Riding majority of shares free on a core position and trading blocks of it on each new leg up. This thing is "predictable" and has been nothing but a good news story for me.
Once/If the company and BK Court judge gives approval for a Shareholders' Equity Committee to be formally organized and recognized at the collective bargaining table, it will explode either up or down. Up if the Shareholder committee is allowed to form because that will in essence say that the common shares will survive the Bankruptcy (BK) proceedings. Down if the vote is against the Shareholders Equity Committee or that it is not allowed to form. A very telling material event..
The whole crux of this stock is based on one question...will the common shares survive the bankruptcy proceedings?. Since March '09 the "trend of belief" has been that the commons will survive. We are seeing some HEAVY buyers and even some institutional hedge fund type buyers step in and buy and are holding millions of $$ worth of shares now...
It's in Bankruptcy status and is a gamble though...look at what has happened to several companies that went this same route i.e. GM who screwed their shareholders by cancelling the common shares.
A lot of things to consider but I'm happy with it so far :-)
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