The Bankruptcy Plan filed in Federal Bankruptcy Court, which has already been approved by all the major debtors and creditors.
Bankruptcy works this way - common shareholders are dead last in line for the assets. They only get what is left after all the classes in front of them get 100% satisfaction of what they are owed. That would be government (taxes), debtors, creditors, preferred stockholders, and finally common shareholders. SFX is insolvent. They owe massive amounts to debtors and creditors. So much they have no chance of paying them anywhere close to what is owed. And, even if they were able to actually pay them, the preferred shareholders are next in line. And they are also getting wiped out in the bankruptcy.
Shareholders get nothing because there is nothing to give them. In lieu of full payments owed to the creditors, they are getting ownership of the Company, which is absolutely what they are entitled to get.
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