You're absolutely right, Investor2004, that shareholders still own their stock equity upon stock revocation, but the stock then has a number assignment and not a ticker assignment.
Under Securities Laws public shareholders don't own an actual stake in the company except for their stock equity, which, when revoked has zero value. If the private company wanted to pay out shareholders there would be no Securities law stopping them from doing so, but they are not required to offer shareholders anything.
As a revoked stock the stock can never trade again unless there is a successful re-registration which I have presented in prior posts is a very difficult process, and because the stock can never trade again (unless there is a successful re-registration) the value of the stock is zero by virtue no Broker, no Market Maker, no agent of any kind can publicly trade that stock. If person A wanted to privately negotiate with person B to buy or sell a revoked stock there are no Securities laws forbidding that transaction, but logic suggests that no-one would want to buy a stock that they could never trade unless they could privately find a person C to buy their stock, and so on.
If shareholders were to retain an equity stake in the now private company the company would need to agree and offer to exchange the formerly public equity pro-rata into a private equity stake in the company, or a Court of Law via a lawsuit could order the company to do so. Lawsuits cost a lot of money and in the end the company could simply dissolve and start up as a new private entity. Once the stock is revoked the company has no further responsibilities to its former shareholders, but if the company had tangible assets shareholders could sue to obtain those assets. Again though, the now private company could simply make those assets disappear if they wanted to.
Also, since Arcadia Resources reported a net loss of over $15 million the former public shareholders are not responsible for that debt or loss, but if shareholders were given pro-rata equity in the private company those shareholders would then be responsible for those debts / losses. That's why the Securities Laws separate public shareholders from the company so that public shareholders can never be held responsible for the company's actions, and neither can they demand anything from the company if the stock is either revoked or cancelled if there is a bankruptcy.
So a question back to you. If Arcadia Resources cared so much for shareholders why the heck did they ignore or not satisfy the SEC Delinquency Letters and negotiate to bring their overdue Financials into compliance to avoid the SEC Suspension and 100% sure stock revocation?
Why was KADR delinquent in their filing obligations for 3 years?
From the SEC Admin Proceeding " 2. Arcadia Resources, Inc. (“KADR”) (CIK No. 1071941) is a revoked Nevadacorporation located in Indianapolis, Indiana with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). KADR is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-Q for the period ended December 31, 2011, which reported a net loss of $15,762,000 for the prior nine months. As of September 16, 2014, the common stock of KADR was quoted on OTC Link, had nine market makers, and was eligible for the “piggyback” exception of Exchange Act Rule 15c2-11(f)(3). "
"7. As discussed in more detail above, all of the Respondents are delinquent in their periodic filings with the Commission, have repeatedly failed to meet their obligations to file timely periodic reports, and failed to heed delinquency letters sent to them by the Division of Corporation Finance requesting compliance with their periodic filing obligations or, through their failure to maintain a valid address on file with the Commission as required by Commission rules, did not receive such letters."
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