I'm not sure what the issue is, the company went broke it got delisted the creditors did a deal with management whereby management would resurrect the company. Chapter 11 is a process where the ownership of a bankrupt company is transferred from shareholders to creditors. It's a creditor driven process, and they pay management handsomely for resurrecting the company. Would I be angry if I was a shareholder who lost their money, absolutely I would. Would I have any legal standing, no the company I invested in went broke and is now owned by the people who lent the company money. Even in Australia when a company goes broke creditors get first call on any remaining assets and shareholders are unlikely to get anything. Did management do well out of all this? Well as I said before we are living in an age where management generally do pretty well for themselves. If you don't like that, your argument is not with me it's with Capitalism.
LKE Price at posting:
83.0¢ Sentiment: Buy Disclosure: Held
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