I can understand the anger and the anguish over situations like this.
As a shareholder in any company I must respect the rights of my creditors to claim what is legally theirs when the debtor (which is technically speaking not just management but all the shareholders too) cannot pay their debts.
Vanguard was mismanaged not once but twice and in a very short period of time. Unforgivable..yes I agree but leading up to that bk there were huge red flags surrounding VNR and they've been there for the past 18 months. The stock went from $20 @ share down to mere pennies in less than 2 years. That alone should tell someone VNR was steaming full speed into another bankruptcy.
Keep analyzing this and it will help if you ever get into another bk stock situation down the road. BK's can rip you a new one if you don't know, or are a bit unsure, of the rules of the game.
Equity holders rarely ever "win" at this.
In faith there is enough light for those who want to believe.. and enough shadows to blind those who don't. ~ Blaise Pascal
