That is not true. American NEVER stated their common shares would be cancelled in bankruptcy. It never happened. Quiksilver, on the other hand, has stated multiple times in PR's and SEC filings that the Common Shares WILL BE CANCELLED. Common shareholders will get nothing. They recently filed the full reorganization plan with the Federal Bankruptcy Court which was accepted. The cancellation of all existing equity is confirmed:
Cancellation of Old Quiksilver Securities and Agreements: The Euro Notes Guaranty Claims shall be Reinstated and the Holders of such Claims shall be Unimpaired. Except with respect to the Euro Notes Guaranty Claims or as otherwise provided in the Plan, on the Effective Date, the Old Quiksilver Securities, which includes the Secured Notes, the Unsecured Notes, and the Old Quiksilver Common Stock, along with any other note, bond, indenture, Certificate, or other instrument or document evidencing or creating any indebtedness or obligation of or ownership interest in the Debtors (including the Indentures), shall be cancelled, and any obligations of, Claims against, and/or Interests in the Debtors under, relating, or pertaining to the foregoing, other than the Euro Notes, shall be released and discharged and cancelled.
Common shareholders get NOTHING. The common stock will be worthless very soon, and anyone who buys and holds this stock is guaranteed to lose 100% of their investment.
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