You need to distinguish between "canceled with no recovery for common", and "canceled with common getting a distribution" - I've been in many Q where the LATTER has happened. That's what happens when creditors are paid in full, and there is excess for shareholders. Happens more than you think . . .
The commons won’t get cancelled because they are looking to sell the company’s assets to highest bidder. The proceeds will pay all the creditors. Only 49m USD is owed!!! The rest goes to shareholders and we keep the NOLs. $$$$.
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