What will happen to the insiders 6+ million shares?
Insider or outsider it doesn't matter, that's an unknown until we see a Plan. If a plan calls for common equity to be cancelled they lose them just like any other holder.
Which is why its always a good idea, once an investor decides to get into a BK, to climb as high as you can on the priority ladder.
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How is buying ATP distressed equity (which once sold for $50 bucks @ share and now sells for a mere 9 pennies @ share) any different than buying ATP distressed Bonds (which once sold at issue for $1,000 @ bond and now sells for $80 @ bond) ?
How is that different? Answer: There is no difference. The judge isn't going to ask anybody what they paid to decide if they're truly worthy of a recovery.
To date there have been 1,216 court documents filed which represents in the neighborhood of well over 12,000 pages of legal text...and not one of them mentions nor addresses who bought what when..or what they paid.
The closest thing we have is Doc #0413 and in it we see what the Ad Hoc Group held at the time that was filed. Some of those holders paid $1,000 @ bond ...and some didn't. Some bought Preferred shares at full price and some didn't. But the Judge never once addresses what they paid. He doesn't care..nor can he.
All he sees is a combined 2nd lien claim for over $1.6 Billion dollars. period. And its his job to see to it that the laws are applied correctly towards recovery of that claim to the satisfaction of the holders.
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