Mirant employed the same hard-sell strategies to convince existing shareholders their stakes were worthless...the BK judge obviously didn't share the "Corporate" opinion.
At no time did the Mirant SHC ever suggest that existing shares were valued at >$4/share upon emergence from bankruptcy. However, with the Judge's questioning of low-ball valuation tactics and the subsequent issuing of warrants to complement share-exchange, the shareholders have fared quite nicely. Hindsight being perfect, I sold too soon (30 days after emergence from BK). However, I still hold 3-4,000 rights from pending Mirant/Southern litigation.
I'm convinced we'll come out o.k. with Calpine...but I've been wrong before. Holding 43,000 shares.