From the SEC:
"Regardless of the type of bankruptcy a company files under, any common stock in a bankrupt company is likely to be worthless. That is because the common stock (that is, “equity”) is the last in line to receive what’s available to be distributed in a bankruptcy proceeding. Creditors, including bondholders, suppliers and employees, all come before holders of the company’s common stock. And, even if a company successfully reorganizes, its plan of reorganization often cancels the existing shares of common stock."
As you can read - novice investors are often confused about the stock still trading.
"Investors are often confused by the fact that, despite the likelihood that the common stock of a bankrupt company will be cancelled, the company’s securities may continue to trade after the company has filed for bankruptcy protection and before it emerges as a newly reorganized company. This confusion may be aggravated by the lengthy bankruptcy process—which may take months, if not years."
The Q plays aren't for noobies - as they don't understand that the secured and unsecured creditors have to be made whole and the common shareholders are last in line to receive anything from the distribution.
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