DAL and Northwest

[squiffy]

Is there any low risk way to profit from the DAL and Northwest bankruptcy filings? Stock should be worthless, but is still trading, albeit at a low price.

Short selling would be risky, in that price can actually go up based on irrational acts or manipulation. DAL actually went up in price today. Makes no sense really. But could really hurt you if you are trying to sell short and get a margin call.

Can you sell a put at a low strike price. Say a 2007 or 2008 leap?

BUt what happens to the put if the stock gets delisted?

Anyone, with genuine experience in options or short selling, have any ideas?