It's worth buying 50 - 100K shares here 'just in case'. Most likely shareholders are toast, but there have been a few where the shareholders at these levels made big bucks: Pilgrims Pride, VRML, VSTNQ, etc all ran hard and fast. For 2 grand its worth the risk imo.
Kilpatrick is done they have their POL.. and as it is - equity is toast. KS is the legal rep for the Creditors.. That's why I say I wouldn't be impressed with their Plan. The reason why is that a POR involving some debt for equity would be such an opportunity for a plan sponsor and the creditors, imo.
You're right, the POL should look bleak to/for the creditors to vote for a new POR. Unfortunately the POR that we expected hasn't come.. thus valuable time is passing.
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