You may have near-worthless stock if the company s

You may have near-worthless stock if the company still exists, but there is no bid for the stock. It can take a long time for a company that is virtually worthless to go through bankruptcy. If you don’t want to wait for that to happen, you can do a tax-loss sale to get rid of your shares. First you must attempt to sell the stock in the open market. Speculators may be willing to buy your shares for pennies through the OTC Bulletin Board system. If there are no bids for the stock your broker or custodian will usually take the stock off your account for $1 or less (for the total position).
http://boston.com/business/personalfinance/ma...do_wi.html