Robbins is not extinguishing the Company. He is taking ownership of it, through the issuance of 100% of the NEW shares.
The cancelation of the old common shares does not in any way effect the Net Loss carryforwards. Thus one possible reason why Robbins might want to own 100% of the shares once out of bankruptcy, although the actual application of such losses may or may not ever be realized.
Again, the cancellation of all currently outstanding common shares has absolutely no effect on the tax loss carryforwards, as brand new stock in the company is being issued to Robbins, who will own 100% of AmeriResource post-bankruptcy.
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