Shareholders collectively owned a business that went bankrupt because it lost money every year that it operated. It couldn't service its heavy debt, the stock had tanked and gotten them booted off the exchanges it traded on, so selling stock to raise money was no longer an option. In the bankruptcy proceedings, nobody offered any sort of financing, restructuring, or to purchase the business. Around 80 companies were solicited in two bidding processes, so a "pre-determined buyer" wasn't happening, especially since both bidding processes were watched over by the secured creditors with liens on the property totaling about $40M and a federal court. The best offer made was $4.34M for the company's assets in a liquidation. There was no fraud, the whole process was overseen and approved by two federal courts.
The owners of a failed business don't get "robbed" when the company has $40M of secured debt and another $50-60M of other debt and liabilities and the business assets are only worth $4.34M, it's those who were owed money who got robbed. You made a terrible investment because you listened to a bunch of con artists who told you this failed business was somehow valuable even though all assets were sold, all employees and business operations gone, and ignored the monitor telling you shareholders would get nothing, unsecured creditors would get nothing, secured creditors would only get partial payment if anything. Those con artists lied to you and took your money.
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