Is there anyone that invested In K-Mart before it took Bankruptcy?

Question

Now that K-mart has went into business with Sears and under a new name, does anyone know if people that were holding the previous K-mart stock before it took the bankrupt law have any rights? I can't seem to find out anything except taking a complete loss on the stock I now have. Would appreciate any knowledge on this subject.

Answer 1

They should be transferrable into Sears stock
I would check with a financial person

Answer 2

The common stock they had before they filed bankrupcty traded in the pink sheets for a while, then it was canceled and new stock was issued in the reoganized company when it came out bankruptcy. The old stock is worthless. This is common practice when companies file bankruptcy. Holders of common stock are the last ones in line to get anything in bankruptcy, and there is usually nothign left. Credtitors and debt holders are the first ones to get paid off in bankruptcy.