I'm sure others know more than I, but I believe that if PBLS has any existing assets (e.g., oil or gas leases), they would be carved out to cover existing debts. From my quick review of the court docs (thanks to Xylan for his good work providing them), I don't think PBLS has any assets besides a small amount of cash and a bag of chips...oh wait, that LA gull made off w/ the bag of chips.
Xylan, please correct me if I'm wrong.