linda1, great discussion and thank you for sharing. Due to WINMQ's profitable ongoing business, I feel a great case can be made to have some type of value associated with commons rather than canceling them out with no value.
I understand anytime a public traded company enters into chapter eleven, the Creditors are in charge and can do almost anything they want.
With that being said, I feel it is compelling upon senior management to not zero out commons that would be very destructive to employees 401K, investors and others as the company has a very viable business.
I think WINMQ is a very rare case for companies in chapter eleven as it was not their business that prompted them to file the petition, rather a very manageable 300M dollar suit they lost.
This goes back to the Executive who said this is more of a financial restructuring that a reorganization and I think it would be imperative for senior management to do all in their power and ask the Judge to allow them to work something out with the Creditors with the caveat that commons must not be zeroed out if Creditors do not agree.
If WINMQ actually tries to save commons and the Creditors disagree, I believe the Judge would side with savings commons in this rare case because of WINMQs ongoing and profitable business.
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