XIDE emerged from a multi year chapter 11 this year, so it might be a good one to study. I believe the old common survived there, but at what value I do not know.
2 of the 2009 corn ethanol firms went completely under, chapter 7 liquidation, and the common share holders got nothing, but they had no stock holders equity, their losses far exceeded the assets value, but the stocks traded at about .02/share low all the way to the end, probably due to short covering, and numerous small holders not wanting to pay the brokers fees to pay more in fees than the shares would get, so they bottomed at about .02 share all the way to the end. Keep in mind the shares can be diluted in BK. Shares that go .0001/share are usually due to massive dilution, which will not happen here.
The down side risk here is if they find a buyer to take it private, that wipes out the common, in a sweetheart deal.
Ambition with out knowledge is like ship in dry dock. Going nowhere fast!
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