Well, folks are selling, I'm guessing, because it's a lot easier to claim the loss on taxes if you actually take the loss via a sale rather than wait for what may be a messy and uncertain Bk process or they're just pissed and want to be rid of the stock.  The buying I'm not sure about other than maybe that it's still technically listed and the specialists/market makers have a responsibility to ensure an orderly market so long as the stock is listed...