Funny you mention the "B" word...if Braeburn is playing hardball, it might actually make the most sense for TTNP right now.
Let's say Titan has: (a) an investor willing to put in $10 million, and (b) a partner ready to enter into a deal on probuphine, including a sizeable upfront license fee, but both are contingent upon 100% of probuphine rights being returned to Titan.
Let's also say Braeburn is holding up the process by demanding a percentage of future royalties or to be paid back their R&D expenses. Litigation over termination of the license agreement could take two to three years: time which Titan does not have.
Titan could file a prepackaged bankruptcy under Chapter 11 asking the court to approve a plan whereby: (a) the Court uses its bankruptcy power to "reject" (i.e., terminate) the Braeburn license; (b) the Court authorized Titan to enter into a new license agreement with its partner; (c) the court authorizes an equity infusion, and (d) a portion of proceeds of (b) and (c) are used to pay off Horizon.
Bankruptcy is 100% different than normal court proceedings. All the traditional rules are thrown out. Such an action by Titan would trump any leverage Braeburn currently has. When Braeburn has fired their entire sales force, they cannot argue to the Bankruptcy Court that their license should not be rejected by the court.
Titan could them emerge from bankruptcy a much stronger company. Dilution would be no worse than it would have been if they did not file for bankruptcy.
News 
Market Data 
Discover 
