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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.

Later:
"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).

Mike,
"The Ostrich"

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