This makes no sense, and it would be unprecedented, IMO, that any Chapter 11 scenario could involve shareholders getting out of the shares at their investment cost. And, the notion that they would hold a special emergency meeting in connection with a Chapter 11 or handing over the company to creditors makes no sense, IMO. They would just do that.
I did not attend the meeting, and only those who attended can know just what occurred. But, FWIW - what I have heard, which like you is just second hand hearsay, is that the meeting last week involved an informal proposal from a third party funder to inject sufficient capital into STW to pay off debt and fund the water contracts and projects, in exchange for equity or some sort of royalty interest in the water projects, and that the shareholders in attendance voted overwhelmingly to proceed, with just 1 dissenting vote. Again though, that is just second hand hearsay, so who knows.
I guess we will only know when the company tells us something.
