of course this also means that its not set in stone that they WILL cancel the stock upon emergence.
This is all put out there to cover their butts in case they DO.
obviously we never know until it actually happens. Scenarios could be:
1. don't cancel stock and everyone keeps the shares, etc
2. cancel and no one gets jack crap for current shares, they issue new shares
3. cancel AND they re-issue shares of the new stock for current holders
There may be another to this list, but those are the top possibilities. I think we all know that most likely they will do the "cancel and no one gets jack crap" and they issue new shares.
If they are a "man of their word" then nothing will happen with current stock, OR they will either re-issue it for new shares for the current holders, OR they actually pay out the current share holders (per Judge I believe) with whatever equity is left (after lawyers get their cut). That is, of course, if anything is left over at all (debtors, etc)
I'm hoping for you Sam, they don't cancel and give you new shares, or at least pay out the current shares (hoping it will be $2 or higher)
