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One of the "Key points in WCG bankruptcy" from the Tulsa World, local paper: "Current shares of stock no longer will exist after bankruptcy".

Quoting that paper: "Chief Financial Officer Scott Schubert said the filing will wipe out about $6 billion of debt, leaving the company with bank debt of $525 million. Bankruptcy reorganization is expected to take about 120 days, during which the court will oversee company operations, executives said.

"At the conclusion of the 120 day bankruptcy protection, bondholders will get a 52 percent stake in the company and Williams Cos will receive a 48% share.

Quoting Howard Janzen:
"What we have accomplished today is to reach a lockup agreement with our creditors that gets their consent to the restructuring process. . ."

Regarding the 490 million shares outstanding, per Janzen,
"Those shares will continue trading for at least 120 days. Essentially those shares will go away."

Run a chart for WCGr, 2 days, 5 minute quotes. The stock has fallen to about 5 cents and has traded MILLIONS of shares. Someone must think there is a possibility that there remains profit in WCGr. However, this would be contrary to the position quoted by Management.

Worst case, WMB now owns 48% (essentially a controlling interest since they only need 2.000001% swing vote to go their way) of an almost debt-free telecommunications company. WMB stock is up! (In combination, depending on your holdings, gains in WMB have offset the loss in WCGr).

"The Ostrich"

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