the billionair doesnt own comon shares. if you remember when gm filed bk they kept prfered shares and done away with the comon shares. the billionair owns prefered
according to the filing they converted preferred to common already and I believe they liquidated there position because CNBC shows he now only owns 2.7million down from the 28 million or so that he owned. To me that was the main sign that commons may be wiped out but hopefully Im wrong.
IMO he bought debt in the last few weeks or months (Similar to Ichan in Blockbuster Case) and will control majority of the new company(New Shares) when it emerges.
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