Not crazy! That is exactly right. People trade Qs for potential 100%+ gains in sometimes a few months, versus "regular" stocks which average 7% gains in a year.
But I think it's more with number of shares than actual price. For example, say you have 100 shares of AAMRQ at $6 (100 x $6 = $600), you might get 4 shares of what ever price the merged stock starts trading at. If AMR starts trading at $20 you will have (4 x $20 = $80) something like that.
I might hold on to a few shares just to see exactly how this bankruptcy to merger works and gain some first-hand knowledge.
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