You have to put yourself in the shoes of the vulture funds. They...

You have to put yourself in the shoes of the vulture funds. They have paid 20% upwards for the bulk of SGH debt. They will swap this for new shares, which will result in a flood of new shares into the market. The market has anticipated this, which is why the shares have fallen as low as 13c!
What Anchorage will want now, is to rehabilitate SGH as it will be a major sharholder, and not a creditor. It will want SGH to bring in all the WIP, which is a huge number of Brit pounds and Ozzie dollars. How will they best manage this? A. Not by alienating the current shareholders, many of whom owned the firms that SGH swallowed up. Many less senior lawyers will also own SGH shares. Anchorage will not want staff 'walking' as the company's value lies in the expertise and experience of its personnel. These people own the files, and are best placed to bring in the fees owing (WIP)
This is not like an oil company, where its value lies in its licences and oil in the ground.
The vulture funds will want to make a fair offer in my view. It is in their best interest as shareholders to do so.
Have a look at Redde in the U.K. (REDD) and it D4E reconstruction a few years back.
20 fold increase in share price since that deal was announced.