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I am not assuming anything, the law is what it is, this is taken straight from the SEC web site:
"Reverse Stock Splits
A reverse stock split reduces the number of shares and increases the share price proportionately. For example, if you own 10,000 shares of a company and it declares a one for ten reverse split, you will own a total of 1,000 shares after the split. A reverse stock split has no effect on the value of what shareholders own. Companies often split their stock when they believe the price of their stock is too low to attract investors to buy their stock. Some reverse stock splits cause small shareholders to be "cashed out" so that they no longer own the company’s shares."
The word "proportionately" is how my example read. There is a 100% assurance that the bid/ask will be 10 times the bid/ask close from the day before a reverse or forward split is to take effect.
LOL, I guess "OUT OF THIN AIR" applies to re-writing the laws at the SEC. Amazing the crap that is typed on this board.
Once the 10 times bid/ask has been entered, and there is action or no action to buy or sell, then and only then can the MM's do their thing.
The facts of the Chapter 11 filing are in front of the Judge, and have been back up by agreements submitted. The plan that has been submitted is a good plan. The largest creditor and others have submitted papers to that effect as well.
The Judge can see that the company and investors willing to fund the company, want to give Cdex a chance to be successful, which would allow every creditor and noteholder and shareholder the chance to recoop dollars.
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