First off, I believe the financing will be completed on time which makes your question moot.

In general, any bankruptcy all assets need to be assigned a value. I could not add to what Vlada posted from my knowledge of the subject regarding our somewhat unique circumstances. Creditors are only due what is owed to them (plus interest of course), nothing more.

If existing noteholders want to pay $3.8B they can have the arb case and my thanks. If you know them please contact them and suggest they make a $1b offer to see if shareholders will be satisfied today prior to financing.

However, as stated previously here, it appears a select group of existing note holders may "rollover" some of the existing debt. How they accomplish this procedurally don't care. The end result is they will be holding part of the new debt.

One thing that all of us do know is we don't have to wait long to find out about the existing debt due in 14 business days. I anticipate a comprehensive update from management next week on several fronts.