In such cases there is usually several so called "dead cat bounces" before current common stock cancellation and there is still a series of milestones e.g. hearing, acceptance of the proposed BK plan by the judge etc. to be achieved before cancellation is actually possible with the remote possibility of buyout, merging or refinancing in the mean time. So the stock has definitely a yet to be properly determined but not null value right now.
I think $0.04 is oversold and a spike to $0.15 is very possible in the coming weeks or months, so I'm accumulating here.
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