Replies to post #3864 on LANDAMERICA (fka LFGRQ)

[williamhtucker]

i think the "on a whim" part is what to focus on. they cant cancel them on monday that's for sure. it takes time and proof that they need to cancel shares to stay afloat.
4-5 months notice from delta.

[Renee]

Chloebware , the Judge is the only person who can cancel the shares of any Chaptered company . I will take a guess that Delta's and K-Mart's shares were in the hundreds of millions or billions which would have been burdensome to the survival of those two entities and the protection of the creditors .

Creditors get the new equity as their surety , and the retention of the common would have diluted that surety , therefore the common were cancelled in those two companies and any other company in a similar situation of debt exceeding assets .

It appears much different in LandAmerica's situation where it appears the assets exceed the liabilities .