Ann: Unmarketable Parcel Facility, page-5

I'm fascinated to see how this situation plays out from here. I was thinking about this from a game theoretical view - The NTA backed by each security is $0.15, so no one should be willing to sell for anything less (assuming liquidity, which is now offered by the 50% SBB). IMO the fair value actually appears to be somewhere near ~ $.030-$.050 cents/share based on an earnings based valuation (will recant this if someone with knowledge disagrees, did a very quick & dirty val & don't fully understand the business/management). 

2 scenarios can play out:

1) Shareholders are rational and refuse to sell their shares for anything less than the minimum intrinsic value, being $0.15 cents/share fully backed by NTA. Under this scenario, everyone is guaranteed a fair(er) exit price under SBB.

2) Based on fears thatothers will not be rational, some shareholders 'defect' and sell for less than the minimum intrinsic value. Under this scenario, nobody exits on a fair price under SBB, including the defecting seller.

Classic prisoners dilemma scenario https://en.wikipedia.org/wiki/Prisoner%27s_dilemma