So, what is the difference to creditors between the liquidation trust they keep talking about (staying in chapter 11) vs. changing to chapter 7 and liquidating? IOW, what value does this liquidation trust being advocated add to the creditors, when it sounds like all hard assets are gone?
The current lawyers have identified parties who money can be recovered from for various reasons or erroneous claims which could be disputed.
For example 'Cypherdoc' the forum user that was pumping Hashfast has been identified and it is know he was paid 3000 Bitcoin to promote the company. He is still holding 3,000 bitcoin and a lawsuit has been filed against him to have it returned to creditors. That would be close to a million dollars in recovery right there.
At the same time there are some people who have file questionable claims and those could be disputed which would increase the amount paid out to legitimate claims.
If we vote down the plan and the case converts to chapter 7 we don't know that whomever the court appoints would bother pursuing the claims against people like cypherdoc at all.