Lazarus, my understanding is that unless they go into chapter 7 (total bankruptcy), that the common shares do NOT get canceled.
This because they are in Chapter 11 (Re-Org).
I will have to do some digging on that part, to see if there is any chance of common shares being canceled, as part of a Chapter 11.
I do know, that when I was there, there were some MAJOR shareholders there at the same time. Most of them, got in when the stock was 40 cents, and one of them is an investment banker.
Once they are through the Chapter 11 process, this investor, the investment banker, hinted he might be able to get further financing for the company.
I don't think the company wants to risk ticking of this investor, the one that's the investment banker, by canceling common shares, thus making that investor's shares ALSO worthless.
Of course I could be all wet about that too.
Like I've said all along, it is indeed the fact they are in Chapter 11, that makes this a risky investment.
Everything else though ... like their food, service, and such, makes them, once they get through this that is, a fantastic possible success story in the making, In my opinion that is.
JMHO, FWIW ...
Voyager
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