I think the reorg plan will be delayed....it has to. Wamu already said they need the 4 bil. I would also think alot of other things would have to be ruled on such as what assets belong to whom. We will soon see I guess but unless a settlement is reached (that includes input by the EC with a fair outcome for shareholders) THJW has to start making some concrete rulings.
They could definitely draw up a plan right now but it would definitely not favor anyone. Bondholders and Secured Creditors would take a major haircut and be issued shares of the reformed company while all equity holders shares would be canceled. It's a possible scenario and something to definitely figure in your calculations of the outcome of this stock.
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