After reading the Six Flags BK docs I believe Tricadia is working to save the NOLs and cancel commons. Corus Bank will live with new common shares.
We have plenty of circumstantial evidence to the contrary, therefore it makes sense to hold. Hopefully this deal was cooked long ago and Mr. Big(s) found a way to force the commons into the reorganization thanks to valuable NOLs. Without a large cash infusion...as you stated...we have nothing to offer but NOLs.