[pig4bill]

Usually you can tell if the stock will be cancelled by comparing the debt to the book value. Most bk's owe more than they're worth, e.g. less than worthless. Another indicator is the bonds. The bondholders are ahead of the stockholders as far as getting anything. If the bonds are trading close to face value, the stockholders may get something. If they are trading at 30 cents on the dollar, forget it.

Some notable stocks that got cancelled, leaving many surprised bagholders, are Kmart, United Airlines, and Delta (not sure they're done yet). Every once in awhile something weird happens. GM parts supplier Delphi was circling the drain and looked certain to being flushed. Then hedge fund BSD David Tepper came in and bought a ton of it. It's looking like he may save it. I'm glad I covered my short when I did.