You are dreaming! Or at least unaware of the administration...

You are dreaming!
Or at least unaware of the administration process.
You are correct that there may be negotiation between the various note holder stakeholders in an administration. You are incorrect this would be fought out in the form of a share bid. In the circumstances an administration will result in the equity value in the company (share price) being zero.
The historical cost of various stakeholder positions in irrelevant to current value. A bad poker hand is a good analogy.
However, as seen in the last desperate $7m equity raising there are stakeholders who will (or must) follow their position.
As I indicated more than 12 months ago the likely outcome is the note holders assume direct ownership of the projects and SDL is wound up with an insignificant return to unsecured creditors and a total loss to shareholders.
In case anyone is worried, employees rank ahead of creditors so staff should receive their salary and entitlements from the remaining cash reserves. There are limits for direstors so GC may not get the full whack!
J8