I did the same with American Airlines when it filed
for bankruptcy, and took several of my "friend" brokers
advice to sell.
I sold and recovered about 5% of my total investment,
and am still using the stock for the proverbial $3,000
loss carryover on Capital Gains.
Anyway, the company recovered. Before the current shares
where rendered useless upon restructuring with US Air,
the share price from what I recall when from about a buck
a share to over $14.00 per share.
Let's say I kept shares and sold at $10/share, I still would
have made a 33% profit.
So much for EVER listening to anyone else again.
I have A LOT of shares of ARO, and I am not selling them
until the Fat Lady sings. At least for now they survived
bankruptcy and anything can happen.
Peace.