What if TradeWinds is the majority bondholder?

If Tradewinds was the majority bondholder, wouldnt they receive company in the event of bankruptcy. I guess my concern is, if we run out of money the bondholders would get it. What if the bondholders were also major share holders. Couldnt they steer the company into bankruptcy on purpose and become the new shareholders.

I would think this was silly in a normal situation, but KRY is looking at recieving quite a large settlement. Tradewinds has suffered massive losses. Wouldnt it be better to slice the pie 1 or 2 ways rather than 295 million ways.

I would appreciate a reply from somebody with knowledge in this area. While I see the light at the end of the tunnel my biggest fear is lack of cash. I would hate to see the settle ment only going to the bondholders. I would be pissed if the bondholders turned out to be major shareholders steering the company. This is probably against the law. Anybody? If management would cut our expenses down to a holding company I wouldnt ask these crazy questions, but until then I am trying to figure out why we are still spending so much cash.