I've never seen debtors get 100% of the company you silly sausage. It might happen, but it's far from the norm. From my experience, which is admittedly limited in Q stocks, preferreds usually get a stake in the reorganized company, and commons may or may not, depending on (perhaps among other things) 1) Their assets, and 2) The degree to which shareholders have a voice in court. Regarding the former, they just made over $1BN in asset sales this month; and the latter, my understanding is that shareholders do have a voice in the SUNEQ proceedings.
I watched UPL*Q run thousands of percent, and SDO*Q and RSH*Q and AR*PQ run hundreds of percent. I was in all of those I think. You can double your money or more on these ones easy -- or just as easily lose it. But with the 200-MA cross today I had to add to my position.
All IMO. I'm not an adviser, nor have I done DD on SUNEQ. These Q stocks are high-risk, high reward, so manage your risk wisely.