No disagreeing with you but having been investing for almost 30 years I've seen plenty of reorg/restructure that have gotten rid of old shareholders and start new again.
Why would new money invest in this? Um, because there's money to be paid. Does new money care about old shareholders not getting anything probably not as long as they get paid. It's not right but it's reality. And also part of investing. every dollar you make someone probably lost hat dollar so that's how it goes.
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