This same question keeps coming up. If the plan is approved and someone did not grant the releases, that someone does not get any newco shares. None. But they would have the right to hire an attorney and pursue the concerned causes of action on their own or with others similarly situated. Good luck with that.
Are you thinking that the plan could be approved without the releases? Not possible. The releases are an integral part of the plan. And any individual shareholder who does not grant them...see above.
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