Joseph, theoretically speaking, if the company's assets, whether on the block or as a going concern, are worth more than the total liabilities, then shareholders should retain some value. The problem is that the creditors will argue the company is worth less than what they are owed and that the shareholders should get nothing. It becomes a negotiation, with the BK court as the arbiter. There are many possible outcomes (for one, they don't need to wipe out all the debt, just enough to be able to service what's left) and Sidgemore has 5.5 million reasons to fight for something for the shareholders.
Go ahead and mentally write off your investment, but selling at this point seems pointless. Maybe, one day, we'll all find a pleasant surprise in our brokerage accounts.
JMO,
Bob |
