>>"Joe, I understand, but for the life of me I can not understand why the OBS was needed and these shares put in an escrow as opposed to just being delisted and tossed aside if there is not a plan for them?"..<<
This "Joe" can probably give you a slightly more informative answer, and I am sure Joe Arena would not have a problem with it.
Two reasons for the OBS in addition to what Joe Arena said;
First, this is a chapter 11 liquidation vs a chapter 7 liquidation. Equity needs to remain in place during the wind down in the form of the OBS. The chapter 11 calls for an orderly wind down to maximize recovery for the benefit of the creditors instead an immediate liquidation auction as what would be called for in a chapter 7 liquidation.
Second, the structure of the OBS allows for retention and use of the NOLs to be used during the wind down for the benefit of maximizing recovery for the creditors.