J4P:
You seem like a good cat.
PLEASE DO NOT PLAN ON RECEIVING ANYTHING IN A BANKRUPTCY PROCEEDING.
The equation is simple.
Liquidated value of assets - payments to ALL lienholders = equity left over for existing shareholders (preferred first).
THIS IS A RECAPITALIZATION.
Watley and the creditors will end up with all of the equity of the NEW CO. Watley would not agree to provide any additional capital "out of the kindness of their hearts for the existing shareholder."
That being said, the stock will still trade. Just not on the underlying fundamentals of the business.
Look at GM and MTLQQ. The old equity holders own MLTQQ which the company has already determined has ZERO value, yet it trades at .5735 per share. When GM comes public again (someday, I presume) New equity capital will be raised and it will emerge as GM, New CO.
Same with this. There is (just like yesterday and last week, even last month) no value to CPRK common shares.
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