I don't have an answer as to when or if the shares will be cancelled. I imagine it will be weeks at a minimum as the bankruptcy process has only just begun. Its my belief that the company plans to cancel preferred and common shares, but that can not occur until the Delaware Bankruptcy court approves their plan. I do know that an Ad Hoc Committee of Preferred and common share holders has been created and is being represented by Brown Rudnick, LLC. they have appeared at the first court hearing. Their immediate task, with the aid of the U.S. Trustee is to convince the court that an official Equity committee should be established to protect the rights of equity shareholders. As for who is buying? my guess would be those that owned before August 30th that may be trying to average down in hopes of a total or partial recovery and or speculators.
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