The best outcome holders can hope here is for script for script...

The best outcome holders can hope here is for script for script offer from GXY, take a hit of 50% or something. Then hope to recover it through GXY share.

Any 3rd party consortium coming in with refinancing and recapitalization: Holders will get diluted to smithereens and end up with something between fark all and very little.
And consortium will walk away with owning just about all of it (be it FMG, Tianqi or ALB)

Asset sale (don't think it will come to that) but the result same as above.

Be careful what you cheering for.

Longer this stay in VA, more likely holders will lose out bigger to 3rd party.