GMX Resources (Preferred) (fka GMXPQ)

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I don't see how they can continue to think that when the terms of the proposed reorganization plan clearly state otherwise.

"Any equity interest in the Company, of any kind, existing prior to the consummation of the restructuring will be cancelled under the terms of the plan of reorganization."

It's right there in black and white. Common and preferred go away if the plan is approved.