It's worth the market's perception of what the holders will get after a prolonged bankruptcy process.

The lawyers and accountants get paid out of the leftover assets.

If there's practically zero assets left, the process won't even start.

You may remember the implosion of mtgox, and people buying mtgox ‘dollars’ at a discount. There’s always a greater fool, apparently.

Wait, what's so foolish about buying debts for a discount? There's an entire industry (collections) devoted to that. Sure, that time they lost, but hindsight is 20/20.

Mt. Gox bankruptcy claims proceedings are marching along slowly, so I wouldn't say that they've lost just yet.

That is right, it is an industry. It has established risk models. It has norms and remedies. Most importantly, it has the triumvirate of debt worthiness (aka credit bureaus) at it's beck and call.

It had to start somewhere didn't it?

If you bought btc at a discount at mtgox you are mega rich now.

If and only if you got your btc out of mtgox.

MtGox paying out with the remaining funds.