He did not buy into this company at all. That was pure pump. If he ever thought about buying into this or other bankrupt companies, he’d do it in conjunction with the cancellation of the existing equity/shares. If creditors are willing to restructure debt or swap it for equity, companies have a shot of continuing their business. And, yeah, sometimes there is money to be made by the Carl Icahn’s and others, but they’re not doing it to save the common stock that existed prior to the filing, they’re doing it to buy up the new stock that is inevitably issued.
This company has already stated directly the common shares will be cancelled. I’d believe them.
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