Replies to post #144889 on BioAmber Inc fka BIOAQ

[Real McCoy]

Hey IE-

Per you- the equity is worth 0 here.

Can you clarify to turn everyone loose here?

[toncatmad]

Minimal assets in the us but what about all the assets in Canada owned by BioAmber? You know the ones sold to LCYB

“In July 2019, Quebec Superior Court Justice Michel Pinsonnault signed off on the distribution of Canadian assets belonging to an insolvent U.S.-based company called BioAmber Inc.

The assets included the patents, processing equipment and real estate of a groundbreaking, industrial plant that opened in Sarnia in 2015. The business was designed to lead the way from petrochemicals toward a new, renewable chemicals industry based partly on raw materials from agriculture.”

http://agri007.blogspot.com/2021/06/patents-now-owned-by-kkr.html?m=1

[trader59]

Here's what you they don't want you to understand and this is from a Court document so its a fact:
"Prior to the Commencement Date, the Company owned de minimis assets in the United States, limited to an office lease and certain furniture and
other personal property."

And the key to that statement being true is "in the United States," ie - items that were physically in the US. You left out other key passages of Arlette's declaration in support of the liquidation sale, namely this part:

D. The Sale and Allocation of Purchase Price
20. The Sale includes the purchase of all of the rights and interests of the
Company in its books and records, owned real and personal property, and intellectual property,
with the exception of certain specific assets such as the Company's cash, accounts receivable,
and inventory. A summary of the key terms of the Sale and APA is provided below.
21. The Sale includes the assets of the Debtor, which is based in the United
States. Neither the DIP Lender nor the Comerica Syndicate have any security interests in assets
located in the United States. Accordingly, the portion of the purchase price allocable to these
assets will not be distributed to the DIP Lender or Comerica Syndicate and will instead be
distributed to creditors of the Debtor.
22. The Purchaser anticipates allocating a minimum of $150,000(USD)of the
purchase price to the assets of the Debtor.

Note that it explains the IP is all gone, just like the APA included in the 6th report says and you've ignored over and over. Heck, that letter from PWC's lawyers to the shareholders' lawyer said that plain as day.

BioAmber invested $500K in Comet Bio in 2015 so they could develop a process and do this deal:

https://bioenergyinternational.com/comet-biorefining-signs-supply-off-take-deal-bioamber/

Unfortunately, when BioAmber went under, Comet had to re-thing that little plan:

https://www.theobserver.ca/news/local-news/comet-bio-hits-pause-button-on-sarnia-project

All 3 BioAmber entities were involved in the liquidation, approved by both federal courts. If you'd ever read through the asset list in the APA, you'd know that.

And, finally, that section 350(b) applies to every bankruptcy, and all the judge said is it applies to this one, too, but, of course, you have to present it like it was put in the final order as some sort of secret loophole unique to BioAmber and all the fairy tales told. I sure hope nobody's dumb enough to buy that crap.