Wrong, wrong, wrong....
Every credible equity analyst has called this as HP buying US. These are people who examine corporate finances and mergers/aquisitions for a career, as opposed to being armchair analysts (myself included) with a biased opinion based on our day jobs.
US is essentially being bought on the courthouse steps by an investor group including HP.
HP shareholders equity is being exchanged for a 40ish % ownership of the new entity's equity.
US shareholders can't participate in the investment group because their equity doesn't exist anymore due to the bankruptcy.
The way the deal is being structured may appear differently to a layman, but the formation of the holding company is simply for accounting, finance and corporate governance purposes. Reading anything else into that (i.e. it's a merger of equals) might make some people feel better about the deal, but I'd rather believe the equity analysts when they call it like it is.
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