Friday, December 25, 2009 12:52:29 AM
Did these same shareholders which lost everything here have choices on the company shafting them? Could they not have been r/s and allowed to keep 15% of the total shares post creditor issued?
Last I saw in the bk filing was there were $71 billion assets and only $64.9 billion liabilities. I'd look at this like there was $6.9 billion left in equity per per Bloomberg regarding the pre-arranged filing. How is a company with positive equity able to cancel all equity and give the same equity which common shareholders owned to bondholders? How is this legal without them selling $6.9 billion worth of assets to pay toward equity holders?
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