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trader59

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Re: UP Trend post# 11010

Thursday, 04/29/2021 5:23:49 PM

Thursday, April 29, 2021 5:23:49 PM

Post# of 13959
There is no merger in Chapter 7. The company is being liquidated and shut down.

A Chapter 7 filing is the more nuclear option. It means that the company stops operating and all its assets are put up for sale by a court-appointed trustee, with the proceeds divvied up to the company’s debtors in order of the seniority of the debt.



https://www.finra.org/investors/insights/what-corporate-bankruptcy-means-shareholders

Chapter 7

Under Chapter 7 of U.S. Bankruptcy Code, "the company stops all operations and goes completely out of business. A trustee is appointed to liquidate (sell) the company's assets, and the money is used to pay off debt," the U.S. Securities and Exchange Commission notes.



https://www.investopedia.com/articles/01/120501.asp

I swear I’ll never use the phrase “you can’t make this stuff up” ever again after being on the OTC. Apparently you can.

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