Posted On: 08/10/2016 11:24:32 AM
Post# of 43065
A trustee would be appointed to sell the assets under a chapter 7 bankruptcy, and the proceeds will pay off bondholders first i.e. Heddle and shareholders next.
in any other kind of bankruptcy Heddle would pretty much take over the company, i.e. through dilution of existing shareholders, the debt would be converted to shares at market prices which would be near zero if he chooses this path.
In any types of bankruptcy existing shareholders are pretty much toast.
https://www.sec.gov/investor/pubs/bankrupt.htm
in any other kind of bankruptcy Heddle would pretty much take over the company, i.e. through dilution of existing shareholders, the debt would be converted to shares at market prices which would be near zero if he chooses this path.
In any types of bankruptcy existing shareholders are pretty much toast.
https://www.sec.gov/investor/pubs/bankrupt.htm
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