But the put option will be hedged by options market makers taking a (net) short position in the stock.
So in so far as you have technical concerns about the risks of not getting completely paid on your short position if you have a borrow on a delisted bankrupt company whose shares are tied up in litigation, the market maker will have the same concerns about the same arcane risks and will pass the cost on to you in the form of a worse price on your option.
It might still be a better way for you to make this trade - the options trader has a whole settlement team to figure this out - but it's a service you're paying for.
If the stock is near zero and you have a contract to sell at $5 - that's profit.