A colleague of mine bought into CPNLQ.PK (Calpine Corp.) and has been making some awesome returns! They were in the mid $50 range in early 2001 then ultimately dropped to $0.15 in January 2006 when they filed for bankruptcy. Since then they've been on the pinks, but they have come back as high as $4.15 this past April. Just looked and they are at bid/ask of $2.21/$2.23. Seems to me that you can still make $$$, you just have to be careful. Same as here or anywhere.