Well I guess it's completely out of our hands now. Yes, the stock has been cancelled. Yes the price dropped pretty hard and fast on some pretty significant volume. But to me it seems it traded pretty funny the final few months and minutes. 90 million share volume in one week in June, and yet not even 90 million volume in total the following 3 months as it moved towards cancellation.
Even bluntly worded statements regarding share cancellations in late July didn't bring about as much volume as we had at .15-.20 cents when there was so much uncertainty.
I'm used to seeing pump and dumps with Q stocks. But I'm also used to seeing more volume during the dumps. I'm sure those involved knew what they were doing the whole time.
At times even recently it seemed as though MMs were trying to keep a lid on prices by painting them down on low volume. That doesn't seem like something you'd try to do of you wanted to unload as many shares at as high a price possible to under-informed suckers blinded by greed.
We also didn't see a high volume P&D like Ambac had in the days leading up to its cancellation. Not that such a move was guaranteed, but there was as least as much potential hype and mystery surrounding this stock as there was for bankrupt and doomed Ambac shares.
Less than a million shares sold at the opening bell after the bankruptcy emergence news was out and very little volume I'm the past week.
I guess everything will be sorted out by 4PM today and we'll have a better idea as to why this behaved like it did.
I just don't understand how a court could recognize $1.1 billion in tax "assets" for a company then give 100% of the company to creditors who are only owed $500 million.