What drives the stock of bankrupt companies?
Energy Company SunEdison (SUNE) filed for bankruptcy in early 2016, with debt exceeding assets by at least $1 Billion USD.
Throughout the bankruptcy proceedings, the stock continues to be volatile, occasionally swinging nearly 40% over a few days. (Feb 7: 8cents, Feb 10: 11cents).
This is not the only clearly bankrupt company to continue to have large stock swings even after all value seems gone.
Who is buying stocks like this, and why?