So resumes from the people that saw and approved the transaction would lie on their resumes. Not one but two members of the BoD would lie, plus a counsel representative lies when the company their representing receives zero dollars and zero sense, makes sense. Why would these three people lie on their resume:
Lets take a look at the judge's summary.. keyword Visolis Transaction. What process was the monitor's focus on when dealing with BioAmber... the CCAA Proceeding. What process was the judge's focus on when dealing with BioAmber in Canada... the CCAA Proceeding. Anything that comes/is planned for BioAmber outside of the CCAA Proceeding is out of their control and hand.
Glad the LCY letter is brought up again. For a simple affirming letter, what so difficult about releasing it, I thought PwC was being "transparent" in this process, clearly not.
Judge's comments on further restructuring, whats the first seven words that are used, "with respect to maintiaining the CCAA proceedings," again the judge in the CCAA has the control in the CCAA proceeding process only not outside the CCAA.
Now lets begin with the new news of tonight... not only is the debt ridden shell BioAmber Inc staying current, now PwC's VP of deals is filing their annual return. Now if anyone is aware of the filing, you would know it was due by today so to use the excuse that Mr. Paul Pettigrew signed the document because Mica is on vacation, that is desperation to say the least.
The file can be found here:
And a simple search of who this is could be found on the PwC website.
Now someone please enlighten me on the coincidences of the following information:
This article was written in November of 2018 just a few weeks after the Visolis transaction closed. A one billion dollar facility is being worked on in the same park as BioAmber.
A recent KKR filing stated that ““The Term Lending Agreement provides for asset purchases and future advances by the Administrative Agent on behalf of the Buyer of up to $900,000,000 (the “Facility”) for certain pre-identified assets. The Facility will be partially drawn on the Closing Date and, upon the satisfaction of certain conditions, on the dates of any future advances and future purchases.” Whats the odds that the closing date is one day after the CCAA was suppose to close.
Now for a company that's gunna cough up approximately 1 billion dollars should their be some confirmation that their going to make money and their gunna have contracts to have the facility operating at 100%...
Now someone may ask how can you be so confident of another transaction. How was LCY and Visolis a qualified bidder if it was apparently only $4.3M for certain assets of the company. In order to be a Qualified Bidder, you must meet certain conditions.With respect to THE ASSETS (VISOLIS TRANSACTION) is D) BUT when it comes to "With respect to the Recapitalisation" or condition E), THIS CONDITION IS MANDATORY AND NOT "IF APPLICABLE" LCY AND VISOLIS WERE QUALIFIED BIDDERS!
Also lets take a quick look at a Section 338 election that has to do with selling notes for a share purchase. If anyone has been following KKR's filings they have been doing alot of note selling and note cancellation to raise hundreds and hundreds of millions of dollars for potential acquisitions.
Also lets not forget KKR stating that their involvement in OTC stocks and below grade investments a couple of weeks ago..
As always, this is in my honest opinion, but its a good read and an eye opener
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