Why it is still trading
Until the legal date that the plan is put into effect, the stock is still 'alive' and will trade.
What will happen is that when the court had the confirmation hearing, that will start a 8 or 10 day appeal period, in which anyone who objects to the confirmation can file an appeal. Once that time period runs, then the court will enter an order for the confirmation and set the 'effective date' for the plan.
Once that happens, the stock will be delisted, stop trading, and the shares will be dead.
At that point the common shares will be trading. If you look it up in the NASDAQ/OTCmarkets symbol news, you will usually see the notice on the morning prior to the open of the market on the 'effective date'. There have been some cases where this trading stop happened in the middle of the trading day.
I would say that you probably will want to sell the shares in 2015 so you can take it as a loss on your 2015 taxes, since if you still hold the shares into 2016 and then the stock stops trading, you will not be able to take the loss until tax year 2016 is filed for.
Louis J. Desy Jr.