This is the first article I found resulting from a quick Google:
You can probably find their official SEC Filings regarding the matter but, I'm not going to do it. I believe K-Mart pre-BK shareholders got nadda. Same as I got when Delta Airlines emerged from BK under their current ticker, I got $0.00/shares because my shares didn't exist anymore. Same as K-Mart's. The common shareholder is the last man on the totem poll when it come to being awarded any compensation. By the time they get to us, they usually have no money left.
USAToday.com
Posted 5/9/2005 4:07 AM Updated 5/9/2005 1:58 PM
Any recourse for Kmart investors?
Q: After reading your Ask Matt on Kmart, I now understand the process in which former shareholders were wiped out. I still think the whole thing is wrong. What can I do about it? Is there any recourse for me?
A: I've gotten scores of e-mails from angry former Kmart shareholders. And their angst is very understandable. Through a complicated deal, their shares were essentially wiped out. Meanwhile, the surviving corporation merged with Sears to form Sears Holdings (SHLD). And that stock has done extraordinarily well, gaining well over 200% from its 52-week low. Investors almost can't help but feel hoodwinked, as they usually do after a bankruptcy restructuring. For more details on the transaction and what happened, this previous Ask Matt column explains the situation: http://www.usatoday.com/money/perfi/columnist/krantz/
2005-03-28-kmart_x.htm
Some investors are irate because they feel the valuable real estate assets held by the former Kmart were usurped to pay off bond holders. They suspect the company understated the value of its assets going into bankruptcy, allowing it to avoid liquidation but giving it the freedom to give the common shareholders nothing.
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You can probably find their official SEC Filings regarding the matter but, I'm not going to do it. I believe K-Mart pre-BK shareholders got nadda. Same as I got when Delta Airlines emerged from BK under their current ticker, I got $0.00/shares because my shares didn't exist anymore. Same as K-Mart's. The common shareholder is the last man on the totem poll when it come to being awarded any compensation. By the time they get to us, they usually have no money left.