I did a search and couldn't find anything that hadn't already been archived .

My question is a bit complicated so please hang in there - particularly if you have any in depth knowledge of America's weird bankruptcy laws .


NW's "golden share" apparently becomes invalid if NW ownership changes
( according to several threads I have read)

NW's current stock becomes worthless when the airline emerges from C11 .
( let's just assume it does emerge, you can start your own thread if you want to argue that point )


New NW stock will be issued when the airline emerges and will go to the creditors (?)

my question is , assuming that I have understood the above correctly , is :

does the cancellation of old stock and issue of new stock to completely different stockholders constitute a 'change of ownership' and therefore release CO from the 'golden share' ?

Apologies if this question has been asked before , I had a look at a lot of archived threads and could not see this question or it's answer anywhere