"They screwed all the stockholders and they screwed all the lenders, venders, and bond holders,..."
OK. But you left out the important thing for the business: screwing the lessors. They are asking the court for cancellation of a bunch of long-term leases on closed stores. If that is granted, those costs go away. Whatever it may be worth, this is a better business today than it was yesterday.
That was a given, everyone got scewed, so that makes it a better company, tell that to Pantry Pride, Zayers, WARDS, or a dozen others...this crap about stealing money from shareholders and lenders, venders, creditors, will make a company better, is all the more reason for them to go away and never return, ever. Got a match? I smell smoke,,,
Ok, well, ethically, sure. But the business will be sounder once some of those folks are screwed in favor of senior creditors and shareholders. (OK, shareholders who paid $5 or $10 are probably screwed too.)
But Winn-Dixie has around $75 per share in sales and only say $0.50 per share in interest payments. They are not going away soon.
Winn-Dixie needs to lower costs, and ch 11 will help them do that. If they get margins up to even 1/4 of 1%, that's 15 or 20 cents EPS, or $1.50 to $2 in value. Could crash and burn instead, but I think more likely it will come back to pre-filing prices a la IBC last September.