The objection does not speak directly to the commons, nor is it supposed to at this juncture. The objection is to the confirmation of the existing plan and the objection pokes holes in the plan based on valuation. It says the debtors have been inaccurate on their projections and have not used an accurate industry comparable multiple to determine enterprise value, and as such have undervalued the business. If the judge bought into this argument it would make the plan unconfirmable in its present form and open the door for the objectors to file a competing plan that includes the commons getting new equity.
The sweet spot for the equity is an Enterprise value of over $2.2b. The industry seems to trade at 10X (although debtors plan says its 7-8x). At 10x the EV would be at $2.3b which would put the shares up around a buck.
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