The good news is that KMRT can't go bankrupt again. Either they sink or swim now. I would hold off a few weeks to let the big guys unload their shares and then see what happens.
I think you better read your law books again, this isnt like personnal BK, they can and may do it again, Grand Union did it twice in less than 2 years and then tried again for a third *LOL*
there is no redeeming qualities in this company. no reason to go long every reason to go short, every other reason not to be sympathetic to these guys.. ceo making crazy money, it will only start all over again bk..imho