Of course the common shares haven't been cancelled. BY LAW, the cancellation occurs LAST in a bankruptcy. Only after the court approves the distribution of all the assets to the creditors are the remaining liabilities and the equity cancelled. Until then, the common shares will continue to trade.
The claim that because the common shares haven't been cancelled yet somehow means they are "safe" is ridiculous and has no basis of fact whatsoever.
But it will happen. Anyone holding common shares will lose 100% of their investment.
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