"Any stooge can see that"
We certainly agree there. ;-);-)
The day traders are not screwed. They're helped because they buy and sell on the same day. The change doesn't affect them at all.
It does screw any longs who wanted to get out though. They can't sell until the new cusip is cleared through their broker. Then again, since most of them are holding 75% or more loss positions, there probably aren't many anxious to sell.
But changing the symbol and cusip and moving things to a wholly-owned, newly created sub does nothing for the company, other than making it easier to spin off assets to a private entity, though I'm sure creditors would not stand for that.
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