Elliott will benefit the holders of NEW equity shares. That is different than saying that Elliott will benefit current shareholders.
Legacy shareholders won't get new shares, they will get a RIGHT to buy them at some as-yet-unspecified price. Whether this is a good deal for legacy shareholders depends on the parameters of those rights, whether that news stock appreciates, and whether you have the cash needed to exercise your rights.
I wonder if the rights will trade publicly for some period of time before/after the new shares are issued?
If I could afford to buy all of them, I would not need to buy any of them and I sure wouldn't be spending time on the message boards!