That conflicts with court Order
Doc 71 #13 reads that ALL shares, whether preferred or common, will be canceled. I goes on to read that new shares will be issued "for 100% stock
ownership of the Debtor to the Plan Proponent and/or its designee," where the Debtor is AmeriResource and the designee is Payroll Funding. That has changed from the POR from April 29 where it reads,"... in return for 100% of shares of stock of the Debtor." Payroll has been relegated to be a "designee" rather than owner of the shares.
There is a 60-day window for this case to be closed out unless there is needed an extension that is applied for by the Debtor and approved by the judge. If no issues are entertained and all issues have been resolved by September 13, then all shares will be canceled. That is the Order!
In the meantime, the stock still is allowed to be traded. Strange buys are taking place. It would not be impossible for a merger or a buyout to take place (if some company thought AmeriResource would be a good investment).
But as it now stands without knowing if there are any backroom deals or issues to be resolved, all shares are scheduled to be canceled.
