Still, I suspect that despite the rhetoric surrounding this dead cat bounce, the nonzero Hertz stock price is more a result of market structure. I saw similar delayed declines years ago (when I followed the market more closely) in several contexts that I attributed to the interplay between the equity and options markets. In simplest terms, a decline that should happen on Friday is delayed until Monday after an options expiration. On smaller floats this delay in price action could last for months. I never fully understood the mechanism behind it-- whether it was large options-writers manipulating the market or just the natural outcome of options-writing activity.
TL;DR: Someone in this system besides Hertz probably is acting normally and rationally, and the Hertz price action merely is delayed by the market structure, specifically, options activity.