Often when a stock is knocked down due to possible impending BK, the price will rise as the uncertainty is removed because the fear of the worst case scenario has been priced into the stock already. After BK is announced, the story changes from "are they going to file?" to "is there going to be anything left after bk?" Now whe have a whole new set of shareholders involved in it. Those that think they can make a profitable trade, and those that think that there is hope.
Unlike many other BK I have seen I think CPNL has a chance of working through this to leave the shareholders with some equity. However, most chapter 11's end up with the shareholders receiving nothing. I think this case was different but also very risky. That's why I said in the beginning only to put money into this thing that you can afford to lose. I refer to it as 'vegas' money. I bit better than vegas odds because you know much of the risk up front - but still a gamble.
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