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Right, but if there are no shares to buy to cover because the shares are basically no can't cover.

I think the guy who posted about the different types of bankruptcy is probably closest. Although, in case of Chapter 11 you probably buy to cover at about .01/share. Lots of brokers will buy Chap 11 company shares at that price as a low cost gamble that the company will emerge or get purchased (like Ames did with Jamesway a few years back).

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