The Legendary offer reduces in $65M the secured debt, injects $5M in cash and leaves MMPI as an operating entity (that as you said in a previous post could be worth a lot) so in effect it increases the value of equity post plan by $70M. So if you think that the current equity value under liquidation is more than $90M ($1.1 * #shares pre plan):
That is a little more than $0.4 per share: less than the $1.1 that you would want in a liquidation but it leaves MMPIQ as an operating entity with much less debt (specially after the sell of 717) and a substantial upside potential in a recovery. And we would not have pony up cash.
So even under this plan $0.18 per share looks cheap: good downside protection and the process is just starting.