Anyone should be able to read the Plan of Reorganization and see the common shares ARE being cancelled.
And anyone with even the most basic understanding of bankruptcy law and how it works would instantly know it, too. You can keep commons intact when the classes above them are 100% impaired. That is impossible by law.
No one wants a stock with 300 million on the ask, and lots more hidden. No trader in his right mind would want that anyway. This stock is not associated with the new company.