I'll spell it out one more time: A company with a value of $540M and debt and liabilities of only $100M does not file for bankruptcy at all under any chapter. The judge would laugh at them and tell them to go away.
Why on earth would a company want to go under the purview of a bankruptcy court judge and a trustee/monitor if they didn't have to? That would be monumentally stupid, just like the suggestion that this company did just that.
I swear I’ll never use the phrase “you can’t make this stuff up” ever again after being on the OTC. Apparently you can.