Sounds similar in theme with what happened to Hertz. I think at some point it was bankrupt but speculation still had the share price way above what it was worth (nothing).
The original shares ended up being worth $8. There might have been a point during the bankruptcy were they were worth nothing (due to changing used car values) but in the end they were worth something.
Yea but that's the thing, if a company is bankrupt, shouldn't it be 0? Like rationally? In that sense, it feels thematically similar as people were trying to outsmart each other with trickery.
Rationally, I agree. But IRL it's surprisingly hard to measure the value of a company - both the assets and the value of continuing operations - even without considering they are in constant flux, even if there's no trickery.