mmbg, I don't really see, it's just more effort than I can muster.
They either liquidate (shares become whatever they can get for the company), accept a large buy-in (shares suffer a massive dilution, but perhaps enjoy better pricing mutliples going forward) or some sort of reverse thingy (similar to 2 above, mega-dilution but perhaps some better share multiples going forward).
The above content is my opinion.