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what drives the stock of bankrupt companies?
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with debts exceeding assets by a billion dollars, this activity likely comes from penny stock speculators and "pump and dump" schemers. there is no rational expectation that the stock is even worth multiple pennies when the company is that far upside-down on its debts. even if the debts could be restructured in a chapter 11, the equity shares would likely lose all of their value in the bankruptcy proceedings. shareholders are at the bottom of the totem-pole when debts are being adjusted by the courts.
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