I have not seen any definitive official document that said anything about commons - I've seen many posts some BS info but I don't pay attention to those. Lol
Wasn't there a clause that left commons up to the discretion of the company or entity?
NO. That would be illegal under Federal Law.
Bankruptcy doesn't work that way. Common shareholders are ALWAYS last in line and, BY LAW, only receive what is left after all the classes in front of them (debtors, then creditors, then preferred shareholders) receive 100% of what they are owed.
With ARIOQ, the debtors and creditors only received pennies on the dollar. There was never any chance the preferred shareholders or the common shareholders would receive anything. And they didn't, which is why all equity (preferred and common shares) were cancelled.
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