Shareholders are often dumped because they are profit seeking gambler investors on the bottom end of the totem pole. They know the risks going in, and its par for the course when haircuts are given.
The company wouldn't be in bankruptcy protection if it didn't need to shed liabilities and obstacles to future profitability, much less face future Chapter 7 liquidation of everything if a Chapter 11 Re-Org doesn't intervene while the patient is still alive.
After what I learned over the last 13 years, I dont know why anyone wants to be a dedicated long common shareholder of any business. The company will always love to ride a good horse while its useful...until its not. shot.
How could Walrath have known enough to posit? She'd have access to all WMI's filings to know the signs versus debtor filings. She's a federal court judge with years of experience! She's not a legal aid....
Further, many shareholders like myself were consistently pointing out the obvious in objections to the court, found in WMI's 10-k's and putting it on her public court record. Its safe to assume she had access to read and hear in court, various objections to the Debtors plans and intentions. I truly believe the years of forceful momentum of thousands of organized shareholders fighting tooth and nail, kept shareholders alive in the game for survival, against all odds.
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