Liminal BioSciences Inc. PFSCF

I posted the following as comments on the SA article #2

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Even this article understates the self serving purpose of SALP (owned by Thomvest) to take all the future promise away from the current investors and greedily take it for themselves even while they force the current investors to invest yet another $75 Million for a hope of some minor recovery and thus causing the injured party to further take risk and further finance the bankers who will not need to put up yet another $75 Million. All this while they have the gall to promote this without even giving the investors a chance to vote on the future of THEIR company. The alternatives are far superior for the investors (owners) of the company.

 

1) Sell the entire company to the highest bidder on the open market and payoff the SALP loan with plenty left over for the investors. This company if sold could easily bring $1 to $2 per share which amounts to from $750,000,000 to $1.5 Billion. This will easily pay off the $229 Mil loan form SALP with plenty left over for the investors.

 

2) Sell the various major parts to separate biopharmas such as PPPS to one, the Plasminogen to another, the PBI4050 antifibrotic platform to yet another. (Or more difficult partner them for up front payments. These are each Billion dollar future revenue streams – the makings of a huge new major biopharma. THIS IS WHY SALP WANTS THIS COMPANY FOR ITSELF AND WISHES TO AVOID A SHAREHOLDER VOTE WHICH THEY KNOW THEY WILL LOSE!! The only reason for the hardship application is so SALP can steal this company from the share holders without their vote! The only emergency here is to insure that the SALP goal is achieved which can only happen if the investors are denied their right to vote!

 

3) Place the company into bankruptcy and let the judge manage the sale of the assets to the highest bidder (NOT CONTROLLED BY SELF SERVING SALP) and the investors will still be much better off than with this horrible one-sided, self-serving restructure put forward by SALP! Even this worst case option is far superior to the self serving restructure proposed by SALP. THEIR IS NO EMERGENCY HERE OTHER THAN FOR THE DESIRES OF SALP TO TAKE THIS COMPANY FROM THE RIGHTFUL SHAREHOLDERS WHO HAVE BEEN MISLED BY SALP AND THE BOARD OF PLI AND ITS MANAGEMNET (WHO WILL NO DOUBT CONTINUE WITH GREAT OPTIONS IN THE NEW COMPANY FROM SALP FOR LEADING US DOWN THE GARDEN PATH!). April 2019 is the first time they mentioned being in a "dire financial position." Prior to that it's always been "partnerships are around the corner, we have many suitors, FDA approval from Ryplazim (Plasminogen) is near....etc." This significant refinancing is NOT acting in the best interest of shareholders.

 

They are stealing the life savings of many simple retail investors who trusted them and now they want to steal our RIGHT TO VOTE ON THIS AS WELL.