Renounceable Rights election for ELF holders

So yesterday ELF holders got an email to remind them that they may not directly trade the rights associated with their ELF shares but that they may elect to participate in the offer by expressing a non-binding interest by 5 Nov. If not, then ECT may trade the rights and apply any funds realised as pro-rata balance reductions across ELF loan balances.

I'm in the position of not having further funds to throw at the rights so I'm planning not to express an interest. I suspect any loan reductions will be pretty marginal and in any case of mainly theoretical interest as I think its most likely that the ELF loans will be underwater if they expire in 2020 as currently planned but I guess there's a small chance that various things might happen to change that situation. An unexpectedly positive announcement in the next week or so might make the rights worth a little for instance and major news before mid-2020 might bring the ELF loans back into contention. An extension of the ELF process is also a possibility that several people have mentioned.

I'd be interested in hearing the thoughts of anyone in this situation (well, the non-trolls anyway) on how to view this and what you think the plausible outcomes are.

GLTAH.