Can the commons be cancelled - yes it is possible.
Are they likely to be cancelled - this is more difficult to answer.
I would say that the MARKET says yes, they are. The fact that some bonds are trading near face value and the preferreds are trading at way below face value says that the MARKET believes the preferreds will go away. If the preferreds go away, certainly the commons will.
HOWEVER, I would also say that those who have done serious digging about Bonderman & TPG understand that there seem to be a large pile of commons owned by someone close to the eye of the hurricane. The reason I am in this play is multi layered. First, Bonderman will try to ensure that he gets his. If he gets his, I am likely to ge mine. Second, SEIU (an organization tied in politically like ACORN) apparently owns some commons. This makes me feel justified in the hope that the commons will be honored. Third, I believe that if this drags on forever without a settlement, that NOL tax refunds will bring the company back to a point where the commons will be worth something as the company liquidates.
I, personally, do not believe that the commons will be cancelled. If they are, I believe there will be grounds for lawsuits over it. HOWEVER, IT IS CERTAINLY POSSIBLE THAT THEY WILL BE CANCELLED AND ANY INVESTMENT IN THIS STOCK COULD GO TO ZERO.
This is a high risk / high reward play.
In any case, I beleive that for the commons to be cancelled, it will have to happen before any settlement occurs. Any settlement and the commons should have value, IMO.
News 
Market Data 
Discover 
AI
