Intangible assets defined by Mitsui (Bioamber's secured creditor)
Goodwill and Other Intangible Assets:
"Other intangible assets include primarily customer relationships, trademarks, non-compete agreements, sales/supply agreements, patents, unpatented technologies, software, and in-place lease values."...."Identifiable intangible assets with a finite useful life are amortized on a straight line basis over their estimated useful lives (ranging from 1 to 40 years) and reviewed for impairment in accordance with ASC 360"..."Any identifiable intangible assets determined to have indefinite useful lives are not amortized, but instead tested for impairment in accordance with ASC 360 until the useful life is determined to be no longer indefinite." -referenced a Mitsui-USA annual report
Mitsui's definition of "intangible assets" coupled with their agreement in August 2017 with Bioamber (that clearly stated if Bioamber declared bankruptcy, Mitsui would have control of the Bioamber's Sarnia plant & operations) not only contradicts PWC reports & statements regrading tangible & intangible assets, it makes me wonder why it took 4 years & millions of dollars in bio-succinic acid delivered to Mitsui for Mitsui to sign patents over to LCY. Perhaps an agreement outside of the CCAA/liquidation process?
Side Question: Didn't PTT's bid include purchase of shares? I do remember PWC leaking confidential bidder's info which included PTT's bid info.
AI
