The only reason they would offer something to common holders in the event they find a buyer for $700 million would be to avoid lawsuits (or, to put a more positive spin on it, because they are ethical individuals). To the extent the company is not in bankruptcy and making some money, it would be hard to justify selling it and giving common shareholders nothing, as by waiting they might actually get something some day. At $0.50 per share they would give up $30 million, which is a reasonably low amount in a multi-hundred million dollar transaction, and I bet they could easily get shareholder approval under that scenario. If they enter bankruotcy it will be a mees that they would, IMO, gladly save themselves for that price.
