To answer your question. You immediately lose your ENTIRE investment when the "Existing" common is cancelled. IT'S GONE. But you receive stock warrants on a 1:33 basis to buy the "New" Common (there's a whole set of cumbersome procedures outlined in the Plan of Reorganization on how to proceed. It would likely take a few weeks to buy your new shares.) So for every 1,000 "Existing" shares of VNRSQ you formerly had (remember that money is GONE), you would have the right to buy 30 "New" common shares (which requires ADDITIONAL money out of your pocket.) This is why the author of the Seeking Alpha article from 2/17/17 was so negative on the Reorganization Plan for "Existing" common stockholders.
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