Replies to post #111133 on BioAmber Inc fka BIOAQ

[Real McCoy]

There were 12 bidders (or so) and all the bids were listed in the 6th report as required by law. 4.34m was the most upfront, and that’s the one they took. If there was an offer for 40m they would have taken it in a heartbeat. Shares still would have been worthless, of course.

[trader59]

There is no question the liquidation was brutal to everyone involved, but it isn't so unusual for a "pennies on the dollar" transaction in bankruptcies. The plant lost money each and every year of its operations, the deficit funded through debt and stock sales. It was a money pit, and nobody was going to stick their neck out and make a huge, risky investment.

Those other prospects withdrew their bids, and there isn't a chance in hades that the secured creditors would allow any malfeasance on the part of either PWC or the company's board of directors when it comes to them "ruining" those bids. That's absurd, with $40M on the line, if they could show that malfeasance, they'd have a solid lawsuit against PWC and they have really good lawyers.

Even those bids wouldn't have paid the shareholders a red cent, by the way. They may have paid the secured debt, but still wouldn't cover the unsecured.

[toncatmad]

Can you explain how any deals were ruined? Those companies never turned in an LOI they could have gladly turned in an LOI with the other 11 bidders in the liquidation
Why did they not turn in a bid with an LOI and deposit? I’m not sure why you’re saying that those two bids were ruined? Because they were put in the monitors report both of those companies could’ve adjusted their bids in either one of them would have beat LCYB had they have simply turned in a bid with an LOI it was nothing stopping them. In the end they decided they did not wanna bid obviously