The SPS are non-voting, so I don't think this is a scenario likely to play out. But after conversion to common, they could be voting shares, and if they own 99% they could maintain control indefinitely. I think this is highly unlikely.
"Your contract wasn't respected, it was cheapend magnanimously!"
You are confusing two things. The Lamberth trial was about damages for breach of contract; and indeed the amount awarded is pitifully small (for now).
The recap/release negotiations are about how the pre-SPO legacy common shares (after possible conversion of SPS and JPS) will be split between government, JPS and common shareholders. This will not be decided by (biased) judges, but by the four disputing parties. The fourth party will be the subscribers of the new shares. All four parties have an interest in getting as much of the pie as possible.
Here is the ranking in terms of negotiating power:
1. Subscribers to the new shares (bring in the most money) 2. U.S. government 3. JPS 4. Common shareholders (have the least rights) (no judge involved)