Friday, October 02, 2015 2:40:59 PM
From looking at DUNRQ, it looks like the common shares last day of trading is the day the court issues and order of 'Notice of Effective Date of Chapter 11 Plan'. As a comparison, that happened with DUNRQ on September 30, 2015 in document #574:
https://cases.primeclerk.com/duneenergy/Home-DownloadPDF?id1=MTk4MjA1&id2=0
In the 'overnight', NASDAQ issued a delisting notice of the shares on its web site prior to the opening of the market for October 1, 2015, and the stock did not open for trading on October 1, 2015. DUNRQ shares are unfortunately all done.
Prior to the court issuing a 'Notice of Effective Date of Chapter 11 Plan' there will be filings about the 'proposed effective order'. In the example of DUNRQ, that was in document #555 and happened on September 17, 2015. The hearing looks like is was on September 15, 2015.
So it looks like once the hearing is held on the plan, there is a notice filed a few days later on the proposed order for the plan, and then the effective date is within a few weeks of that. The day after the 'effective date of the plan', the common shares stop trading, delisted and wiped out. I think the document gets filed after the close of trading for the day so no one gets a chance to sell at market prior to the cancellation of the shares.
Louis J. Desy Jr.
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