There are provision for worthless stock that could possibly allow you to report the loss before the process is completed.  If you are interested in claiming the loss you should look at that.  I believe the instructions also walk you through what to do in future years when new information is known or money is received.

To answer your question:

I would put the 1099 Misc in and carry it to misc. income as it states.

Then I would go to line 8 Other Income and enter a negative amount and as description put removing 1099 MISC income to report on Schedule D.

Then I would go to schedule D and put it in again showing that this is a capital transaction and that you are using up your basis to offset this income which reports no gain or loss at this time.  Note the new basis for when this settles and final loss is claimed.

Ask questions as maybe this is something that you are supposed to be reporting a prorated share of the gain or loss at this time, rather than making this transaction go to zero.  If the taxpayer received money, they probably received a letter from the bankruptcy attorney explaining what was going on and maybe even telling them how to report this.