If you erased all the debt off the books and screwed everybody here except those looking to profit from the carcass, then that plan would possibly allow Hashfast to go ahead as a viable business.
Im not sure I see that. I never suggested wiping all the debt of the books (which is not what chapter 11 does, thats what chapter 7 does), but it appears to me that HF's assets are worth more than its debt, and it has potential to produce a lot more than that through its IP. Protecting it from its creditors for some time, seems to me precisely what is needed for HF to realize their potential, allowing them to eventually make good on their debts. Well, there is the little issue of less than trustworthy management, but the basis for a solution seems to be there. Ill leave it to the "adults" to find a way to actually implement it, but my point is basically that bankruptcy would be worse than chapter 11. If they are declared bankrupt, it would constitute an enormous loss of potential revenue from their IP. You'd be slaughtering the chicken for its meat, while it lays golden eggs.