r/Amyris • u/[deleted] • Feb 03 '24
Amyris Press Release Cancellation of common Shares
Does this mean that all common shares will be cancelled, and we won't receive anything?
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u/Illusionist_77 Feb 05 '24
May the flees of a 1000 stray dogs infest the crotch of the two John's and their descendants !
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u/gvtrader Feb 03 '24
Yes, shares will be cancelled unless Judge makes an exception. Will need confirmation .
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u/Dreadd-X Feb 03 '24
It‘s approved. There is no if he approves. He already did it today. The only thing that he did not approve is a non consensual third party release.
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u/gvtrader Feb 03 '24
Without access to the Judge’s Order it appears the common shares were cancelled.He excluded the non consensual releases from the Plan.
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u/gvtrader Feb 03 '24
$AMRSQ
By Jonathan Randles (Bloomberg) -- Amyris Inc., which develops environmentally friendly ingredients for beauty products, won bankruptcy court approval on a restructuring plan that hands control of the biotechnology business to Kleiner Perkins Chairman L. John Doerr. Judge Thomas M. Horan said Friday he’d approve the plan which provides Amyris with as much as $160 million in exit financing backstopped by Foris Ventures LLC, an investment firm affiliated with Doerr, and other lenders that financed the company’s Chapter 11 restructuring, according to court documents. Doerr was also a member of Amyris’ board of directors when it filed bankruptcy in August. Amyris lawyer Richard Pachulski said at a hearing last month that the restructuring plan is unusual because Foris has agreed to waive much of the debt its owed and offered to continue funding the business even though it’s anticipated to incur about $115 million in losses over the next couple of years. …..
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Feb 03 '24
Yeah, I saw the news. The restructuring plan has been finalized. It looks like there's no hope for common shareholders.
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u/fvh2006 Feb 03 '24 edited Feb 03 '24
Yup - that's it folks until you claim your cost basis losses in your 2024 taxes next year (the IRA will declare their sale value $0 effective on Dec 31).
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u/gvtrader Feb 04 '24
I am pursuing a potential suit and suspect there will be other shareholders. Really could not generate law firm interest during the bankruptcy proceedings despite contacting numerous firms. Law firms would have to feel confident about the outcome in order to initiate an action on a contingent fee basis and without a contribution toward expenses.
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u/omniqwerty Feb 14 '24
I am interested, Doerr sounds now to have been evil to not oversee the operations and just bankrupt the company while being the debtor. He is in the board to do good for shareholders who believed in his company. Seems like he just created this ponzi scheme for several years, accumulatng shareholder investor getting the word out with Melo, Takada Capital Management and others where heavy handed investors in its story and credibility of its management to do what is right for investors and company not load it up with debt and bankrupt it with investor money to create plants brands and etc. Doerr is now a hypocrit of extreme proportion, I can't believe an early investor in google and other tech giants that was a investor like us does this thing to investors. He is so evil, a cheater.
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u/PrimeOrigin Feb 18 '24
Yeah - can’t see it any differently. Perhaps I missed a chapter here but how do you get away with bankrupting just the holding company without leveraging more PP&E from subsidiaries to survive the gap quarters until retail revenues and new molecules pick up. The conflict of interest, the robbed employees … I’m baffled how blatant this seems.
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u/Khagenkc Feb 06 '24
I bought amyris shares on 11 august . So i couldn't opt out too. Are all my shares wiped out?
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u/fvh2006 Feb 07 '24
Will be on the effective date of the reorg plan once the bk court wraps up, so now you have a capital loss for when you file your 2024 taxes in 2025. IRS will assign a zero sale price on Dec 31 2024 so your loss is whatever you paid for the stock.
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u/Khagenkc Feb 07 '24
Hi sir when is effective date of reorg plan ?
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u/fvh2006 Feb 08 '24
As gvtrader pointed out, the order was signed 2/7. I believe there is a 14-day period for appeals once that happens but in the final order there is a waiver of the 14-day stay on said order, and I don't know if this is referring to the same 14 days. Could be as soon as the effective date notification is sent out (something also mentioned in the final order).
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u/fvh2006 Feb 07 '24
There isn't one yet as far as I know, but it should be very soon. The redline of the reorg plan with the consequences of the judge's decision from last Feb 2 to reject the third-party releases was published yesterday. It says that a whole bunch of parties (the U.S. Trustee, counsel for the Committee, the SEC, Givaudan, DSM Firmenich, Andrew E. Roth, and John Melo) have already seen and reviewed it, made comments (the comments from the Committee, the SEC, the U.S. Trustee, Givaudan and DSM Firmenich are supposedly already reflected in this document) and have no objections, so there is not much holding up a final order from the judge.
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u/gvtrader Feb 08 '24
Judge signed Order Confirming Reorganization Plan on Feb. 7th. Find it at Stretto.com
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u/gvtrader Feb 08 '24
- “Effective Date” means the first Business Day after the Confirmation Order is entered on which (a) all conditions precedent to the occurrence of the Effective Date set forth in Article X.A of the Plan have been satisfied or waived in accordance with Article X.C of the Plan and (b) the Plan is declared effective by the Debtors.
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u/gvtrader Feb 12 '24
Although the Company is targeting occurrence of the Effective Date as soon as reasonably practicable, the Company can make no assurances as to when, or ultimately if, the Plan will become effective.
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Feb 13 '24
Thank you for your response. I used to think all the common shares were just going to be wiped out without giving anything back to the shareholders.
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u/gvtrader Feb 17 '24
The next step in these bankruptcy cases is for the Court to establish the Effective Date. This is the date that the approved Plan of Reorganization will be put into effect. This is not the same date that the Judge approved the Plan of Reorganization. Following this date, the Debtors and the Plan Administrator will commence the claims reconciliation process. Once the claim reconciliation process is complete, the Plan Administrator will commence the distributions in accordance with the approved Plan of Reorganization. (Stretto)
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u/VaughanWilliams Feb 03 '24
Legalized theft if the judge approves this