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This was GM and as I roughly remember it there was no chance of this happening, because they just formed a new company and issued new stock after bankruptcy. Maybe hard for a young person at that time to understand, and the SEC probably shouldn't have allowed trading by the point he got into it, but it was all over the news and google was in its hayday, the information was easily available.

They saved themselves by reporting rented cars as stolen and having them towed back to the lot so they could double-dip.

That's a shame to hear about - Hertz is one of the shittiest companies I know. It would have been great for the world if they had been liqudated!