navigator 9.3% shareholding

Have been reading posts and following the development of NAV ... which I have to say does not loo too good.

I know Navigator had 34.4million shares in KRE but about 23million were distributed to NAV shareholder however NAV still has about 9.3% of KRE stock. If NAV does face the worst outcome and administrators are appointed, woud this mean that there could be 9.3% of the total shares issued that could be sold on market?

The bloodshed on NAV is not going to help KRE since management of the two are pretty much the same.

KRE project looks very good but my entry would be delayed if NAV goes into administration and potentially 9.3% of the shares could be distressed sold.

What are the thoughts of others on this issue?