The dumbest trade in history worked.
On 22 May 2020 Hertz filed for bankruptcy. Four days later the stock hit forty cents. Two weeks after that it was over six dollars.
Retail had bought a company that already told a judge it was worthless. Hertz noticed, and filed to sell 500 million dollars of fresh stock into the crowd, writing in the paperwork that those shares could end up worth nothing at all. The SEC stepped in and the offering was pulled.
Everyone agreed it was the dumbest trade in market history.
On 30 June 2021 Hertz walked out of Chapter 11. Creditors were paid in full. The shareholders, the ones who held a bankrupt company the whole way down, took over a billion dollars of value.
Holding till zero worked.
So $HTZ is priced in HTZ. The joke and the collateral are the same asset.