If there is enough shareholder participation complaining of shareholder value being taken away, the judge will not overtly adjust anything. He will have the DIP'ster do the adjusting until the judge is satisfied that shareholder value is taken at the expense of keeping the company alive, rather than just to reward insiders. There may very well be no adjustment.

If the DIP'ster walks, there is a backup deal. And, apparently, others in line.