The NOLs may save the day here. Liberty probably wouldn't put a turnaround guy in the middle of this if they were going to liquidate. Now, they could emerge from ch 11 and not liquidate, but in order to keep the NOL value for the future, they can't give majority ownership to Liberty. So, keep the small amount of common intact, issued preferred stock to Liberty, and keep on truckin'!!! Yeah! That's the ticket! (: