Fire sale (privatization) within 4 days of Notice of Intention to Make a Proposal under the Bankruptcy and Insolvency Act (BIA) proceedings by Piramal (shareholders - insiders) from India having a representative on the BioSyntech board. A proposal was never submitted under creditor protection, nor a plan of arrangement.
$4.56M fire sale if my memory serves me. Laurentian Securities valued the company at $170-180M a couple of years earlier.
US market alone for the BST-CarGel® was $500M.
Took the file to Superior Court, Appeal Court, launched a class action, all to no avail.
I was one of three bankruptcy inspectors in the file representing creditors, and indirectly shareholders ... myself a creditor and shareholder. Complaints lodged to the OSB.
I recently shared info from the file to a large BioAmber shareholder.
Common denominator PwC and Monitor.
Here is a link to the BioSyntech CBC Radio-Canada Enquête investigative report that I collaborated on exposing the BioSyntech shareholder saga. It is in French and may not be available in the USA. View in the USA via VPN if interested.
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