I think it all plays out the same regardless if shares were revoked or not. Old shares may be wiped out but I believe old shareholders will get a token of the new company/shares. Between 1-5% of new structure will be given to old bag holders me thinks. I believe new shares will be issued that are non dilutable to tenor, bond folks and management. The rest will be dilutable and given to old bagholders. It keeps them in the game and shuts down any attempt by VZ to say the arb case is void because the debt holders or DIP lenders cannot bring a case against VZ, only the shareholders. Just a hunch as to why old shareholders may keep something.
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