Originally Posted by Rhdicjkwso

Spirit declare “BUNKRUPTCY!!!!1!” (Chapter 11) to wipe out all the people holding the stock. (Common folk)

the company is now owned by the people that hold the debt eg BlackRock and other big scary private equity. They force the chapter 11 to gain full control of the company then turn around to make big money when they sell the pieces off. In chapter 7.

i think that’s what he’s trying to say.