Taking into account the reverse split, it's already selling for pennies. Unless there is a complete wipe-out of the common, seems like there is value here.
No the common & preferred will trade lower if they file.
The R/S did a lot of damage.. If they restructure thru a BK it could have traded around .16 cents post-split or at today's PPS $2.20 (after BK).. however because of the R/S it will take today's PPS to .16 cents...
The best value is in the preferred. It's less risky.
Who has the kahuna's to buy @ $2? Anybody?