Humanigen Inc (HGENQ)

[shajandr]

It makes no difference at all that Marty owns 70 percent of common.

In the majority of corporate Chapt 11 BKs, the common stock doesn't even gett a vote on K judge almost always overrides them and approves a plan if the other creditor classes approve it (note: common stockholders are nott true creditors, they are only the lowest class of unsecured default 'creditors' who are entitled only to whatever is left after a Chapt 7 liquidation pays off ALL real creditors in full - the commons would gett whatever crumbs were left over - which there are usually none.

So, Marty can't "reject" any reorg plan, and even if he could and the judge didn't override that class vote, the result is that the reorg plan fails and the BK would likely proceed to a Chapt 7 liquidation.

KBIO common is fundamentally worth exactly ZERO here.