Best guess is government executes warrants and commons are worth $15-20. Don't think government willing to pass on billions. Believe government will recap with portion of warrants.
Government wouldn't give up anything if they choose to create an illiquid asset which requires receivership and funnel all the assets into a new entity (per HERA) which wipes out all common shareholders and allows the government to be the sole owner of the enterprises, as once had existed.