There is some expectation that current large shareholders, who are also large creditors, will buy the assets but the court may decide their bid isn't credible. However, it may be the only one, in which case the company would probably ask for forbearance while they wheel out Plan B.

Raytheon Credit is the only big outside creditor with much at stake in the proceeding. How things go may depend on what Raytheon thinks the market for used 1900's is.

If the existing shareholders/creditors succeed, there may be an interesting play in the stock, which is currently selling at one-tenth of a cent per share (you could buy 100,000 shares for $100!).  The existing guys have a reason to keep the stock alive, even if it is greatly diluted.  That tenth or a cent could turn into a couple of cents.

As always, I reserve the right to be wrong here. 

Buying the stock is legal.  I have no insider information. Most of what I posted is public, a little bit is inference. See:

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While legal, buying Gulfstream stock may be crazy; the chance of losing your whole investment is a really small fraction less than 100%. 

HNY to all.

Hmm..  Jan 4th has come and gone and 3M is still flying.  No regular news source has seen fit to report on the court proceedings of Jan 5th.

The hearing was postponed to Jan 7th. Of course, there's no news from that one either.

The Jan 7th hearing was to include a motion from unsecured creditors to convert the case to a Chap 7 (liquidation) bankruptcy.

The news search is a little messy, the Gulfstream racetrack also filed for bankruptcy.