When asked how he went bankrupt, Mark Twain replied, "Slowly at first, then all of a sudden!" Chapter 11 begins with the filing of a petition with the court. Only takes a filing fee and filling out a form. The process can be relatively quick depending upon creditors classes, assets and approval of the plan of reorganization.
Idiot! BK is written all over it! Why would they give you idiot $6 when they can have for $0.05 after announcing BK? All the remaining cash will go to the victims and their lawyers and the stakeholders other than common. I sold my 10k shares AH at a 10% loss; it's much better than losing it all. Take what you can tomorrow. The MM's might keep the pps up around $1 to get more suckers to buy the shares and then BK!