I'll take a shot at this one: Patent protection?? Intellectual property does have some value. I'm no patent attorney, but keeping the company alive keeps BIPH patents protected. If a another company attempted to develop technology based on BIPH patents, BIPH could sue for millions. In the end, shareholders are still left with nothing.
Well, one possible reason is that there is still 2 cents per share of "value" in the company. That should pay the CEO's salary for at least awhile yet. After all, it'll take some time, especially in this bad economy, for a CEO to find a new gig that's as cushy as this one. Sorry_Charlie (BTW, nice handle), but it looks like the fat lady is warming up her voice for this one.