Grey Sheet/Grey Market Stock Info Board

[tradinplaces]

I'm not well versed in this and hoping one of you folks who knows more about this can help. If an OTC stock is suspended, does that mean they automatically get downlisted to grey? It appears to me that the suspension would make them ineligible for the piggyback exemption due to more than 4 days unquoted and so they would automatically be "grey".

Am I missing something?

If a company is downlisted, do shares in that company basically lose all of their value due to the fact that it has a tarnished reputation and it is so difficult to trade?

I'm a LAHO shareholder. LAHO was (so sad to say was and not is) a shell that a larger privately held company was going to merge into but they got suspended today. I'm afraid that the shell holds no value now if it is going grey so that will probably mean the end of the merger. Should I start playing Taps?

Any wisdom here would be greatly appreciated.