Just trying to find out what happens to the shares that our club currently owns.  They are worth pennies and I don't want to sell them and incur the transaction costs.  Better to hold and wait till they are cancelled.  Anyone know what the status if of these shares?

I don't see anything in the MCI press releases that indicate that the existing shares are being cancelled as part of the bankruptcy reorganization. You might want to call investor relations to confirm.

 

If they are not cancelled, there is nothing you can do to record the loss except to sell the shares for whatever you can get for them. Most brokers will reduce their commission so that it doesn't cost you to sell.

 

Ira Smilovitz