Auction with at least 2 bidders very interested, maybe more. If bid is greater than liabilities, equity is in the money. Sometimes, even when creditors aren't made whole, equity gets a scrap. Chemtura rose from 2 cents to $1.50 on such speculation. Visteon also rose to high levels in 2010 when Johnson Controls made a large offer to buy the company intact. Many other examples. DDGNQ rose from 7 cents to 32.5 cents in a few days on its auction speculation. Auction didn't turn out well, but it didn't matter if one traded the stock. TRIDQ went from 6 cents to nearly 50 cents this year. AONE has a good story, plus extremely high interest and trading volume. I think an equity committee might be a good idea. This trade could make me rich since I loaded @ 5 and 6 cents.