Electro, my own thoughts are as follows:(a) The only thing...

Electro, my own thoughts are as follows:

(a) The only thing stopping the creditors, suitors and management from divvying up the spoils are the major shareholders, e.g. Gordon Merchant who needs to be accommodated. The alternative is the threat of liquidation, which I think has passed with the arrival of debt arbitragers.
(b) If they have to offer the same deal to small holders, as what they effectively offer the major shareholders, then we are somewhat protected, and can look forward to improvement in SP, or a better exit price.
(c) If there is a chance the major shareholders (say Gordon) will be given a better deal, then we are exposed, and need to think about exiting before the deals are done.

All guesswork for us unfortunately.