It's possible. Talk about a waste of funds. The plan is to wipe out shareholders but the plan doesn't mean anything without the bondholders' approval and I have a feeling that 2/3 of the holders will not agree with what's currently being proposed. It's not a done deal, it even says that the compensation for the unsecured creditors is yet to be determined. As I previously stated, my main concern is what would happen if the bondholders reject the plan. I've looked at other companies going through bankruptcy, the shareholders were expected to get nothing under the proposed plan but the voting classes did not agree with the plan so it had to be amended. Unsecured creditors were offered warrants in 1 case, a debt/equity swap was implemented for another company, another one was going to offer them new shares once the company restructured itself. A lump sum distributed to shareholders would be ideal. One good thing is that time is not an issue as BPZ is still operating and actually increased its oil production lately. November 6 is truly our judgement day, if bondholders do approve the plan, I won't wait around for November 12 to get the official confirmation. I will slowly but surely sell off all my shares.
