As far as I know that is true but I own shares in both a TDA & Fidelity account and they both still show them with value.
Interestingly, my TD Ameritrade Acct TODAY showed PPMIQ dropping $.03 to $0 and it removed that amount, SIMULTANEOUSLY it put back an amount under 69344M101 at the price of $.049. So my account value actually increased today???
"Distributions of cash and stock in the reorganized company will be made to those that had valid and allowed claims..."
I'm sure you're probably right but i've had shares "cancelled" before because the company was bought out and my shares were reissued. I'm probably whistling past the graveyard but like I (and others) have said my accounts still shows value.