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In the eyes of the IRS you have not incurred a loss yet, since you still own the stock (albeit a very-difficult-to-trade one).

Maybe I'm reading this wrong, but pub 550 seems to be very clear about what to do with a worthless security. See the top of pg. 40:

Stocks, stock rights, and bonds (other than those held for sale by a securities dealer) that became worthless during the tax year are treated as though thy were sold on the last day of the tax year. ... Report worthless securities on Schedule D (Form 1040), line 1 or line 8, whichever applies. In columns (c) and (d), enter "Worthless." Enter the amount of your loss in parentheses in column (f).

Seems to me that bankrupcy would be sufficient in order to consider the stock worthless.

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