Blum Holdings Inc (BLMH)

[pearjammer]

In the event that a publicly listed company declares bankruptcy, the company's shareholders may be entitled to a portion of the liquidated assets, depending on which shares they hold and how much liquid assets are left over. ... Upon bankruptcy, a firm will be required to sell all of its assets and pay off all debts.Nov 27, 2017

How would this benefit Derek Peterson? i assume they have to use the money to pay off debt not put it in their pockets