Yes, you're right on liabilities and proceeds.
And on the bankruptcy staying in place.
I suspect we'll see continued choppiness in trading, and perhaps even a successful re-org, shareholder-wise, depending on what other business they have. The creditors know what's in the sealed docs, and may be more inclined to shift some of the debts so that a re-org'd GT has a chance. However, any pop tomorrow is pure "irrational exuberance" since the market simply doesn't have enough financial information to make informed decisions.
Ilene