Replies to post #94944 on BioAmber Inc fka BIOAQ

[trader59]

Oh well, guess they used it wrong this time. Maybe while we're suing the judge for misleading people about the guaranteed enrichment, we can sue PWC and the joint venture for "failure to use the LEGAL definition of the English word UPFRONT" because what they all meant is very clear.

I hear Crane has some billable hours, but they expect payment UPFRONT.

[TenKay]

“Upfront” means the consideration is paid upfront of the sale. So we have another individual word that is clearly being misunderstood...reading the documents would help immensely.

The genesis of the use of that word came from the bids that were received for the 2nd sales process. A number of bids were proposing two components to the consideration they were going to pay that included an “upfront” payment and a “contingent” payment after the fact.

The two final bids both had these two part payments.

The secured creditors wanted no part of it, so the Monitor went back and asked the bidders to revise their bids to REMOVE the contingent part of the payment and increase the “upfront” part.

Only one of the bidders agreed to do that. LCY/Visolis agreed to remove the contingent component of the payment and increase the upfront part that remained.

That is why the $4.34 million is referred to as “upfront” as the entire consideration was now to be paid at closing “upfront”.

So while some have continued to believe the word “upfront” means there must be a “second” payment, the clear reading of the documents show that in fact the secured creditors wanted the ENTIRE payment “upfront” with no contingent component and thus the $4.34 million was paid “upfront”.

There is nothing else coming.

Individual words are better understood when the sentences and paragraphs in which the are used are more clearly understood.