Matt Levine: "This is also a model for Hertz, etc.: Famously, the stock of a company is a call option on the company’s assets, with a strike price of the nominal value of the company’s debt. When the company is bankrupt, the call option is out-of-the-money, cheap and highly speculative. That is, it feels more like a call option; if you are trading for fun, and call options are fun, then you will prefer option-y stocks like Hertz."