The announcement of Eastman Kodak 's (OTC: EKDKQ) bankruptcy filing yesterday marked what many saw as an inevitable step for the once-iconic photography giant. But if you looked up a stock quote for the company's shares last night, you saw an interesting thing: But for a scant 2,000-share trade at some point early in the day, the stock's old listing saw no trading activity yesterday. The reason is simple: The New York Stock Exchange delisted the stock as soon as it filed for bankruptcy, and the stock now trades on the Pink Sheets. Yet despite the filing, shares still fetched $0.30 a piece at the end of the day. That raises a simple but important question: Could Kodak give investors a big payoff? Understanding bankruptcy The idea of profiting from distressed investments is an age-old siren song. Look back at recent bankruptcies, and you'll see that investors still hold out hope for recovery months or even years into the proceedings.