Anything that depends on an airplane is a huge risk. These risks include bankruptcy and the stock flying to the pinksheets nearly worthless.
The trick is to get these airplane stocks at the low. The problem is, however, when these stocks are at a low its really scary buying them. For example, JBLU at 9. In the case of Kittyhawk, they did file bankruptcy one time before.
So with that said, I believe that KHK has hit a technical bottom at nearly 54 cents. If it does go lower, then that will be a break of the technical bottom. The good news is that when KHK hits these technical bottoms, you can double your money within 3-6 months. On the other hand, there is a certain amount of risk involved. The risk involved is definately high where you can lose all of your trading capital.
I would not consider KHK a listed stock, but as an option that might expire worthless one day. The possibility exists to double your money, but the possibility also exists of the company expiring worthless.