Sears Holdings Corp. (fka SHLDQ)

[justthefactsmam]

"Any fully developed plan will cancel current shares."

yes, if esl's bid becomes a qualified bid and is accepted by the court, there will be a plan of reorganization submitted to the court which will cancel the existing shares of sears and create (via newco director/officer approval and subsequent ipo) shares in newco.

the question is and still remains, will shareholders of the cancelled sears shares get shares of newco as part of the plan of reorganization or will shareholders be wiped out.

will it be like the general growth bankruptcy where the old shares of ggp were cancelled and then exchanged for shares in the "new ggp" newco?

so, i don't know the answer and that is what we are waiting to find out.