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Re: james_west_1965 post# 28462

Friday, 07/15/2016 5:48:06 PM

Friday, July 15, 2016 5:48:06 PM

Post# of 38496
The stock symbol and shares of VRSZQ were eliminated. Agreed. But the old stock symbol never appeared on otce.finra.org/DLSymbolNameChanges because the company, its symbol and shares were completely eliminated.

Not true. The company was reorganized, as reorganization is the object of a Chapter 11 bankruptcy. It is why the critical filing that must be agree upon by creditors is called a POR: Plan of Reorganization.

Verso's POR was confirmed on 23 June. Among other things, it provided that:

Holders of Allowed Claims based on funded indebtedness will receive 100% of the New Common Stock of Reorganized Verso Corporation…

What happened to the Old Common Stock?

Verso currently has 81,822,507 shares of common stock, par value $0.01 per share, issued and outstanding. On the Effective Date, all outstanding shares of Verso’s common stock will be cancelled and extinguished.

And the New Common stock?

On the Effective Date, Reorganized Verso Corporation will file with the Secretary of State of the State of Delaware an Amended and Restated Certificate of Incorporation authorizing the issuance of 210,000,000 shares of Class A common stock, par value $0.01 per share (“Class A Common Stock”), 40,000,000 shares of Class B.

That is exactly what will happen with ARIOQ.

https://www.sec.gov/Archives/edgar/data/1395864/000119312516631567/d218688d8k.htm
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