Except for the assumption that the order of payment is set
Not true. The LAW clearly states which class of lender gets paid first. Secured creditors, then unsecured creditors, then shareholders. That order is the same in every country.
From each class of creditor, there are also legal agreements which dictate who gets paid in what order. For BioAmber, here are numerous legal contracts in place which clearly state which secured lenders get paid first, and so on.
Those documents have been filed with the SEC. They are available for anyone to read them for free.
But common shareholders are, BY LAW, always dead last in line for assets. ALWAYS. And unless every single debtor and creditor in front of them has their claims settled in FULL, the common shareholders get nothing.
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