From reading this paragraph from the April 8-K (printed below), I believe they will emerge from this as a public company. A. It says liquidating certain assets, not all assets. B. It says they filed chapter 11. Why would they file a chapter 11 instead of chapter 7 if it was a total liquidation?
And I doubt they'll cancel commons. Cancelling commons doesn't make much sense with only 13 million outstanding and hundreds of millions in assets and a hundred million less in liabilities. What is cancelling a few million in equity (a few hundred thousand right now) going to do for you other than make you appear malicious to those that believed in you the most?
Here is the 8-K excerpt:
On March 31, 2009, the Company issued a press release (the "Press Release") announcing that, after completing the Bankruptcy Court-supervised auction for its business, the Company, in consultation with the agent for its senior secured lenders and the unsecured creditors' committee, agreed to the proposed liquidation of certain of the Company's assets by a joint venture comprised of SB Capital Group, LLC, Tiger Capital Group, LLC, Great American Group, LLC and Hudson Capital Partners, LLC. As proposed, the joint venture would be appointed by the Company as part of it's Chapter 11 proceedings to conduct the sale of merchandise located at the Company's retail stores and distribution center and to dispose of certain of the Company's furnishings, trade fixtures and equipment.
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