Yes, it's true and even the judge stated that Bioamber is not bankrupt and the shareholders control the company. But... we don't know what actions the Board took prior to resigning. There may be several triggering future events, they approved long ago, and based on specific milestones in this process. We're deep in it now...
Unfortunately the shareholders do not have the power to change the corporation structure. The shareholders only chance at anything was in the Delaware court. And nobody stepped up with a plan . Whether you own one share or one hundred million you cant speak for the company . Shareholders could have submitted a plan to the court . And if the creditors agreed to it . Held an election and voted in a board . Shareholders could have recapitalized the company when they saw the first sisp fail . But that would take real money something sadly lacking in fantasyland.
Congratulations, the shareholders now own a company on paper that stil carries a massive debt. It is also delinquent on its taxes to the state of Delaware, and 1 year after that delinquency (March 2020) the state will void the corporate charter. Should only cost 4-5 cents per share to catch the taxes up, good luck!
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