It's definitely going to be a guaranteed wipeout for all common investors ... the Sultan of Stinky actually admitted on that horrid "TV show" that all acquisition structuring will be done via debt financing. When they are unable to raise more money to pay back the debt, the debt holders will take control of the company leaving common holders wiped out completely, though I think you're right that the Dean of Disaster will protect his own shares in their various preferred states.
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