If you check out the SEC site, there is a hedge fund that has been building a position over the last 6 months - it's long odds but not a dry hole.
If TPI is successful, which is always a long shot for a cancer treatment, it would probably be 5 digit appreciation - mostly on the back of having 16 million shares out and full rights to an FDA approved drug for markets outside of N. America and Japan. That at a minimum is probably 3 to 4 years out though, given that the Phase II trials are still recruiting.
I like the long odds obscure plays - so long as there is real meat on the bones. Have you looked at Crystallex? They are Canadian, so the case is in CCAA, which does not work quite like BK here, although their is a Chapter 15 case stateside that is accessible via pacer, and there are the monitor reports up in Canada. They have/had a monster gold deposit....in Venezuala ;(. Chavez took it, and Crystallex has filed bk to pursue arbitration under the World Bank arbitration process. The suit is for 3.5 BILLION, and it was a 17 million ounce deposit, so that's not a silly number. It trades on the pinks - but not in Canada - which is great because that makes the pricing even more inefficient - Canadians who know it best can't trade it, but Americans, most of whom don't follow Canadian stocks period, much less bankrupt ones, leave it alone. I don't have a position yet, just starting to look into it. At this point mostly curious about enforcement powers of the World Bank arbitration process. FWIW.
