Im not an expert in bankruptcy But the debtors and guys who are long the bonds ,Know they already will be getting stock . They bet that the judge will essentaiily cram down the plan down shareholders throat. THis case is unusual because it does seem as if there is equity for shareholders.So who knows if the judge will see it the cram downers way .But they get a head start on the post confirmation selling.The may even be able to sell ' (short exempt)meaning they may not get bought in ] as easily if the stock becomes hard to borrow. Helps theyre manipulation . Aint gonna matter in the big picture . Its up to the judge now.