When the company emerges from bk, there will be new shares issued for the new company. During the bk process, it will be determined what valuation the current common shares are worth. When that happens, the common shareholders will be awarded compensation for their shares in the form of cash or new shares in the post bk company.
The valuation of the current common shares is what is in question. In the bk filings, their assets outweighed their liabilities by about $ 500 million. Based on the current float, that works out to over $5 per share. Obviously it is trading significantly lower than that. It will take quite a while for them to work through the bk process, and during that process the stock will trade under the pcxcq symbol.
Anyone that states the commons are worthless now have no idea what they are talking about. This is determined by the market until the bk process is over.
