Not sure how there cannont be any value left if they are payiong...

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.