It means he can cancel them, or just leave them to float in space
No, it doesn't. He has no option but to cancel them, and he did.
The Plan of Reorganization MUST, BY LAW, be adhered to by the letter. It cannot deviate in any way.
ARIOQ's Bankruptcy Plan required the existing common shares to be cancelled, and all new shares issued to the secured debtor. When the Court "authorizes" the cancelation, it is a legal term for "approves". It MUST BE DONE, by law. There is no option involved.
If people are going to buy shares in bankrupt companies, they should at least have a basic working knowledge of the process and terminology.
ARIOQ is worthless. The common shares have been cancelled. ARIOQ isn't even a shell. All that is left is the ticker, and there are absolutely no shares behind it. It is just trading air.
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