Basically worthless? Not by any stretch of the imagination will they be "basically worthless." Let's say (for the sake of example) that with any kind of restructuring after a R/M, the original shares of the float (approx 24% of the total) end up being 5% (very conservative). That would make the new total SS approximately 2B shares (or so). Figure an arbitrary (but realistic) market cap of $10B, that would put ALL SHARES (original as well as new) at a price of $5/share.
Never forget that a small % of a HUGE PIE is worth way way way more than 100% of nothing.
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