SEC on Bankruptcy http://www.sec.gov/investor/pubs/bankrupt.htm Chap 7 doesn't have to notify shareholders (Chap 11 does); trading doesn’t have to be halted. Business continues “as usual” until doors are shut. There will be Creditors mtg April 12, but it won’t matter. Currently, it says “do not file claim”. That is because there are no assets. If assets are found (which they won’t be, the Shareholder will be able to file but they’re at bottom of list –will get nothing. So those that are buying now will all of a sudden find they own stock of a company that no longer exists and have no recourse. See SEC excerpt below What is Chapter 7 Bankruptcy? Some companies are so far in debt or have other problems so serious that they can't continue their business operations. They are likely to "liquidate" and file under Chapter 7. Their assets are sold for cash by a court appointed trustee. Administrative and legal expenses are paid first, and the remainder goes to creditors. Secured creditors will have their collateral returned to them. If the value of the collateral is not sufficient to repay them in full, they will be grouped with other unsecured creditors for the rest of their claim. Bondholders, and other unsecured creditors, will be notified of the Chapter 7, and should file a claim in case there's money left for them to receive a payment. Stockholders do not have to be notified of the Chapter 7 case because they generally don't receive anything in return for their investment. But, in the unlikely event that creditors are paid in full, stockholders will be notified and given an opportunity to file claims. Does My Stock or Bond Have Any Value? Usually, the stock of a Chapter 7 company is worthless and you have lost the money you invested.
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