maybe because of the fact the FDIC took over the bank
due to failure to comply with the regulations... the debt that was carried forward was greater than the proceeds from the sale....
now remember, the stock is issued by the holding parent company NOT the bank. the bank is only a subsidiary of the holding company though most of the assets came from the bank it was not the holding company. thus when the bank was taken away, the assets were also; which leaves the holding company with not much left.
a PR is not needed and not required. common stock holders stand little chance of getting anything after all is said and done. you'll need to follow up with the company when it comes out of BK, or prior to the come out, they may tell you whether the stocks are worth something or not.
gl
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