You need to understand the meaning of "authorized" legally. It is NOT a choice - it is required. The Plan of Reorganization required the cancelation of old shares and issuance of 100% of the new equity to the largest creditor. The court "authorized" that to happen, which it did, as required BY LAW.
Again, BY LAW, the old ARIOQ common shares had to be cancelled before the Plan was approved by the Court. Which it was.
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