Joe - Have you seen Peregrine's recovery plan. Even there some s/h equity was preserved:
Peregrine's recovery plan, which took effect Thursday, gives holders of $270 million in Peregrine's 5.5% notes 30% of their claims in cash and 20% in new notes. They also will receive about 63% of the reorganized company's stock.
Unsecured creditors may choose to receive immediate payment of 60% of their claims in cash this year plus 10% a year over four years or full repayment over four years. Shareholders and securities claimants will get about 33% of the reorganized firm's stock. The remaining 4% of the stock may be split between note holders and shareholders.
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