And as the the highest priority creditor of the company he would be first in line , and the largest recipient of newco stock that could be issued.
Since the company would not have funds to monetarily pay off claims it would issue new stock in satisfaction instead. ..... as well cancel all existing shares.
And he,as the companies CEO could determine and propose what issue and structure the newco stock in any formulation of outstanding he would find desirable.
He would still own lots of stock.....maybe even more.....and would actually own the whole company also.
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