Alyssa, yes, there are approximately 280 creditors, and more are on the way. In 2008, NEXTY had over $1B in liabilities. As usual, the creditors are going to be paid a small percentage of what they have lost. The common shareholders will receive nothing. That $812K will be used to help pay off the creditors, but that won't go very far. Remember, common shareholders are at the bottom of the totem pole when it comes to being paid.
A Chapter 7 shell is worth nothing, not .05. After a Chapter 7 has been finalized, you will always see some volume going through that stock, until at some point, which may be a few years, it finally dies completely. People will always do that because they think they can make $100 or $200 on a quick trade. It's just the way some people are. They will continue to trade until they can't buy any more shares.
Based on your statement, I think you're in the same boat as Value Investor. I really don't think either one of you understands exactly what's going on here. And if you're not careful, you'll end up losing whatever money you invest. Like I said -- keep an eye on the volume. You need volume to sell your shares. For every seller, there has to be a buyer.
Goog luck and be careful!
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