They are not idiots, they are simply greedy and have no values, no regard for shareholders. They are simply working the system to squeeze as much out of this bankruptcy as possible. There are many companies that were far worse off that gave a bigger piece of the new pie to shareholders. It is likely because management of those companies had a bigger stake (i.e. held more shares) of the "old" company. So, IMHO, it is a combination of a broken system and lack of values. There should be a law that management cannot receive more value post-BK than they would receive if existing shares remained in tact. Wouldn't that be a logical check and balance to ensure they uphold their fiduciary duty? I guess it would make too much sense! LOL Note, this is obviously not a laughing matter in any way, but sometimes laughter is the only thing keeping me sane with regards to this robbery...
