BioAmber had Zero options. They were deep in the red and could not pay their debts. The creditors wanted their money and BioAmber had no way to pay them. Look at their best quarter as in highest gross was still a complete bust and in the red.
BioAmber was a complete failure. If it was any good at all someone would have scooped it up as a going concern but nope not one single company wanted to do that. Not one single company wanted BioAmber Inc in its entirety. Not one single company wanted to buy the shares of BioAmber Inc.
Why would anyone want to? Why would anyone want to have to pay off the debt load and have to deal with the shareholders? Why would anyone want to pay out all that money and then have to pay the shareholders as well? That makes zero sense and would have been a horrible business move. All anyone had to do was put up a bid, grab all the assets on the cheap and simply ride off into the sunset with all of BioAmbers assets for pennys on the dollar.
LCYB was smart it only cost them $4.34 mil for the plant, land and all of the other assets without having to pay the debt or deal with the shareholders. LCYB got everything the tangibles and intangibles for almost nothing all above board and legal approved by 2 judges and the creditors.
The only ones who have yet to admit it to themselves are the shareholders. Everyone else involved has turned off the lights and gone home.
LCYB owns it all and not only did the shareholders get nothing there is also not a dam thing they can do about it. There will never be a second transaction and never be a lawsuit this for dam sure LOL!!
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