http://www.investopedia.com/ask/answers/10/stock-holder-lose-equity-chapter-11.asp No....the shares are not cancelled, yet. This is a chapter 11, not a chapter 7. The plan simply states that equity will not receive a distribution under the plan. If the company restructures, and returns as a going concern company.....common shares may remain intact. There may be a restructuring of common shares old shares remain/new shares issued to creditors or best case scenario, the old share structure remains intact and q drops off at some point, with PPS going much higher. That is the gamble with chap 11 plays....
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