I'm very comfortable with that decision, win or lose.
