As of 4 pm yesterday, that argument became so thin as to be a ridiculous waste of time and money to even have that argument, assuming there is any sincerity in their concerns about cost-which I really doubt. Creditors and Equity holders are at opposite ends of the interest spectrum, and of course they want the equity and equity holder's interests to be diminished so that they can butcher the company and take all the choicest cuts. It is crystal clear to me that they will find it very difficult to support an argument to do that now in the face of current facts and market conditions, and especially now that there is an EC which has good people with knowledge, resources, and spinal fortitude on it.
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