Trader, if shareholders understand the two-step process, the Canadian CCAA process doesn't need to explain it. On the other hand, there may be several reasons for not being completely clear, one being the uncertainty of the project's short-term outcome. We already have reasons for understanding delays. If you're following what's going on in the economy in the background -- actually, going back to 2016, or 2007-08 -- you'd know that major changes are coming. We might assume changes for the better. But we can't assume that the original expectations folks had for coming changes are the same today. Let me just mention one, which everyone recognizes: the accumulation of national debt and the public debt in the economy. The USA is effectively bankrupt. You can believe it or not, I'm not going to argue the point. In addition, the fiat currency is effectively valueless. Your $10 bill in 1990 is worth $4 today; your $10 bill in 1973 when Nixon introduced the fiat dollar is worth $1.50 today. OK, you say, inflation is natural. Well, except for the fact that the cost of goods has increased 700% since 1973, and incomes have only increased 400%. Only Congress has kept up with inflation while the public has been squeezed at both ends: smaller incomes and higher prices. In short, while we can't predict when, we know there will be a reckoning.
And ... this state of affairs was known in 2016 and 2017. Can it be that KKR in 2018 concluded that, given the state of unpredictability of the global economy ... as wars were winding down, succinic acid is a "nice to have"? If, in the future, energy policy falls back on "drill, baby, drill," it will exclude alternative energy sources. There has to be a reason for producing succinic acid. Those who invest in succinic acid need to raise the product's profile: where is it a real better substitute for petroleum? is the question.
Bottom line: BioAmber's technology won't be abandoned, if its producers provide a narrative that shows it's more cost-effective than petroleum for producing some products, say, cosmetics or plastics. And we have a real reason to believe our shares still have value ... even if based on the simple definition of "Upfront Purchase Price," and a "two-step, stalking horse" purchase process.
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