Look at it this way, the company has no business or revenue now. A reorg, other than a plan to simply liquidate, has to convince the remaining creditors and BK judge that the company can actually operate something and generate revenue and ultimately profit, so it can pay the creditors. From a practical perspective, any business plan would have to include Liberty in one form or another. I don't think they would, in the short term, issue and float more shares to raise capital. My opinion is that should this emerge from BK, Liberty will convert its debt to preferred shares, and whatever gets spun into or attached to the new wrsp will come with the necessary cash and business, because the goal is to take advantage of those NOLs. Whatever entity in Liberty's stable gets involved, that's all they need. WRSPQ as it currently stands has absolutely nothing else to offer! But, we shouldn't care about that! As a shareholder, all I care about is keeping the shares intact to fight another day. So, this will end up, very soon, as just another Chapter 11 Liquidation (see my earlier post with link), OR, and I sure as hell hope, a corp shell leveraged for NOL value by Liberty, and our shares fly. That's the way I see it folks.
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