Having a low stock price should not be used as a strict indication that a company will go bankrupt. Market Cap, P/E Ratio, EBITDA, and other indicators are used in addition to stock price to determine the financial health of a company.
Also, having a low stock price does not also automatically make you a takeover target. There are reasons you have a low stock price and acquiring companies want their targets to be somewhat healthy rather than investing their own money to turn a company around. Besides, TWA would have been acquired long ago if low stock price was the key.
As an individual investor, and assuming you had the resources, would you gobble up as much TWA stock as you could because it's cheap and does not have drastic fluctuations in price, has a negative earnings per share, negative book value, and negative return on assets? I wouldn't.
TWA is turning around, but it has a long way to go to turn heads on Wall Street.
Carl Icahn is the previous majority stockholder for TWA.