Ann: Notice of Meeting of Noteholders , page-19

Not sure how there cannont be any value left if they are payiong sign on bonuses to the exec's who are your employees as shareholders / noteholders.

Might be my suspisious nature, but I think they have gone for the low ball offer so that noteholders will go for admin.

Is there an advantage for them in having this happen?

I think something will come out later showing that this was what they actually wanted to occur.