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Are the only paths (1) to try sell and take a loss, or (2) wait for possible bankruptcy settlement?

Yep. That's pretty much it.

Often, large brokerages will do a "courtesy purchase" for a penny or a dollar so that you have a sale transaction to get the almost worthless security out of your account. That is a bona fide sale, allowing you to properly claim the loss on your tax return.

You don't need to talk to Fido's tax desk - talk to the broker handling the account to see if these particular securities are able to be sold.

--Peter
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