Don't options vest immedietly when the company is bought or goes IPO??

The trick being that (I think) shareholders are last on the list to be paid under Chapter 11 and that share price drops to $0.00. So, 20,000 shares at $0.00 equals....

Complete speculation, but D/M might not have agreed -- may not agree -- to a buy-out unless Chapter 11 is part of the deal --- take other SB liabilities off the table.