Which is obviously why they are attempting to negotiate with the Trustee to establish a negotiated price for the equity conversion.

If the notes convert to equity ... the remnant asset values are in the range of $5-10M + a few M ca$h

Do the noteholders want an ordered transition to ownership of these assets? Would they prefer to take a haircut and maintain the subordinated debt position? The notes are clearly not worthless ... the issue is: "do you restructure with the potential to restore to higher value" or "do you go into effective liquidation with no prospect of recovery"?