I just read the POR, yes the commons survive but you are nuts if you think its going to dollar land.
1) Common is retaining 13% of the reorganized stock, not 100%. If they had 100% I would agree dollar land.
2) There are 180,000,000 shares automatically being added to the O/S, or nearly 4x what is currently outstanding. That means the PPS is technically worth 4x LESS right now, as future earnings power is diluted by a power of 4.
3) The company is authorized to issue up to 2 BILLION more shares, which will dilute the PPS even more and make any positive earnings nonexistent with relation to EPS if they so choose to issue them (I am pretty sure they are going to do it or they wouldnt ask for such an obscene number, this isnt Citigroup this is a small company).
4) Then, after it is all over with, they are (if they are legit), going to destroy you with a 50:1 split which will further reduce your ownership to make the EPS reasonable again. If they are even profitable to start with.
There are alot of questions that need answering here so get the dollarland pie in the sky views out of your heads because it looks to me like this may go DOWN Monday unless the penny pumpers promote it enough.
