Replies to post #45553 on BioAmber Inc fka BIOAQ

[1manband]

that would mean a plant that cost $140 million dollars alone sold for less than $4.3M.

Yes, it does. That is how things work in bankruptcy.

Find me a judge in either Canada or the US that would approve that kind of deal?

Every single one of them. The judge has absolutely no say in the price of the sale of the assets, as long as the process was fair and adheres to the law. Which PwC has proven was the case.

There is no question the sale price of $4,340,000 will be approved. That is the market value of the assets. There was no one else willing to pay more under the CCAA process.

[TenKay]

“Find me a judge in either Canada or the US that would approve that kind of deal?”

There was no better offer. PwC has described in significant detail how it got to this point.

People can think it is ridiculous all they want...but it is the reality.

And as each filing shows up it just continues to confirm what should already be clear to most.

BioAmber’s Assets are being sold to the Visolis/LCY JV for $4.3 million. That will pay off the interim lender Maynbridge in full and partially compensate Comerica. Of the $4.3 million at least $150K is going to BioAmber Inc. for the US assets. Mitsui is trying to stake a claim to a larger portion of the $4.3 million but are waiting until they see how far above the $150K it actually is.

Unsecured creditors are getting nothing.
Common shareholders are getting nothing.

Nothing in this deal or ANY of the filings includes any consideration of company equity, shares, NOL’s, and such.

Once the Chap. 15 is complete and the sale closes, FINRA will deleted the BIOAQ ticker and cancel the shares of the company. It will be dissolved. There will be no liquidating dividend.

And yet another very hard lesson about “Q” stocks will be upon the OTC.

[altruism]

Cost is irrelevant with a liquidation which simply means get whatever you can... There is no book value from a balance sheet in this scenario...