Good post. I agree with this synopsis. There was a deal acceptable to the EC in May. It was 'retraded' by 'someone' causing it to fall through. Since then, the POR has been denied again, IT has been found to be colorable by a federal judge, and the EC has gained a place at the table.
If they start from the point they were at before the retrade, they could build from there and produce a settlement.
It isn't going to be a pie in the sky settlement for equity. More than likely, commons will get some ownership of the new co., preferreds will get some type of cash/shares combo but certainly not near face value. 10 - 20% is my bet.
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