Just speculation based on stock price. I was expecting a bounce to .15 or so. As you said, the most recent news stated a bidder had stepped up in court and the hearing on the Feb. 25th still holds some potential.
"With the court's pending approval, School Specialty can begin approaching potential buyers. But the company and its creditors are due back in court on Feb. 25, when they will report on the status of the rival financing package and when the judge will decide the next step"