The lawyers will present many different valuations and it will be up to the judge to decide which to use. If they don't liquidate their assets, he will probably pick a valuation based on the average price of oil over some time frame. The best case for commons is for the company to sell their assets when the price of oil is over $50/barrel (if it gets back over $50). At $45/barrel, there is little or nothing for commons.
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