A couple days ago a friend asked me what i thought about him buying Lehman Brothers at 2 cents. Fortunately for him, the shares were delisted just a day before. he was lucky to avoid a certain 100% loss. I think because I have seen it happen so many times, I assume everybody knows that when a company that is trading under a bankrupt symbol (LEHMQ) and eventually sees the light of day again to trade at lofty levels, all those old shareholders are simply wiped off the books before new shares are issued. K-Mart was trading somewhere over $100 after it’s went bankrupt. Back then i was on a trade desk somewhere and helped a guy buy a few thousand dollars worth of the stock when it was trading at a nickel or so. The next day it was worthless. Sorry sir, you lost everything. Oh and that new shiny K-mart stock trading at $100 – you gets none of these. I think the lesson to be learned is ask somebody. If you think you figured something out, verify it with someone before learning the hard way.