Chemtura Corp (fka CHMT)

[exlud]

Given an asset sale that provides sufficient liquidity to pay off the creditors and assuming they out of bankruptcy in relatively good shape (a likely scenario IMHO), how do the commons fair?
Not to beat the "will the commons be cancelled?" thing to death, but it is a legitimate concern.
Would the courts allow them to cancel common shares if they don't have a need to?
I'm aware of who's holding here...institutions, insiders, etc., so I don't really see this as being likely. I'm just curious what the law is in this situation.