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They meant that, as part of the debt restructuring, the current debt
holders would get all the equity in the surviving company, and the
current equity holders would be left with no ownership. Very common in a
large scale bankruptcy.
Regards
DanG
Jim Johnson wrote:
>
> Hello Don,
>
> Kudlow and Cramer talked about WCOM equity (and preferred I think)
> last night on cnbc. they seemed shocked that the SEC/exchanges were
> permitting trading at all. gave the impression that after settling
> the bankrupcy it would all be worthless. can't say for sure what
> they meant.
>
> Best regards,
> Jim Johnson mailto:jejohn@xxxxxxxxxxx
>
> --
> Tuesday, November 19, 2002, 10:29:00 AM, you wrote:
>
> DE> Does anyone on the list have a feel for whether there is or will be any value for this preferred stock?
>
> DE> Unfortunately the "brains" running a trust for my mom had 3.6% of the trust invested in it. She was notified last month that they stopped paying on thepreferred. When asked what the trust
> DE> advised she do, the answer was they did not know, sheeezzz?
>
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