Wouldn’t the last owner that couldn’t sell the stock still own it? When I was a kid I saw an old shack that had stock certificates as wall cover to keep the cold from coming through cracks. I asked my dad what they were, I remember they were so pretty, looked like art. I wondered later if the stock had recovered the certificates I saw may have been worth a lot of money. As to the tangible things a corporation owns if the company goes broke don’t the creditors take possession?
I think you’re right about creditors. But, if they take the physical buildings, machines, etc., do they also have to take the now zero stock? Or is that just dead once it hits zero?