You are correct! The existing common shares will be used in that transaction! There is nothing in this SEC filing that speaks to a stock conversion. So lets stick with the "near future."
The Debtors may never be able to get a POR confirmed based on a stock conversion by a majority of the Creditors via a tally of votes by dollar amount of debt. Lets gamble! This Chapter 11 is unique.
"gambler - Dictionary Definition : Vocabulary.com https://www.vocabulary.com/dictionary/gambler A gambler is a person who takes a lot of high-risk chances. ... Other gamblers enjoy betting money on sports, card games, or games of chance. Gambler came after gamble, "risk something of value on a game of chance," from the Middle English gammlen, "play or be merry," with its Old English root gamen, or "game.""
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"u·nique /yo?o'nek/ adjective 1. being the only one of its kind; unlike anything else. "the situation was unique in modern politics" synonyms: distinctive, individual, special, especial, idiosyncratic, quirky, eccentric, isolated; More nounARCHAIC 1. a unique person or thing."
Why would they need to spin new commons in New co when they have complete control of old co. With fresh powder to trade debt for current shares from A/S. Am I in the twilight zone today. Wish we were trading right now, what a dumb day for a holiday. Gotta stick to Canadian stocks today I guess. Peace in the middle East.....out