Liminal BioSciences Inc. LMNL

Random Thoughts

[aussyspitz]

"This was in the best interest of the company" - According to whom and ultimately it may have been however, I don't recall getting an opportunity to vote on that.

"Debt holders always have first right over the company considering debts" - Agreed BUT what they did was like a bank holding the mortgage on your house and then telling you hey we can't sell your house because their is no buyer (partner) but we have decided to take out a second mortgage (issue more shares/rights offering to Consanance) and foreclose on your ownership of the house and oh by the way you get no say in this and it is all legal and above board. Don't worry for a small fee we will allow you to own the carport a 15% stake (rights offering).

"Lawsuit is just impossible" - Difficult to win yes, impossible no. Did Thomvest act within the legal framework of the TSX? Yes As a result it was obvious that the AMF's cursory review would give them a pass. However, if the lawsuit can prove that there were any other viable options to include a direct and open offering to shareholders then that represents a foot in the door.

An honest company would have taken this directly to the shareholders explained the options to include a direct offering and allowed for a vote. If things truly deteriorated they could still have applied for a hardship following a full disclosure to shareholders. Instead Thomvest decided on their own to submit a strategically timed TSX hardship over a 3 day weekend to get a rubber stamp approval and effectively burn 98% shareholder value while taking over 85% ownership. And what has changed in reality for Thomvest nothing as they still hold the mortgage just like they did before. Investors got absolutely reamed and then to add insult to injury had to pony up more cash for a rights offering to try and salvage their depleted investment.

[biotech1973]

Debt Holder , if they want their money back, they can sell your assets. If they prove that it was in the best interest of the company and they had no offer on the table that can even pay off the debts, they win. Moreover, if you want to buy a pharma, would you buy a company with over 200Million debt and on top pay additional 500million to please shareholders, when m/c is like 150million and you

[biotech1973]

Right now company is exactly in the same position as January 2018 with BLA on the table and most imp no debt and Cash in Hand. Very sound balance sheet. In Jan 2018, we were at over 1 billion valuation. If by any chance ,the company manages to submit BLA on time and this time BLA has covered all fda issues , so possibility of approval is almost 100%. This will be 2-3Billion company in a weeks time

[GoBBs]

Exactly 100% accurate aussyspitz ... they blatantly ignored, disregarded their shareholders rights,  completly avoided transparency and then wiped us out. This is how you get sued and this is how lawsuits get won.

[biotech1973]

But you need to understand that they were the biggest shareholders, and they can basically do whatwver they want and unfortunately it is pure legal as well because their votes will obviously overpower anyone else in this company and they can win any battles with ease

[aussyspitz]

Wow talk about a gloss over! Prior to their little stunt and rights offering Retail Shareholders owned 96.7% of the company. They absolutely didn't want a vote and if the company had gone into bankruptcy retail shareholders would likely have fared much better under a bankruptcy Judge but their greed couldn't allow that so they strategically conspired with their lawyers to use the TSX

[GoBBs]

It will all come out in court unless these people are smart and settle with us first ...I hope they get the book thrown at them for their disgusting behaviour if it gets to court. I can't believe the Nasdaq allowed them to even list there.

[biotech1973]

They were debtholders of 200 million plus when mc was 100 million. The situation was made such that debtholders became new shareholders to avoid the solvancy, because compsny had zero cash to pay wages either. It was a clear chapter 11 n restructuring process where shateholders still got a smallest drop of ocean.Usually shareholders get nothing

[foofadooo]

I did exercise as many rights as possible.....1) the company offered only opportunity for investors to make their money back(my rights were excercised because I believed in the science and still do. 2) I can see only one error I made during many years invested (my TFSA was loaded almost to the limit at the time of the offering and I had no room to fully exercise those rights.) Hind sight is now in

[GoBBs]

Lets post this everytime NewcamBS post the same garbage over and over ... so its very clear what has taken place ...thank you aussyspitz "This was in the best interest of the company" - According to whom and ultimately it may have been however, I don't recall getting an opportunity to vote on that. "Debt holders always have first right over the company considering debts"