Different scenarios. Peabody shareholders were lead by Mangrove Partners, a hedge fund that self-funded valuation experts in the fight for an OEC. Coal prices had made a huge comeback after Trump was elected during the mid stages of Peabody's bankruptcy. And more importantly, Peabody had a plan to remain in business coming out of BK, unlike Suned. And I don't see jr creditors teaming up with shareholders other than that they were both in the same boat and argued that Peabody was now solvent due to the coal recovery, but still got shafted when Peabody emerged from Chapter 11. Just looking at the EV estimate of the new TERP and SUNE stock from the court dockets shows there's absolutely nothing left for jr creditors and shareholders. The proceeds of which will pay for admin expenses. The competing backstop agreement was to be able to buy new TERP and SUNE shares cheaper than the market. There is no more cash to distribute. If there's any concession the debtors can make, it's to carve out a few million dollars in the litigation trust for shareholders, but I don't see the creditors allowing it.
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