$Asensus Surgical (ASXC.US)$ It was the company's operating ...

It was the company's operating managers who brought a company with a bright future to its end, and it was they who signed the unequal agreement to sell the company at a low price.

At present, if a company applies for bankruptcy protection, it may choose to execute one of the Chapter 7 and Chapter 11 of the Bankruptcy Law. Here is a brief introduction to the difference between the two laws.

The U.S. Bankruptcy Law governs how a company stops operating or how it gets out of the abyss of debt. When a company is on the verge of bankruptcy, it can invoke Chapter 11 of the Bankruptcy Law (which is Chapter 11 that we often see in company disclosure documents) to "reorganize" the business and strive for profit again. A bankrupt company, or "debtor", can still operate as usual, the company's management continues to be responsible for the company's daily business, and its stocks and bonds continue to be traded in the market, but all major business decisions of the company must be approved by a bankruptcy court, and the company must also submit reports to the Securities and Exchange Commission.

At the same time, a company can also apply for bankruptcy based on Chapter 7 of the Bankruptcy Law (which is chapter 7 that we often see in company disclosure documents), and all business of the company must be completely stopped immediately. The bankruptcy property trustee will "clean up" (auction) the company's assets, and the funds obtained will be used to repay the company's debts, including debts to creditors and investors. The stocks in the hands of shareholders usually become worthless because if the bankruptcy court confirms that the debtor has no repayment ability (liabilities are greater than assets), the shareholders' investment will not be returned. In addition, after the company's assets are liquidated and paid to secured creditors and unsecured creditors, there is often little left.