Indeed. I believe marayatano is correct, and I feel the same way, that the old stock will be gone. it appears there will be "new equity" since there is no more "old equity" left. Take this with a grain of salt as this doesn't really matter until the company directly reports this. Otherwise it's just rumors
However, I still think there is a good chance they will issue new warrants to existing holders. There aren't many holding right now anyways.
We still have another 6+ months to go before this even gets out of BK. Got a long road ahead and no POR has been done yet. Until Management and Unions agree on something, we won't see the POR for awhile. Even AFTER they agree, it could be another month or longer before they present the POR. Then we get the lovely process of making sure all parties agree on it. I'm sure we'll see several drafts, rejections for months before they finally agree on it.
By the way, there is still a chance an EC can be formed and get involved. They were not rejected/denied 3 times. They have only been rejected/denied 1 time. They were supposed to be heard in October, but was moved to December. When that came around, they decided to move it to St Louis. Then they pushed it until April and that's when the Judge made the stupid decision based on crap. No way Board of Directors is going to look out for the common share holder.
I'm currently working with a contact that has been very helpful and gracious enough to point me in the direction to write to the court house to show that there are many other share holders who want their voice heard. Once I get a lot more details, I will post it on here. I would urge all holders to write and do the same as the more people who write in, the better it will be to try and get the EC formed
I know some will say it's pointless, but it doesn't hurt to try. The most you are out is the price of a stamp. I think it's worth it if it means the EC is formed and they protect the share holder. Obviously no one has to do it, I'll leave it up to anyone that wants to.
Also, the law firm that is representing the EC has not given up and is still pursuing the court to have the EC. This will definitely help their case. Since this still has 6+ months to go, we have this time to fight and get our voice heard. Like I said, it's better than doing nothing.
More to follow!
