They get delisted.
They file for chapter 11.
Stock goes for $0.
Most everyone gets fired.
Assets are sold to pay off creditors.
Remaining Salon employees are fired.
I thought that technically they were already considered delisted when they were sent down to the small cap market. I don't think even there a stock can hang around at zero, but Salon seems to dodge every bullet that takes out other better companies all of the time. I think they've finally ran out of Democrats with more money than sense wanting to throw their money down a hole to save Salon, which has been the only way they've stayed open the past year.