All you longs own stock in Arcadia Resources, Inc. (ARI)
The stock that was transferred to the new company, Arcadia Holdings II (AHI), was the stock in Arcadia Services, Inc (ASI) (and its subs), previously a wholly owned subsidiary of ARI.
AHI, a private company, owns 100% of ASI, because the stock in ASI was pledged as collateral to Comerica. Comerica sold that collateral interest to AHI, AHI foreclosed and took 100% of ASI. Comerica's now reduced credit line with ASI is still in place.
ARI, which the longs own a piece of, OWNS the following:
$1,000,000 in assets No operating units, i.e. no source of revenue/cash flow
ARI, which the longs own a piece of, OWES the following:
$33 million in unsecured debt.
Now, I know this is a remedial class, so I'll make it simple for you all
1,000,000 minus 33,000,000 = a whole lot of worthless stock!