I presume you mean the administrators:- they are the ones in...

I presume you mean the administrators:- they are the ones in charge now. Their first and only obligation is to the creditors, however this doesn't mean they'll not listen to offers that are better than that that will pay out all creditors and creditors only. Shareholders always rank last, regardless of company. This is the risk you take for higher return, and why I split my holding between notes and equity. If people aren't comfortable with this I suggest investing in AAA companies only or buying bonds.

Remember the the notes have embedded convertible options within so total potential realisable value of the notes will be being considered.