Thread regarding Hertz layoffs

From NASDAQ today (16 June):

"Hertz, a vehicle rental company now in the middle of the bankruptcy process, continued to mystify market onlookers as its share price jumped 21% Tuesday morning before quickly reversing course and diving back into the red. What in the world is going on with this stock?
One piece of data that may help explain Hertz stock's volatility Monday and Tuesday is that its bankruptcy judge hasapproved the company to issue up to roughly 246 million new shares, a move that would allow it to take advantage of the recent speculative run-up in its stock price. That's certainly a significant amount, given that Hertz currently has roughly 142 million shares outstanding. This stock offering will not only cause dilution by most definitions, it will add interesting pressure to the stock price. One theory behind the stock's speculative rise was a short-squeeze, and when a surplus of shares are added it could effectively end the short-squeeze by allowing new short-sellers to put in their new short orders. Remember the stock is likely going to zero, making it enticing for shorts, and some who wanted to weren't able to borrow shares to short previously. All of this has the potential to add downward pressure to Hertz's stock price. Ultimately, Hertz shares will continue to be volatile throughout bankruptcy.
The path of Hertz stock over the past few weeks could be described as a slow-motion train wreck that will almost certainly end in its common shares becoming worthless. The New York Stock Exchange notified Hertz that it will be delisted, a decision that the rental company is currently appealing, but if that happens, the shares will become less liquid as fewer people will be able to buy and sell them.
Even Hertz management reminded investors of the risk associated buying its shares now: "We also expect our stockholders' equity to decrease as we use cash on hand to support our operations in bankruptcy. Consequently, there is a significant risk that the holders of our common stock will receive no recovery under the Chapter 11 Cases and that our common stock will be worthless," the company noted in its recent Form 8-K SEC filing.
Take Hertz stock's volatility with a grain of salt, and also with the understanding that some traders are playing a dangerous game – buying and selling shares that are likely to end up with no value. Long-term investors would be wise to watch this corporation's collapse from the sidelines."

You know see the true colors and ethics of the Hertz management team and the board of directors. They are willing to screw over a lot of people again!

This seems scammish.

No different than encouraging theft at the counter during rental transactions. Hertz is terrible!

The are hoping Robinhood traders who are amateur and given last week clearly stupid, will buy worthless stock hoping they will make a few pounds.

I am shocked a Judge approved it it’s basically theft from stupid people that has been approved legally..Can’t make this up!

Just when you thought the Party City delivery program was the dumbest idea that Paul up came up with! I am very interested in who they think would invest in a company that is currently in Ch 11.

This is so odd! Something from the twilight zone. It is clear that Paul and his team know that the company will fold in Bankruptcy. There will be no credibility remaining for the once iconic brand. This is truly an indication that Paul even knows he has months remaining with this scam operation.

Excerpt from Bloomberg:
'Hence you get the stock of Hertz, which is bankrupt, soaring because of [speculating day traders], inspiring the rental-car company to shrug and sell more of it. Again, just a quick recap: Hertz is bankrupt. Matt Levine suggests it is kind of “cruel” for Hertz to sell more of its possibly worthless equity to these doofuses, but then can you really blame it? It needs cash in the worst way, and nothing makes sense these days.'
Proof Hertz has no scruples and that P.T. Barnum was spot on. Anybody who buys this stock is a s—er.

Excerpt from Forbes magazine:
“It’s bananas,” says Matthew Cavenaugh, a bankruptcy attorney with Jackson Walker, who has no involvement in the [Hertz bankruptcy] case. “The whole concept of funding a Chapter 11 through an equity raise, in the first month, in this unprecedented environment, strikes me as ludicrous.” 
This is because by almost any stretch of the imagination, shares in Hertz should already be considered worthless — with equity holders so far down the totem pole that they would be foolish to believe a Hertz reorg would leave them with any value whatsoever. 
It’s “a unique opportunity,” according to the Hertz court filing, “to raise capital on terms that are far superior to any typical debtor-in-possession financing.” 
Hertz is essentially saying that if mo–ns are offering free money, why not take it? Bondholders will still end up taking over anyway. “Caveat emptor,” says Jeff Anapolsky, managing director of Crossroads Strategic Advisors and co-author of The Art of Distressed M&A: Buying, Selling and Financing Troubled and Insolvent Companies. “While Hertz common stock may be an interesting gamble, it’s not a good investment.” With $2.7 billion of Hertz senior notes trading in the 30s, even raising $1 billion will not make the creditors whole, explains Anapolsky: “If the value of Hertz is less than the amount of the debt, then the creditors are likely to receive the new equity in the reorganized company, leaving the old equityholders with nothing.”

Who on earth would buy this trash. The only reason I can see Paul doing this is to pad his wallet with more shares. Are they awarding ant of these shares to the execs? Thats the only explanation that Paul is giving himself a few hundred thousand shares