Some of the buyers/creditors need to find out how things will likely go down in a bankruptcy proceeding to help make their decision...
From Fullerton Law Firm's website:
"When a customer files bankruptcy, a creditor has a basic policy decision, whether to "participate in the bankruptcy process." Bankruptcy is a battle between innocent creditors. The bankruptcy process is an attempt to maximize the distribution to general unsecured creditors.
If a creditor tries to establish mechanic's lien rights, payment bond rights, trust fund or equitable lien rights, reclamation rights or some other priority, this will lower the amount available to general unsecured creditors. It may maximize this particular creditor's recovery, but it will lower the recovery to their brethren. This activity will also result in increased legal fees. The creditor will expend higher legal fees trying to establish priority. The debtor, the trustee, and the unsecured creditors committee will fight the creditor, to preserve money available for distribution. This further depletes the estate, whether the creditor succeeds in establishing priority or not.
If there is a genuine chance of a good distribution to general unsecured creditors, all creditors have a common interest in lowering the heat level, participating peacefully in the bankruptcy process and maximizing the distribution for all general unsecured creditors. For this reason it is important to evaluate the initial schedule of assets and liabilities and watch the activities of other creditors to evaluate the chances of a good distribution.
If there is little chance of a good distribution for general unsecured creditors, then each creditor has a stronger incentive to try and establish priority rights. The creditor's worst case is that it will waste time and money on legal fees. If there is no chance of a distribution from bankruptcy, this is not a risk, only an expense.
Unfortunately, the experience for most unsecured creditors is that they never see any distribution from a bankruptcy or very small distributions. Accordingly, most creditors are cynical of the bankruptcy process and will always do their best to establish their own priority over other creditors. This becomes a self-fulfilling prophecy. All creditors are pushing their own self-interest, expending legal fees in the process. The debtor, the trustee, the bankruptcy court, and the unsecured creditors committee are all expending time and money fighting these creditors. This process further reduces the likelihood of any distribution".