Here is an article from Barron's on Oct. 2, 2009.


By Eric Savitz
Spansion (SPSNQ.PK) shareholders today got the definitive word: their stock is worth nothing.

In a filing with the SEC today, the NOR flash memory chip company provided details on a reorganization plan which would allow the company to exit Chapter 11 bankruptcy protection in the fourth quarter of this year or early in 2011.

For holders of the common stock, the most important line in the lengthy filing is this one:

“Current holders of shares of the Company’s common stock will have their shares canceled and will receive no consideration under the terms of the Draft Plan of Reorganization.”

Ergo, Spansion shares today made the first half of their trip to zero, falling 17.65 cents, or 47.8%, to 19.25 cents. At this point, if Spansion holders can find someone to sell shares to at 17.65 cents, they should take what’s left of their money and run.