Replies to post #120646 on BioAmber Inc (fka BIOAQ)

[trader59]

The lawsuit did not require any claimant to still own shares of the company, nor did it require the claimants to do anything with shares they still owned in order to receive a payout. What was required was documentation that shares were purchased previously, either before or during the period the allegedly false prospectus might have influenced an investment decision.

The parties settled, the judge approved that settlement long ago. The individual defendants and the insurer for BioAmber have paid the settlement to the company responsible for distributing to the claimants.

What that means is there's nothing waiting on the settlement payout, nobody has to surrender shares still owned, nothing. It is just another thing to cling to, kick the reality can down the road, but after the judge issues that last piece of paper, nothing will continue to happen to/for this dead, empty company.

Here's the chart from the settlement showing the proposed payouts based on the purchase and "hold through" period:

[TheRealMrPirate]

Random, I respect that you're actually digging for info instead of running with the nonsense some post here. It wasn't the offering or warrants that were the issue. Bioamber fudged numbers, that was the issue. Also how the class action got started, they over stated numbers to make their balance sheet look better before the offering. It crashed the stock but the kick in the nuts was financers cut the rope, no one would lend them another dime after that. The delisting down to OTC pinks cemented their fate. Their debt ratio was massive and major creditors wanted some form of payment which was never coming. Rather than have the company be forced into bankruptcy and get nothing, they pushed the company to restructure but that 30 day protection ended. After so many life lines and never turning a profit, no one was willing to give Bioamber anymore credit. A short summary of where we are today. Unfortunate but years of incompetent management and now LCYB will fix it and turn profit. They have the pockets to make a go of it.

[Real McCoy]

This is a matter of honesty with one’s self. What I mean by that is your entire commentary hinges upon this unrelated lawsuit holding up a “second transaction”. But whenever you get the closure you feel you need on that (it’s already done), you will create a new reason why the second transaction is being held up. Moving the goalposts like that is deluding one’s self.

There was nothing hidden or not straightforward about this liquidation. There has never in history been a transaction delayed by 3 years, and there is literally definitive statement that there is not one here by all involved.

This is not a “no mans land” at all.