because the only shares that exist in the hands of the public are in those companies that are in bk. We have stock in Holdings - Holdings has stock in the non-debtor subs. If Holdings can't pay off its creditors, then the creditors get Holdings assets in one form or another, ie they get the stock that Holdings has in its subs, whether they are in bk or out. No different than the guy down the street who files for bk and has a portfolio of stock - maybe GE - GE is not in bk but that GE stock will be re-allocated based on bk rules - its a little different obviously but basically the same principal.
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