Here is what they say:
What does it mean that the common stock will be cancelled? Why aren't current common stockholders receiving anything under the Plan?
As the company said would likely be the case for some time, the proposed Plan stipulates that UAL's current Common stock will be terminated and cease to have any value. Unfortunately, current stockholders are unable to receive any distribution because under the law, stockholders are only entitled to receive anything for their equity interests after most creditors are paid in full, which will not be the case. The Reorganized United will issue new stock to its new shareholders pursuant to the Plan. If you would like additional information about the Plan of Reorganization, please visit
www.pd-ual.com or
www.united.com .