Shareholders of public companies that are either in a Chapter 11 Reorganization or a Chapter 7 Liquidation are the very last groups to obtain any monetary distribution.
In ALL instances the Secured Creditors come first, not much different than a first mortgage holder on a home, then Unsecured Creditors come second, then Bankruptcy Trustee costs, then Preferred Shareholders if there is any money left, then common equity shareholders. In very rare instances after all prioritized claimants have been paid in full the common equity shareholders may receive a very small distribution or warrants to purchase new shares at a discount if the company successfully reorganized under Chapter 11.
So yes, to your question, shareholders lost everything when the BK Judge cancelled the equity (shares).
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