Recovery to common equity holders in a bankruptcy is rare. Yet there have been numerous bankruptcies where equity holders obtained not only a recovery, but a substantial one. These were cases in which all creditors and preferred shareholders recovered 100 cents on the dollar. More importantly, common equity holders received a substantial ownership interest in the reorganized entity. We call these the 100 cent+ cases - a black swan - in the world of corporate bankruptcies. So what’s different about these cases? Are they merely random events, or is there more to it?