|Quoting OPNLguy (Reply 1):|
no matter how cheap the shares appear to be, since the stock will eventually be cancelled
Exactly correct. This stock will be cancelled. Its value will become absolutely nothing greater than zero. Theres a reason why it is so low even now... Delta's stock isn't worth the paper its printed on. (that is, if it were printed on paper).
In bankrupcies, stock holders are the last people to get anything out of the proceedings. After the creditors are done, there isn't much left. The new stock that is reissued when the company exits bankrupcy is distributed among the creditors, sources of major cash infusions, etc depending on the specific situation. As an individual stock holder, you'd be out of luck.
Whenever you see a stock with ".xx" at the end, be wary. This means they no longer meet the requirements to be listed - something is seriously wrong with this company. Addtionally, people don't avoid stocks that are below $5 and extra fees aren't charged for no reason. These aren't healthy companies.