So much for all those people who bought Sirius (NSDQ: SIRI) stock last week. The company’s shares almost doubled on Feb. 4 following reports that EchoStar (NSDQ: SATS) CEO Charlie Ergen was aiming to cut a deal with Sirius to take control of the beleaguered satellite radio operator. But it’s becoming increasingly clear—as we reported at the time—that the power play between Ergen and Sirius CEO Mel Karmazin isn’t going to end well for shareholders. With Karmazin now seeing Chapter 11 as a viable option, or at least a negotiating ploy with Ergen, the shares plummeted in after-hours trading, to below $0.10. Here are the likely possible scenarios moving forward—and either way, shareholders are in trouble:

SEE ALSO: Bankruptcy Watch: Sirius XM May Be On The Verge—Or Wind Up Owned By EchoStar

—Ergen and Karmazin cut a deal, injecting some cash into Sirius and converting its remaining $500 million-plus into equity.  Common shareholders get diluted to virtually nothing.

—Sirius goes into Chapter 11 bankruptcy.  Common shareholders are wiped out.