Sorry, but the law does say that. Equity is dead LAST in line for the assets. Unless all the classes in front of them are 100% satisfied for what they are owed, the equity (common shares) is cancelled at the conclusion of the bankruptcy.
That is the law. And it is why equity is always cancelled unless the debtors and creditors are satisfied in full.
I suggest you read the SEC/FINRA warning about investing in Q stocks and read the US Bankruptcy laws.
Read the following - it is hardly speculation but cold hard facts that the Equity will be cancelled.
"Regardless of the type of bankruptcy a company files under, any common stock in a bankrupt company is likely to be worthless. That is because the common stock (that is, “equity”) is the last in line to receive what’s available to be distributed in a bankruptcy proceeding. Creditors, including bondholders, suppliers and employees, all come before holders of the company’s common stock. And, even if a company successfully reorganizes, its plan of reorganization often cancels the existing shares of common stock."
"Note: “Q” is for Caution. Once a company files for bankruptcy, a “Q” may be added to its stock symbol to indicate the company’s bankrupt status. If the company issues new stock as a part of its reorganization plan, the new shares will be traded without the “Q” and the “old” shares (if still traded) will retain the “Q.” Investors are often confused by the fact that, despite the likelihood that the common stock of a bankrupt company will be cancelled, the company’s securities may continue to trade after the company has filed for bankruptcy protection"
"How Are Assets Divided in Bankruptcy?
Secured Creditors - often a bank, is paid first.
Unsecured Creditors - such as banks, suppliers, and bondholders, have the next claim.
I also suggest you real the following - Judgment in respect to further distributions and the termination of the CCAA proceedings
Stockholders- owners of the company, have the last claim on assets and may not receive anything if the Secured and Unsecured Creditors' claims are not fully repaid."
Why do you think the shareholders were never allowed to vote on the Plan - it is because the Court assumes the shareholders will vote against a plan where the Equity will be cancelled.
Shareholders had to sit and watch without any input.
Neither one can prove you wrong DA. They are here to drive the interests and price down, so they can make money. The plant will be making succinic acid in the early fall. Will this be the buyout? We will see.
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