Share: Hertz Global Holdings Inc (OTC:HTGZQ) announced a plan to re-emerge from bankruptcy this week. Like most bankruptcy restructuring plans, the news wasn't good for common stock shareholders, and former hedge fund manager Whitney Tilson said Wednesday that uninformed retail investors may learn some difficult lessons the hard way in coming weeks. What Happened: Hertz shares dropped 28% on Tuesday and another 23% on Wednesday, but Tilson said it's difficult to understand how Hertz shares still hold any value at all after the bankruptcy plan announcement. “It would be hard to find a better example of retail investor naïveté than the fact that Hertz only fell 28% yesterday after it announced a deal that would allow it to exit from bankruptcy – but would also wipe out shareholders!” Tilson wrote in his daily newsletter.