Well, in general, yes, in this case I, and you, if you're long, would hope not. If the judge uses that then we've lost half our argument in the last few days. The issue before the judge is not how investors value the company, and that is one way, but rather, whether this company is, or can be, a 'going concern' and the price of the stock or bonds is only tangentially connected to that issue. What is relevant to the judge is if the company has cash or hard assets to pay off the holders today,and can make the proscribed payments today and in the future. If it can't, then how much of a loss must the holders take to make the company viable, and what if anything they get for that loss.
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