Replies to post #129744 on BioAmber Inc fka BIOAQ

[Real McCoy]

More fantasy. Bioamber execs had no choice but to liquidate the whole thing because no one wanted to finance it as a going concern. There was no financial engineering or bankruptcy fraud type actions (like somehow separating entities that are all on the hook for the debt and allowing one to somehow survive) that could save anything.

They voluntarily filed because they were going to default on their loans. Once defaulted, creditors take over everything and they would have had no chance to recapitalize. They tried.

If you think 4.3M was a joke why did you put a bid together? All the bids are public and 4.34M was the highest.

Nobody got scammed at all. This is all public, as obviously is required.

[trader59]

BioAmber, Inc., had guaranteed much of the debt that Sarnia carried, which makes sense when you consider the parent company was the one that could sell stock and raise money to pay debt.
They chose the path because they'd been delisted from the 2 exchanges and the stock price had tanked, making raising more money to cover their continuing losses practically impossible. They couldn't get any more credit, either, since they had a pile already and nobody was going to loan more.
The folks that bought in that offering still had an opportunity for profit, since the PPS was still above the final offering price and the offering did have warrants attached. They surely didn't make much, though.
With respect to the price of the liquidation, remember that BioAmber had never run the plant to its alleged capacity and lost money the whole time it ran. Those who bid on it at all took a considerable risk they could better with it, and while we know LCY is running it better after the purchase and investing in some fixes, we don't know if they're making a profit with it either.