This is the page that is often left out of the discussion, giving the bidders the different options they could/can submit in their bids. Note that the options were bidding on any or all of the assets (paragraph 3) or a recapitalization (paragraph 4). LCYB and GFive used paragraph 3 to bid on only the assets.
And this is the page that gave the qualified bid requirements. Note, the bids for all the assets in the liquidation from LCYB and GFive were both qualified bids. Assets only, no shares, no recapitalization.
Note in the first picture the recapitalization option had with it the option to cancel the existing shares in the company, and that very likely would have been done since there was no reason not to and new investors would want a much larger stake in the company equity.