When a company issues stock, the recipient is restricted from reselling it unless:
-- he's held the stock for a certain period of time (normally one year or more); OR
-- a registration statement is filed and deemed effective; OR
-- the issuance falls under an exemption to registration
Stock issued as part of a bankruptcy reorganization plan happens to fall under category #3. In other words, the stock can be immediately free-trading and sold into the float if they so desire. Since the filings say they want to do a merger, they'll probably retain enough to keep control. It's possible the BK order may restrict how much they can sell prior to the merger occurring.
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