'…and under this variation of bankruptcy which is valid in California the company as of this moment does not exist and portions of it are being acquired by a br

'…and under this variation of bankruptcy which is valid in California the company as of this moment does not exist and portions of it are being acquired by a brand new entity but what that means is all of your options are gone.' I would love to understand what this variation is and if it's actually legal from any lawyer types out there.