lesn: In May, NeoMedia would need to take an additional step to cancel the shares. They can do it a number of ways: announce a settlement with YA, announce a dissolution, execute a dissolution, or ask FINRA to stop trading.
Given the timing of the filing, we are certainly assuming NeoMedia is going out of business. On a default, they would no longer own any assets including technology, patents, and cash.
For all intents and purposes, the shares are worthless.