Common sue the company? Not in this case.
No, they can't, not while the company is in bankruptcy.
The Chapter 7 bankruptcy puts an automatic stay on all lawsuits. any court action has to be done within the bankruptcy, in the bankruptcy court.
The common shares can not do anything while the company is in bankruptcy. In order to do anything while the company is in bankruptcy, the common shareholders would need to organize and have formally recognized by the bankruptcy court, an equity committee.
As you will notice on the docket, there is no equity committee. I doubt that the court would allow one to be established since there is nothing for the common shares to recover.
Louis J. Desy Jr.
