Actually delisting is not the scariest outcome. Administration...

Actually delisting is not the scariest outcome. Administration is worse. I have been involved in a few private companies - providing they are well run, they can increase shareholder value and/or pay dividends. Of course if you are day trader or in it for the short term - it is not a good outcome. One of the main issues is that it is harder to sell your shares as they tend to be bought by existing shareholders so they are often not as easy to turn over.

I would rather be in a well run private/delisted company than a poorly run public company.