Howdy, Glider! I liked your comment here. Thoughtful. Yes, now entering our sixth year waiting for details to be resolved, if KKR doesn't cough up what's our due, Karma shall be unkind to that company. We're still here because we believed in the technology, given the desire and the politics to move away from fossil fuels. There are things going on in the background about which most folks have no idea. I expect things will clear up in the next couple months. Then, Karma may well become less abstract and more practical.
It's always been my belief that Rick Eno met with Deepak Dugar met in the Autumn of 2017 to map out a plan to restructure BioAmber's finances after the disappointing revenue results of 2015-2016. They must have had a plan, since they scheduled a shareholder meeting in May 2018. This is history.
I also believe the LCY was part of the plan. Both men knew this company. Unfortunately, its owner, Bowie Lee, was convicted in April of that year for deaths resulting from an industrial accident in Taiwan. So financing from LCY was out of the picture. Ostensibly, it appeared to be good fortune that BioAmber's plant was in Canada. It's CCAA process was designed to help companies in BioAmber's situation. Unfortunately, both men also knew PWC, a company with a less than stellar reputation for integrity in the space in which it operated. I don't expect Judge Pinsonnault had experience in dealing that PWC.
So in comes KKR. When folks did their due diligence in late 2018 and during 2019, it was a different world than that which followed, starting in January 2020. The judgments made during the first two years provided expectations that may have been difficult to maintain in the years that followed. But KKR has the financial power to stick to "the Plan," so to speak. Don't forget, U.S. two judges died during the process that led to the discharge of the BK as well.
Presently, there is a path to payment for our shares. I think it would be in the interests of KKR to release the funds they originally set aside for this purpose. Perhaps they think they can outwait us. I think we're tougher than that, certainly tougher than they think we are. Perhaps, their E-Staff, and we know General Petraeus is on it, don't think we have a grievance. We do. And it's time to redress it.
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