The only question is: are the commons somehow going to survive?
For those that have owned this stock through thick and thin, the only question is, will the common survive? Is it possible? I don't see how, unless they scrap the reorg plan, which is I don't see how they can with so much time and money invested in it.
They definitely have to scrap the plan. One of events have to happen to scrap the plan, either they can't comply with the agreement they wrote for the IRS by June 14 or the banks settle for enough to let the waterfall include the commons. The first one would require blatant incompetence on the part of the creditors. The second requires the court system or the banks to move a little faster. Both are possible, neither are likely.
Years ago, I held GGP (General Growth Properties, They were in a Chap 11, They pulled out by a Investor. It is possible, However they can convert to a Chap 7 just as well, So it's always 50/50 , Until the Government steps back in remember IRS is holding cards also..... And Bank America settlement will not be common this time :) Good Luck .......
BAC may be wise to throw in $2-3 Bil just to get it over with, if all the feds and state investigations on their tail, I think they really want to settle rather than going to courts and lose bigger. If an injection of 2-3 Bil is there, it is a whole new ballgame for the commons.