It's not just about Martin and the Swiss, it's about all creditor class groups. They all vote on myriad proposed plans. This is the whole point of bankruptcy proceedings - ensuring equitable consideration to all stakeholders. Of course, senior secured creditors have an absolute priority, but that's not carte blanche to dictate terms at the expense of other stakeholders. And, as a matter of fact, absolute priority is not all that absolute to say the least. Assuming there's actually a tenable plan to move forward that all creditor groups are happy with, the judge would be under no obligation to nix it if the Swiss were not game. You can't just go and liquidate a company that's presented a bonafide plan for collective positive reorganization because the senior creditor is sour grapes. Moreover, Vision's total assets are worth about 500k less than what the Swiss put in alone. They wouldn't even receive 1/3 of their investment once everyone gets their piece of the liquidation pie.
In summation: Chapter 7 isn't happening.
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