With the value of the arb claim, even though it remains unliquidated, I don't see how KRY could qualify for a liquidation bankruptcy rather than a reorganization. The bondholders lost the most recent case against KRY, so there is currently no judgment they can use to go after KRY's assets. Isn't it also the case that the bondholders could only force KRY into involuntary bankruptcy if they first have a judgment against kry and that judgment is not on appeal?