I think only one time ive seen the selloff before the actual filing of bk, usually it sells on the rumor of bk, and then after the filing sells another 75% or so down, sometimes the first day, sometimes over about 4 days, Its real risky money at this point imo, im holding my powder until we see a larger % drop, I could be wrong though.
My NY resolutions: go long on the leaders, (trade runners though), dont go contrary, ie, dont short a stock that is running, let the winners run. play for the bigger money and not the crumbs, ie, (flipping out for pennies).