Maybe, but with that kind of debt they're gonna tweak note holders, considering they would be forced to also split debentures. This will scuttle anyone not in the know with a note. Torching any reason to a keep a churn post split.
If a run prior is planned, what shares will be sold, where are they,market makers washing with one another? And who would buy at market in bulk assuming a run and knowing a split is on the threshold.
Unless of course the settlement is in favor, no split and all debt is dealt with, then the run and then split. Could be. If so it'll go ape nutz for a while.
Disclaimer: Everything I post is opinion and is not to be taken as investment advice. You make your own decisions based on your own judgement. Do your own DD = 'Due Diligence' = Your trade, Your responsibility.