Pacific Sunwear of California Inc fka PSUNQ

[1manband]

They were not restricted though. They submited for a reverse split to regain compliance and move to the Capital market exchange.

Their compliance with NASDAQ continued listing requirements has zero to do with their loan covenants with Wells Fargo and Golden Gate. As disclosed in the 10-Q, they expected to be out of compliance with the loan covenants once the waiver expired on December 31st. Which they were.

there was still no notice of potential BK in April and their statements made it seem like they would continue at least thru 2016.

The 10-Q should have told you that bankruptcy was a real possibility in early 2016. Combine the facts and statements in the filing with the factual information from retail sales numbers that are available from many media outlets and it was pretty clear that PSUN's bankruptcy was inevitable. The surprise is not that they went bankrupt, but that the Company was able to stay out of it for as long as they did. It is somewhat of a miracle they were able to hold out until April.

Even the initial press release of BK came from a media outlet in India that was tipped off by and unnamed source. Insider info?

No, that is not unusual, actually. The news of many corporate bankruptcies are broken before any release from the Company. Not insider info, but detective work. Again, it was no surprise that PSUN was going bankrupt, and there are a lot of investors that keep close tabs on these things in order to both minimize their losses and, sometimes, maximize their returns (short the stock, for instance).

What did you expect? The Company to tell you before they filed for bankruptcy that they were going to file for bankruptcy? Really?