Noteholders will never be wiped out. If it were possible, it would actually be a good thing for longs. But it's not possible. For one thing, there are far more available shares than are needed for the noteholders to convert..even if the stock drops lower yet. Mind you, in a year or so, with possible new notes, they could run out of shares. But noteholders are owed a dollar amount, and a reverse split wouldn't affect any outstanding notes, I'm quite sure.
As far as your concerns, I agree with most of them.
Number 1 though...Abrams has received the compensation he came for and may or may not be offering advisory services still. If he is, there is no known compensation for him, so who knows. Why would he stick around? By now, he likely feels the same about the company as many of us.