Many Thanks
Scott
There are always speculators that will take positions in bankrupt companies. Companies such as Hertz surged while in Chapter 11. Greed can cause investors to do crazy things. The block was 'probably' though related to a short seller closing out a position. There is some hope. Chapter 11s go through procedures to try and salvage value and keep a company operating. The market value is still $36M, which implies some investors think it is worth more than $0. But we would temper expectations. Most times, equity holders are wiped out in a restructuring, or receive pennies on the dollar of what shares were before. Generally, we would exit such a scenario. 9 times out of ten the equity ends up at zero. And even in the other 1/10 not much is typically left over. The company has a massive debt level, and creditors--not shareholders--will be in charge of this restructuring.