RE: Just wonderingyou're comparing apples to oranges.
The value of the old shares is zero under scenario of all the debt "old Stelco" carried.
Remove the unsecured debts and the "new Stelco" is worth something.
Common stock is treated the same as unsecured trade suppliers in situation where a company goes bankrupt or under bankrupcy protection.
Is it fair? Absolutely not. Unfortunately that's the way it works.