Yep, add to which the debt is still accruing interest (likely at...

Yep, add to which the debt is still accruing interest (likely at penalty rates) and the customer receipts include prepayments from Toho, and there is no escape from this. SHs are just stuck waiting for the final negotiation between Toho and Regal before the confirmation of zero equity value.

Only 2 outcomes are logical

1. Toho pay $1 above scrap value for the P&E and Regal apply that against their debt (and still eat a huge sh!t sandwich) and Toho take 100% control.
2. Toho don't throw good money after bad and Regal sell the P&E for scrap.

In either scenario equity holders go to zero.

I just can't see how anyone pays any more than $1 above scrap for an entity that isn't operationally profitable even at zero debt.