Arnie, you seem to be stuck on wiped. There are other options as well. Wiped is a bad choice word in this case because the asset to liability ratio and the improving MOR and the percent of company that is actually in bk. Not sure if you realize that there is some actual value here unlike your experience in some other bk's you been associated with. Book value is $1.67 and increasing.
If there is equity in the emerging company, old shareholders are given a certain conversion rate old to new, and/or warrants exercisable at some future date and strike price. Then yes, (watch this) the old shares are cancelled. Doncha just love it . . .
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