I don't buy the fact that the pie is not large enough to satisfy at least everyone but the shareholders. You're singing Rothschild's tune, but I have yet to see an opinion from an examiner or other disinterested third party.
Whoever the "new incarnation" of the [bulk of what SunEd used to be] is, they will be paying market value for those assets, but having already ditched the debt, it'll be worth it.
Former exec management definitely not getting anywhere near this; however the business units kept their SunEd staffs when they were bought, at least for the moment.
But yeah, if share holders are paying their own way and not getting reimbursed for anything more than what they add, it's the 2L Rollup and other secured creditors who will be giving back to unsecured creditors out of (what is their so far well more than a 100%) recovery. Unsecured creditors know that 10% in rights offering is really going to be 50-60% maybe more, and AQR and the other ones shut out obviously know that, too.
If you're talking about liquidation values for all assets (as opposed to book value for assets to be retained for ongoing operations), then you must be believing that the current reorg plan is the one that maximizes value, and the one that will be confirmed.
But I don't see any chance of this first plan (even tweaked a little bit) getting confirmed. There's going to be another plan, or at least, there should be.
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