Real people lost their investment and pay because of this. If a company goes bankrupt the employees who are owned money become creditors

Jones decided Chesapeake was worth about $5.1 billion, a figure closer to the company’s preferred estimate. A lawyer representing the unsecured creditors asked Jones during a January 2021 court hearing to share his calculation.

“Not a chance,” Jones said. The ruling meant those creditors would be left with almost nothing. Chesapeake listed on the Nasdaq after emerging from bankruptcy the following month. The market valued the company at $7.7 billion.