Quebecor World (fka QBRWF)

[MasterBlastr]

I think the problem is the company was carrying over $2 billion in goodwill on their balance sheet. In bankruptcy, goodwill counts as nothing. This immediately puts the company in a negative net worth situation. The companys assets are pledged to the lender of the $1 billion (Debtor In Possession). The equity at this time is very far out of the money. While the shares are carrying some worth at the present, IMO not even all the bondholders will get paid. A good clue is to see where they companys bonds are trading (cents on the dollar). Generally you will probably need to see all the bonds trading in the 90 cent or better range for the equity to have any chance at all.