I don't think this is very complicated. If the noteholders want a deal of some sort, they will need to submit a proposal that is w/in the realm of reason or accept one made by kry. If they make an offer and it is not w/in the realm of reason, the judge will just continue the stays. This will put pressure on the noteholders to submit or accept something reasonable. If the noteholders are not reasonable in terms of what offer(s) they submit or accept, it is no sweat off the judge's back. He will just continue the stays and the noteholders will get nothing above and beyond what they already have. There is no requirement that they get anything and there is no requirement that kry, if they have submitted an offer, bid against themselves and make an even better offer. It seems to me from the manner in which the noteholders have presented themselves to the judge in the past that they simply don't understand who holds the cards.