I don't see anywhere in PACER that the common stocks won't be cancelled should this Plan be confirmed. I may have missed it but I don't think so.
Page 24 of PACER Doc # 339
Dated Nov. 19, 2010
Class 5- Existing Common Stock Interests
A. Treatment. The holders of Existing Common Stock Interests in the Debtors will not recieve or retain any interest in the Debtors, the Reorganized Debtors, the Estates or any other property or interest in the property of the Debtors or Reorganzied Debtors on account of such Exisitng Common Stock Interests in the Debtors, and will not be entitled to any Distribution under the Plan on the Account of the Existing Common Stock Interests.
B. Voting. In accordance with section 1126(g) of the Bankruptcy Code, the holders of Existing Common Stock Interests are conclusively presumed to reject the Plan and are not entitled to vote to accept or reject the Plan.
Section 6.06 Cancellation of Existing Securities and Agreements On the Effective Date, the Interests in Jennifer Convertibles, Inc. shall be deemed, and shall be, cancelled and shall be of no further force and effect, whether surrendered for cancellation or otherwise.
The same is true in the Amended Plan, under Section 4, dated Dec.21, 2010 Pacer Doc # 399
The same is true for any pref'd shares.
