GLUV Corp (fka GVRP)

[matrix]

Sure, they can file Chapter 11. Since the majority holders are outsiders right now, everyone could pool shares together and vote to remove the current insiders. Another option would be to try and get a nondischargeable claim against the insiders. An IFTA shareholder group did this for a different storyline. The CEO filed BK for the company and for himself. Their attorney went after the company, him, and a few other characters. The BK judge ruled in their favor for tens of millions of dollars in a nondischargeable claim. The ex-CEO may never be able to pay it off in his life-time, but they won that battle.

Etrade supposedly told Purl Gurl: "GVRP advised us to not trade. Corporate advised me you can trade if, you accept one-hundred percent of responsibility for damages, and you have $100,000 in account equity to cover for damages"
http://www.investorshub.com/boards/read_msg.asp?message_id=6438319

I've never heard of that before. I don't know why outsiders would incur any such liability for trading a stock which the SEC or NASD have not halted.