Ahhh - but the question is, the assets that were filed in the bankruptcy are as of the last filing, when the price of oil was significantly less.....how will the courts take that into play, and will they end up much like the other company you mentioned.
I still say the man would have been selling his shares at .70 if he thought something like this was coming.
Mama and Daddy always said it's how you play the game - trade to trade well and the rest will fall into place ;-)