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Author: Samalik One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 2302  
Subject: Re: so at last the word is out; commons are dead Date: 7/31/2003 12:56 AM
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Alex:

The Notice is really a notice to all interested parties who belong to the specific classes listed. (There are 2 classes listed in the Notice with common stockholders being one of them, and the only one I am writing about.) The notice says that the bankruptcy judge has already approved MFNXQ's Summary of Plan Distribution ("Summary") and that there will be a hearing on August 21, 2003 concerning objections that any common stockholders have to the Summary. From past experience, this hearing is only a technicality and the judge's approval of the Summary proceeds. From what I remember of the Summary MFNXQ filed, the common stockholders lose out.

As to the rest of your message, sorry but I'm not a tax attorney and cannot provide advise as to what to do or how to do it. I just know that in the past I foolishly (with a small 'f') invested in PSINet that also went bankrupt. After everything was said and done, my stockbroker purchased all my worthless shares for $1.00. I then was able to offset the loss dollar for dollar against any gain I had in the sale of other stocks.

Again, since I do not practice in this area of law and am no expert but a fellow Fool who is learning day in and day out, I suggest that instead of relying on my word that you contact your stockbroker/tax accountant/tax attorney and find out what you can do in your situation. There are also probably a few good articles by TMF concerning when companies go bankrupt. Lastly, you can check out the SEC's website that has a section about bankruptcies at http://www.sec.gov/investor/pubs/bankrupt.htm.

Good luck in your future investing and remain Foolish. Remember, always do your own DD and don't rely on what someone else says.
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