In any BK play the odds are always against the company. As I've stated before more than the money the type of deal that happens is more important. $400 Million is correct if its straight liquidation but if it goes as a "Going Concern" it might be different. As stated in many of the articles in recent days the companies that are bidding are already negotiating with the current creditors.
Do you really think it needs 400 million if it is kept as a going concern? Did you ever figure out if the 243 million dollar bid does or doesn't include the 150 million for sygamore?
For those who read this and don't know what a going concern is: