They will get sold AFTER the company goes Chapter 11 since they are already in default on their huge loan and the lender will certainly not wish to share any of the proceeds with the common shareholders. The only time the common shareholders will get anything is unless and until ALL other obligations of the company can be met with the proceeds during a Chapter 11 filing (which I expect to take place shortly.)
ALL OF THE ABOVE IS MY OPINION
P.S. As to why the stock is still $1...it may be that price even AFTER they file Chapter 11 because the public is stupid and doesn't understand what is going on when a company fails. It is the same reason that Kmart, several airlines etc. have traded for $.50-$1.00 while they were in Chapter 11 even after it was known that the current editions of common stock would be cancelled. There is inertia on the part of current owners, hype on message boards from daily traders and so when you see the price at $1...don't necessarily believe that it implies anything. Like watching someone jump off a roof and concluding they know how to fly??