Unfortunately there is nothing left to fight over. The only way for shareholders to profit was if they could somehow keep from going bk, because of their negative equity. I tried to sell the second day at .017 but it only got to .015 that day. So the next day I put them in @ .01 and sold them at .011.
There wasn't any need for Arco to keep the shareholders involved. Everything that happened in the market since last year was against the come back for Luminent. I'm sorry to say, except for some huge miracle, it's over!
Under the Agreement, each of the parties thereto has agreed to vote in favor of a Chapter 11 plan of reorganization for the Companies containing terms specified in the Agreement (the "Plan"). Under the Agreement, the Plan is required to provide for the cancellation of all outstanding common and preferred shares in the Companies, the cancellation of all subordinated debt instruments, and for the distribution to allowed unsubordinated general unsecured creditors (including the Companies' convertible noteholders, but excluding Arco and its affiliates) of 41% of the common stock of the reorganized Companies and $2.75 million
The Company does not expect any value to be available to the existing common stock holders or subordinated creditors and it does not expect them to share in the ownership of the newly reorganized company.
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