The PLAN typically gives lots of notice about all series of shares, eg., survival or cancellation of whichever series of shares. When the Judge makes a ruling of cancellation the shares are cancelled at that exact moment. Any trades after the ruling must be reversed.
I have observed 100's of Chapter 11 (and 7) BK's and message boards can be the scourge to the uneducated, eg., KODAK, where scurrilous individuals pumped the bajeebus out of the stock despite KODAK's PLAN and even a news release stating the common shares would be cancelled imminently. The uneducated bought shares while the scurrilous purveyors of 'going to da moon' sold to them. I could give many dozens of examples of similar scenarios. Quite disgusting, n'est-ce pas (isn't it)?
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