Jan...
As long as the shell holds unassigned shares, it has value until BK is declared. That's why a scam stock's AS & OS #s are identical...no restricted shares, the shareholders are the sole owners of nothing.
The value of a stock is defined by the 'property' ($, real estate, machinery, products) it holds.
Reserve/restricted/unsold shares are 'property'...& taxable. The IRS never forgets.