the fat lady hasn't sung yet

Despite the claims of some, I do not think is "all over" yet irrespective of what the update on LT is.

Here is my rationale :

Assume the worst case scenario - i.e LT stuffed and no cash for a long time, no abiltiy to refi - staring a voluntary admin or an agressive / unfriendly takeover in the face.

Then, nothwithstanding the obligations Director's have if they place into VA they lose control - 3 directors at present LDM, SDB and JH - of which SDM is the one who has sunk serious money into NXS and even low ball offers will be better than letting it go into VA - who do you think will be calling the shota on this ?
Additionally two shareholders SDB + ACG now control over the 10% threshold - so they can block ( additionally I doubt Dimensional is going to easily wave goodbye to their 5% ). So these guys are going to want to control any realsiation of the assets ( if that is where we are headed) and maximise their get-outs.

The fay lady hasn't sung yet, and this (soap)opera has a while to go yet.