Your almost right but in this case the filing was not a chapter 7 the stock still has value and the company was not shut down.. and it is a listed stock.. <A HREF="http://www.investopedia.com/ask/answers/06/chapter11stocksbonds.asp" target="_blank">http://www.investopedia.com/ask/answers/06/chapter11stocksbonds.asp</A> and believe it or not there may be more than 80 million naked short sold shares remember the point they are naked .... this may be a wild ride