The reason I am confused is this: they still end up with something, sometimes, at least. Otherwise noone would do it. The question is then, why doesn't this bec

The reason I am confused is this: they still end up with something, sometimes, at least. Otherwise noone would do it. The question is then, why doesn't this become a reduced to absurdity example where past investors are always left with nothing. If they can be wiped out, why aren't they always wiped out?