CHKAQ will be cancelled, just as the 'old GM' shares finally were. Often, in the BK process, the company will cancel the share class directly and the CUSIP will no longer be tradable. All new common with a new CUSIP is issued to the CREDITORS and the old common ceases to exist as a tradeable CUSIP.
That is nmost likely what will happen to Chesapeake common, as the company has already (see iBox) stated that existing common will receive NOTHING - which is fair warning that they plan to cancel the existing common shares as part of the BK reorg process.
Which means one day during the BK process, the existing CUSIP will no longer trade and ba ... errr ... existing common shareholders will have untradeable shares - holding the proverbial hot potato or be the one with no chair to sit in when the music stops, as it always does.
GM didn't do an explicit cancellation of its old common, they simply incorporated a new corporate entity and issued a new CUSIP common for that new corp to the creditors, and the existing common shreholders in the 'old GM' entity had shares in a garbage bag - a corporation that has no assets but still retained all the old debts and liabilities of the old GM. That's why old GM traded for a cuppla years before it died completely.
Chesapeake is nott going that route - it is nott forming a whole new corporation, just doing a reorg of the existing corp - so they will most likely DIRECTLY cancel the existing common class and CUSIP as a partt of the BK process.
One day the CUSIP will be gone and the existing shares will never be tradeable ever again.
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