Penn Traffic Co. (fka PTFCQ)

[Crow3]

You could be right.

But the shares and the assets are not the same thing. As I understand it, the LLC is buying the assets. They are assuming the debts.

The court is interested that the assets be kept active as much as is possible, and operating. Courts do not hesitate as a rule, to cancel the shares and let the gaining organization get a clean start sans the existing shares. Shareholders are at the bottom of the courts concern.

BUT...It is possible that the case is as you understand it. I do not know. I am asking.