nope.insolvency would have been the best option for all of us....

nope.
insolvency would have been the best option for all of us. so we could all move on from this train wreck.
Now most hold worthless shares or options and this proposed restructure will give the ones that put CCC in this mess absolute control of the company.
So Landau gains the company back, which his management company destroyed through poor timing, poor debt and equity deals etc etc. Poor for us, good for him and his management and capital raising company.
If he's owed money by CCC he will make sure he gets that back through a number of ways, including diluting the company, recapitalize it then giving him self free shares/options. Just like last time around.
this is an absolute disgrace. I am very surprised given how many companies he has destroyed that he's still alive.