Net IRR of bankrupt companies

I've always wanted to see a study of the net ROI of companies that go bankrupt, or all-but-bankrupt (e.g., Blackberry). Many other examples, such as Borland, GM. I seriously don't know whether all the paid-out dividends over the years make it okay.

The study I would like to see: if you invest 1 year after IPO, and hold till liquidation, how does the investment perform?