Thanks. That is better than an outright cancellation. It will take years for the complete liquidation to occur, and the stock might actually trade for some time. After the plan is completed, the noteholders could decide to take charge and accept worthless shares for their worthless debt, leaving a worthless shell company.
The liquidating trust recieves everything until they can liquidate it. Then they pay the other creditors in the plan. It could take time until they finally confirm the entire liquidation and they clearly do not anticipate anything left for the shareholders, and the noteholders probably still have preference for the last penny.
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