A little more on bankruptcies. There is a kind of food chain at work in a bankruptcy. The government comes first, i.e. if the company owes any taxes then the government gets paid before anyone else. Next come any unpaid pay owed to employees. (This does not include pensions.) After that comes the secured debt. After that you have the unsecured debt. (Typical unsecured debt will be holders of unsecured bonds, and money owed to vendors.) Last in line you have the shareholders.

Each level in the food chain has to be made whole before the next level down can get anything. Thus, for example, the holders of secured debt must be made whole if there is any hope for the unsecured debt, and the unsecured debt must be made whole before there is any hope for the shareholders. This means it is hopeless for the shareholders. There is a simple reason for this, namely, the companies debts exceed the assets. This means there will be nothing left for the shareholders, and they will therefore lose every penny.