"In rare cases, the original stock may retain some value if no new stock is issued and the company comes out of Chapter 11 in sound financial shape."
"If the company files Chapter 7 bankruptcy, you can be almost certain you have lost all your money invested in the company’s stock." http://stocks.about.com/od/understandingstocks/a/121308bank3.htm
They filed CH 7... there are no assets now... and there will be no surviving corporate assets, and no surviving entity. Once they get the thing through BK court, the court or the CH7 trustee should dissolve the company and file to de-list the stock.
There may be an issue worth addressing in the way the BK process works vs how the market works... as in a CH 7 filing the deliberate lack of any escape for investors, and without an escape for the shell, leaves the value of the structure and listing as a wasted asset. There probably should be an adjustment made to the BK law to enable the "sale" of the shell as an stand alone asset in a form that would have it not inheriting the liabilities... as it would be in the interest of shareholders AND creditors to have the shell survive and provide at least a potential for recouping some lost capital, if the shell company managed to succeed in establishing a new business.
But, as far as this issue ? It was always a very high risk crap shoot that they "might" be able to pull it out. If they had managed to "fix it", it could easily have been a pennies to dollars story... but, they didn't fix it, and filed CH 7, so it isn't going to be a survival story, or a shell stock turn around story, rather than a failure... and that's all.
I still think it is a crime in progress that big banks were "bailed out" while small banks only get "liquidated"... but, given that is the reality, the original premise of the play is still intact, too (if not in this stock): Find a few of those "on the edge" that manage to survive, and you'll likely do very well with only a few winners. As EVGGQ makes clear, finding those with an ability to "survive" likely will mean finding those few that also prove to have an ability to raise new capital... which EVGG might have had, IF... but, they whiffed on the effort.