Westmoreland Coal Company (fka WLBAQ)

[mcp4]

Generally speaking, when and if a company emerges from Chapter 11 the old stock is cancelled and new stock is issued. The problem for investors is when and how to declare a stock "worthless" for tax purposes. It has to have zero value and be claimed in the tax year it becomes worthless. WLBAQ is still trading at about two cents so it certainly isn't at zero. Unless it is formally delisted and ceases trading by December 31, 2018 we can't claim it as a 2018 capital loss.

The alternative is to ask your broker to buy your shares by the end of this year. Then you have a record of having disposed of all of your interest in the company and can write off the loss.