There is a real study on this. Roughly 18% of US bankruptcy cases in the last 15 years resulted in shareholders receiving some form of compensation, about half of those were stock buyouts. This study did not take into account industry, assets versus liabilities, or anything like that. It was very broad.
The caveat of course, is this is ccaa, not a us bankruptcy case, however, we have some favorable considerations. World class plant, 270 some odd patents for the plant, cash flow insolvency (much more favorable them balance sheet insolvency), a strategic buyer as opposed to a liquidator.
Take out any of one those factors and I would have sold at break even Wednesday.
I'll see if we can find it. It was in a research database and won't be readily available to the Public, you'd have to pay for access to it or be part of a school that subscribes to it.
