AmeriResource Technologies Inc. (fka ARIOQ)

[1manband]

they were granted permission to cancel, but were not obligated to

That is not correct. They absolutely were obligated to cancel the common shares. It was not an option, as, BY LAW, the Plan of Reorganization had to be followed exactly. And, BY LAW, the common shareholders could not retain anything until the classes in front of them (debtors, creditors, preferred shareholders) received 100% of what they were owed. Since they all received just pennies on the dollar, the common shareholders, BY LAW, received nothing.

The common shares were definitely cancelled, as the Plan required it. The language from the court ("authorized") simply means the Court approved the Plan to cancel the shares. It was not an option, but the LAW.