I don't mean it in the sense that the BoD directly intends to separate the company from the shareholders, I mean it in the sense that they fail to the point of having to nullify the existing stock in bankruptcy, or dilute it to nothing.
Take a gander at YRCW history the last few years. Yellow bought Roadway, got in debt trouble, reverse split several times - I'm thinking one for three hundred, and it might have been even worse. Then gave everything away to the debt holders.
Look at Atchison Casting. The foundries still exist, in business, but original shareholders lost it all.
Look at what happened to IFR, same thing.
Candelwood Hotels.
How about GM? If you had the original stock, um....you lost.
I can go on, but the wife just got home and we're heading out. Later.
D&O
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