Hardly, if one buys BBS, one would unofficially announce at the same time that our current products are so bad that they will be replaced by another solution. Development efforts, marketing, patents, etc… to waste.
BBS also no longer poses an immediate market disruptor threat because the new permit process takes years. BBS’s own view was that the product could almost completely replace all bone substitutes on the market.
Yle has an article about the municipality’s investments in the company in question and the current sentiment:
I feel sorry for the people of Reisjärvi; surely the indebted municipality would have had better uses for its funds. The residents will undoubtedly express their opinion on the competence of the municipal leaders in the elections.
Well, was there anything wrong with the product? Someone buys the patents for a ridiculously low price. The problem in Finland is that these promising companies and products are not supported enough. Big companies take all business subsidies and money year after year, even though they wouldn’t need them. Additionally, it could be helpful to create roadmaps for these companies. But no, just no. That’s why promising ones are often sold too early, because people don’t dare to go all the way and instead take the sure money. With a few exceptions.
It would be interesting to know how much of a grey area was involved from the perspective of Reisjärvi municipality’s decision-making. Many municipal decision-makers have likely put their own euros into direct BBS investments. That creates a strange conflict of interest when one sits on the council/board deciding on additional funding for a company on the verge of bankruptcy, and at the same time, as a private individual, has a considerable sum of their own money tied up in direct investments.
A great entry in the portfolio for BBS at -100.00%. Hopefully it will still recover from that… 
I just have to share this Yle news story about the actions of the decision-makers in the municipality of Reisjärvi:
The company’s assets are being sold off
I wonder when their own homemade products will be for sale? Only basic market goods available from the market were sold here.
How can stock losses be utilized for tax purposes when there is no trading?
Well, they probably won’t rise from that anymore, I have to believe it myself now.
Capital losses must be reported by yourself with your tax return, unless they are automatically included. The matter is not very urgent, as it concerns tasks for next spring at the earliest, when the tax year 2025 is processed. I assume that the tax authority will issue separate instructions on this at the beginning of next year, so that not everyone asks the same question.
It can therefore take years before the matter is settled by the tax authorities. The tax authorities will not issue separate instructions/bulletins regarding this BBS case.
It makes me wonder about these heavily advertised production lines, where are they since they’re not showing up in the bankruptcy sale, or did they even exist?
Production lines are certainly custom made, so they probably don’t have significant resale value.
So, what about these stocks now, are they probably gone for good? Mainly considering accounting, can one just deduct the investment as a loss, or will the tax authorities still provide some guidance on this?
What’s affecting the number of owners? Three new owners had appeared in October.
Edit: foreign ownership increased from 1.91% to 1.92%.
After you have sold the shares, or at the latest after the administrator’s final settlement, they are capital losses. Merely delisting is not enough, as was observed with Talvivaara, when the company lingered for years as unlisted ‘Ahtium’ and refused to go bankrupt, so losses could not be deducted either.
I have investments in unlisted companies. Can I deduct the invested amount from my capital income if an unlisted company goes bankrupt? Do I then need to obtain some certificate of bankruptcy? The acquisition cost is stated in the shareholders’ agreement.
Tax Lawyer Miika Härkönen replies:
A final loss in value of a security due to bankruptcy can be deducted as a capital loss. There must be reliable proof of the acquisition cost.
A capital loss arises in the tax year in which the loss in value is final. This happens when the bankruptcy estate administrator announces that no distribution share will accrue, or when the final settlement of the bankruptcy estate is made.
If a limited company’s bankruptcy lapses due to insufficient assets, the value of the shares is considered definitively lost when the company is removed from the trade register.
The capital loss is deductible from capital income in the tax year and for the five subsequent years.
The tax lawyer’s answer was published in Taloustaito2 on 3.5.2022.
The bankruptcy estate seems to be auctioning off assets again, this time here: https://realisointihuutokauppa.fi/?filter=suosituimmat&city=Reisjärvi&konkurssipesa=BBS-Bioactive%20Bone%20Substitutes%20Oyj%20konkurssipesä%20(0866451-4)
Can the estate administration be followed from any public service, or does the process proceed ‘once in a blue moon’ at the pace that the law firm Fennoa is interested in advancing the matter?
Yes, the matter can also be monitored to some extent through public services.
The Finnish Patent and Registration Office maintains the Virre information service, from which you can obtain the latest trade register extract:
https://virre.prh.fi/novus/home?execution=e2s1
Once insolvency has been established, the Insolvency Register of the Legal Register Centre provides, among other things, important dates and the contact information of the estate administrator:
In addition to these, it is advisable to contact the estate administrator directly by phone or email and ask what stage the administration is at, whether a distribution to the owners is expected, and approximately how long they estimate the process will still take. They naturally cannot disclose the exact details of the estate administration, such as the asset sales plan.