The only way to touch the stock of an airline in bankrupcy is to speculate when it is going to go up with some kind of good news for the airline and then dump the stuff ASAP once you've made your fast bucks on it. Then maybe try again and again, but don't be left holding it when they are about ready to come out since it will be going nowhere but down since about everyone will know it is about to be dumped for an all new offering. It will go up and down quite a bit, but it will be dirt cheap to buy tons of it and make the money when it goes up such a high percentage of the low, low cost. You are essentially day trading it, though you will probably be holding it a little longer than that. Overall it is a huge gamble that most of us sure as heck shouldn't be taking. I do know of one guy who thought he was making a killing on USAirways when they were about to come out and just threw away 5 grand by not knowing what really happens and why it was so cheap.