Acorda Therapeutics, Inc. has finalized an asset sale to Merz Pharmaceuticals for $185 million, after filing for Chapter 11 bankruptcy. The company's equity will be canceled, with no distributions to equity holders, as a Liquidation Plan takes effect. A Liquidating Trustee will manage the sale proceeds and handle the company's dissolution, representing a significant shift in the company's trajectory and a cautionary tale for investors in similar situations.