Even when a stock could be considered worthless as in a bk play that plans on canceling commons, there is still a chance for a bounce play on a lot of them. If you watched the gnvc action this morning you would see the intra-day price swings.
when playing a quick bounce...it doesn't matter what the stock is worth...the sellers always over react just like buyers do when there is good news and it flies only to fall well off the highs later...play the emotion of the people, but this os not for investing, only for playing a quick bounce off a big tank.